Healthcare Flexible Spending Account
The Healthcare Flexible Spending Account (FSA) is a great way to save on out-of-pocket medical, dental and vision expenses. You are able to elect the FSA plan if you are enrolled in either the Premier PPO or Elite EPO plans, or if you don't participate in our medical plans.
The FSA contribution limit for 2024 is $3,200. Any funds not used by the end of the plan year grace period will be forfeited in accordance with IRS regulations, and elections cannot be changed after the enrollment closes – so you’ll want to plan wisely.
The Healthcare FSA is pre-funded, which means that the amount elected for the year is available for use as of the date your benefits start. You will receive a debit card from MyChoice Accounts to use to pay expenses directly, or pay out of pocket and request reimbursement later. Think of it as a loan that you pay into with your payroll contributions throughout the year.
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Links and Resources
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MyChoice Phone: 844-436-7169
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Important FSA Plan RulesThe only time outside of your new hire or open enrollment windows that you can make changes to FSA elections is when you experience a qualifying life event You have until March 15th of the following year to use your Healthcare FSA dollars, and until March 31st to file your claims If you elect FSA in one plan year, and wish to elect for the following plan year, that election must be made during Open Enrollment. There is no roll-over with FSAs If your employment with loanDepot ends, your FSA eligibility will end on your last date of employment. You will not be able to submit expenses for claims incurred following your separation date If you have any claims at the time of your termination that you have not been reimbursed for, you will have 90 days to submit for reimbursement with MyChoice Accounts. Unused funds will be forfeited Most claims will require you to submit documentation to verify that the expense is FSA-eligible. If you do not submit the requested documentation, your access to FSA funds may be restricted until you do.