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- Having a limited FSA along with your HSA can allow you to maximize your tax savings! For example, if you anticipate that you will have dental and/or vision expenses this year, you can defer up to $2,550 into your limited FSA, save the taxes on those expenses and let that money accumulate in your CHASE HSA for future use.
Once you reach the minimum deductible for medical expenses, the monies in your limited FSA can be used for medical expenses as well after that date. This is helpful if you anticipate medical costs that will end up exceeding the deductible.
What if I terminate?
- If you or your coverage terminates, you keep the account balance with your HSA and are responsible for all fees incurred by this account. Contributions can only be made while you are enrolled in the HDHP but the funds in the account are available for qualified medical expenses, as well as for COBRA or continuation of coverage premiums if on unemployment.
- The limited FSA will terminate based on the last date of employment, and expenses incurred after this date will not be eligible for reimbursement.
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