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What can a Limited (HSA-Compatible) Reimbursement Account be used for?

The Limited (HSA-Compatible) Reimbursement Account enables employees to pay for expenses that are not covered by insurance with pre-tax dollars and still maximize Health Savings Account (HAS) tax savings at the same time! This account allows employees to be reimbursed for out-of-pocket dental and vision expenses as well as post-deductible medical expenses.

If I am reimbursed via direct deposit, how long does it take to post to my bank account?

Most banks take 1-2 business days to post the deposit into your account.

How do I know my Health Care Reimbursement Account offers Carryover?

You will need to review your Flexible Spending Handbook, contact your Human Resources Department or contact us here at Pension Dynamics to determine if your plan includes Carryover.

Do I have the option to request a debit card to help pay for my eligible expenses?

You will need to review your Flexible Spending Handbook, contact your Human Resources Department or contact us here at Pension Dynamics to determine if your plan offers a Debit Card.  You can also log into your account online and see if there is a debit card tab available online.  If it is, click there and follow the instructions to elect a debit card.

What if I am over 59½ years old? Will I be taxed if I take a “cash” distribution from my plan?

Yes – taxes still apply when you choose to take cash distributions even if you are over the age of 59½.  The good news is that you will not be subject to the 10% federal and 2.5% California state penalty tax that normally applies to cash distributions.

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