Cigna Flex Spending Account Eligible Items and Plan Options

Cigna's health savings accounts (HSAs) are eligible for a wide range of medical expenses.

You can use your HSA to pay for copays, coinsurance, and deductibles.

With Cigna's flexible spending accounts (FSAs), you can set aside pre-tax dollars to cover out-of-pocket medical expenses.

Cigna's FSA plans allow you to contribute up to $2,750 per year, depending on your employer's plan.

An FSA, or Flexible Spending Account, is a special account that lets you set aside a portion of your paycheck for healthcare expenses before taxes are taken out.

You can use your FSA to pay for qualified medical expenses, such as copays, prescriptions, and medical equipment.

FSAs are offered by many employers as a benefit to their employees, and they can be a great way to save money on taxes.

The funds in your FSA are set aside pre-tax, which means you can save money on your taxes throughout the year.

You can use your FSA to pay for a wide range of medical expenses, including doctor visits, hospital stays, and even some over-the-counter medications.

Some common FSA-eligible expenses include glasses, contact lenses, and hearing aids.

The money in your FSA must be used within a certain time period, typically by the end of the year or by March 15th of the following year.

You can use your Cigna FSA for a wide range of over the counter (OTC) medicines and drugs, including acid controllers and pain relievers.

Some examples of FSA eligible OTC medicines and drugs include cold and flu medicine, eye drops, and feminine antifungal or anti-itch products.

Acid controllers and pain relievers, such as aspirin or ibuprofen, are also eligible for reimbursement.

You can also use your FSA for over the counter supplies, which typically do not require any documentation from your doctor.

Some examples of FSA eligible over the counter supplies include bandages, braces, and catheters.

Crutches, elastic wraps, and first aid supplies are also eligible for reimbursement.

If you have questions or are unsure if a particular item is FSA eligible, it's always best to check your plan information or ask your plan administrator.

Here's a list of some common FSA eligible items:

These are just a few examples of the many items you can use your Cigna FSA for. Be sure to check your plan information for a complete list of eligible items.

Your FSA funds are deducted from your paycheck on a weekly basis, which can be a convenient way to set aside money for eligible expenses. Your employer will determine the amount to be deducted.

You can use your FSA funds to make purchases with an FSA debit card, if provided by your employer. If not, you can pay for eligible products and services and submit the receipt to your FSA administrator for reimbursement.

An FSA is a non-interest bearing bookkeeping account that keeps a record of contributions and reimbursements made during the plan year. No actual account is established.

You can estimate the amount of unreimbursed health care expenses you and your eligible family members expect during the plan year, but you can only carry over up to $660 of unused funds to the next plan year.

Contributions are made in equal deductions from each paycheck, starting as soon as is administratively possible after you enroll. The full annual amount will be available to you Jan. 1 (or, for new hires, the day after your first paycheck from which a deduction is taken).

You can make payments directly to providers using your FSA debit card, but not all providers will accept the debit card. If they don't, you pay for services and then submit a claim for reimbursement.

You can use your FSA to pay for eligible expenses for you, your spouse or dependent children – even if they aren’t covered on your health plan. However, IRS rules do not allow you to use your FSA for your domestic partner’s expenses (even if qualified).

You have until April 30 to submit for reimbursement for services from the previous plan year, but services must occur before the end of the plan year on Dec. 31.

Cigna offers three health plans that cater to different needs and budgets.

The Essential Plan is designed for individuals with lower incomes and comes with a lower premium.

The Essential Plan has a lower deductible of $1,000 and a lower out-of-pocket maximum of $5,000.

The Classic Plan offers more comprehensive coverage and a higher premium.

The Classic Plan has a deductible of $2,000 and an out-of-pocket maximum of $7,000.

The Premier Plan is the most comprehensive option and comes with the highest premium.

The Premier Plan has a deductible of $3,000 and an out-of-pocket maximum of $10,000.

Let's break down the different types of FSAs and what they cover.

A Health Care FSA covers eligible health care expenses, which can include things like medical bills and prescription medications.

You and your IRS eligible dependents are eligible for a Health Care FSA.

You can carry over up to $500 in a Health Care FSA to the next plan year, or your employer may offer a 2.5 month grace period.

A Limited Purpose FSA is similar to a Health Care FSA, but it's limited to dental and vision expenses.

You and your IRS eligible dependents are eligible for a Limited Purpose FSA, just like a Health Care FSA.

You can also carry over up to $500 in a Limited Purpose FSA to the next plan year, or your employer may offer a 2.5 month grace period.

A Dependent Care FSA covers eligible dependent care expenses, such as childcare or adult care.

To be eligible for a Dependent Care FSA, you (or both you and your partner) must be working, looking for work, or going to school.

You can withdraw money from a Dependent Care FSA throughout the year to reimburse yourself for eligible expenses.

Here's a comparison chart to help you visualize the differences between the three types of FSAs:

You can submit your Health Care FSA claims through three options.

Pay directly using your Stanford FSA debit card, submit your claim through the Fidelity Health app, or follow the NetBenefits Flexible Spending Accounts Service Guide.

To support your claims, save all receipts, even when using your FSA debit card, as proof of payment may be required.

You can send in an itemized receipt and your medical, dental or vision plan's Explanation of Benefits, but cancelled checks, credit card statements or balance-due statements are not allowed.

Your reimbursement will be deposited into your Fidelity account, or direct deposit into your regular bank account.

Starting in 2024, the FSA administrator will be Fidelity.

FSA funds come with a "use it or lose it" policy, so make sure to spend your money before the end of the plan year or risk losing it.

In some cases, your employer may offer a rollover option, allowing you to carry over a certain amount of money into the following year. This option typically allows you to rollover $500 per year for use in the following year.

Your employer may also choose to give you an extra 2.5 months to use your FSA funds before they expire, so be sure to check with them to understand the rules for their FSA plan.

Don't put more money into your FSA account than you think you'll spend in one year, as you'll lose any unused funds at the end of the plan year.