Health care flexible spending account (FSA)

The health care flexible spending account (FSA) helps you manage eligible health care expenses. The Gen FSA is managed by MyChoice Accounts.

FSA fast facts

  • FSAs reduce your taxable income by allowing you to set aside pretax income to be used for qualified expenses.
  • You can contribute up to $3,050 of your pretax salary in 2024. Your spouse can also contribute $3,050 to a health care FSA, even if you both work at Gen. 
  • FSAs are use-it-or-lose-it accounts, so carefully budget the amount you set aside. You can carry over up to $610 of your unused 2024 FSA funds to your 2025 account.
  • You can use the FSA to pay for your dependents’ qualified expenses—even if your dependents are not covered under your Gen medical, dental, or vision plan. Your domestic partner’s expenses may be eligible if your partner meets the definition of a qualified relative in IRS section 152.
  • You can use your FSA debit card to pay for eligible expenses, or file a claim for reimbursement. The FSA debit card is preloaded with your full-year FSA balance.
  • Claims must be submitted by March 31 of the following year.
  • To participate, you must enroll every year during Open Enrollment, unless you have a qualifying life event that allows you to make a midyear change.

For details, review the MyChoice Accounts user guide [PDF].

Eligible expenses

The IRS determines which expenses are eligible. Here are some of the expenses you can pay with your FSA:

  • Copays and coinsurance for doctor visits and prescription drugs
  • Over-the-counter medications and health supplies (e.g., first aid, sunscreen, blood pressure monitors)
  • Lab fees
  • Dental treatments
  • Insulin
  • Fertility treatment
  • Vision exams
  • Eyeglasses, contact lenses, and contact lens solution
  • Hearing aids and batteries

For a full list of eligible expenses, visit the IRS website.

Save your receipts

You may need them to verify your eligible expenses.

Limited-purpose FSA

If you’re enrolled in the Cigna HSA plan, you cannot have a general-purpose health care FSA. But you can enroll in a limited-purpose FSA and contribute up to $3,050 on a pretax basis in 2024 for eligible dental and vision expenses and for any medical expenses incurred after you meet your medical deductible.

Qualified dental and vision expenses include dental and vision plan deductibles and coinsurance, orthodontia, corrective eye surgery, and contact lens supplies. 

Certify that you’ve met your medical deductible 

Go to MyChoice Accounts, click Forms > FSA Forms, and download the HSA/HDHP Deductible Form. Send the completed form and required documentation to MyChoice Accounts. You can then use your limited-purpose FSA for eligible medical expenses for the rest of the year.