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Savings Accounts- Option 1 or 2

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What's new for 2023


The maximum amount you can contribute to a Health Care Flexible Spending Account (HCFSA) or Limited Purpose Flexible Spending Account (LPFSA) is $2,850.

 

My Savings Account Options 

Understand your health savings account options
 
 

 

This account is annually credited by GE when you enroll in Option 1 or Option 2.

Use it to pay for eligible medical and pharmacy expenses. Any unused amount will rollover to the following year as long as you remain in an eligible option.

  • $600 - for 1 person coverage
  • $900 - for 2 person coverage
  • $1,200 - for 3-or-more person coverage
Your HRA cannot be used to pay for dental, vision or over-the-counter expenses. If you retire from GE, you must maintain enrollment in Option 1 or 2 until you turn 65 to keep your HRA balance. If you drop enrollment in Option 1 or 2 before turning 65, the balance in your account is forfeited. If you remain enrolled in Option 1 or 2 until age 65, (when Medicare begins), then you keep the HRA balance and can use it to pay eligible medical expenses.
The IRS permits you to open an HCFSA to set aside a portion of your earnings on a pre-tax basis to pay for qualified medical, dental, vision and prescription expenses.

You contribute through regular payroll contributions on a pre-tax basis. This means you’ll immediately see the tax benefit in your paycheck. The full annual election amount is available to you on January 1, so even before you’ve made all your contributions, you can be reimbursed up to the total you’ve elected to contribute for the year.

You can only change your HCFSA elections during the year if you have a qualified change in family status, such as birth, adoption, marriage or divorce. The maximum amount you can currently contribute to an HCFSA is $2,850 per employee. You can only elect an HCFSA or LPFSA not both.

HCFSA money you don’t spend: You can carry over up to $500 of unused HCFSA funds into the following plan year. Any amount above $500 remaining in your account on December 31 of the current plan year will be forfeited. Keep this in mind when determining how much to contribute to your account. For your current plan year’s HCFSA, you have until June 30 of the next year to submit claims. 

In most situations, services must be received in the same year that the HCFSA was funded to be considered an eligible expense.

If you leave GE: The balance in your account is forfeited, unless you elect COBRA. By electing COBRA your HCFSA elections will be funded post-tax.

Retirees are not eligible for FSAs.
Open this account to set aside a portion of your earnings on a pre-tax basis to pay for dental and vision expenses only.

The IRS does not permit the use of an LPFSA for any medical expenses.  The maximum amount you can currently contribute to an LPFSA is $2,850 per employee.You can only elect an HCFSA or LPFSA not both.

LPFSA money you don’t spend: You can carry over up to $500 of unused LPFSA funds into the following plan year. Any amount above $500 remaining in your account on December 31 of the current plan year will be forfeited. Keep this in mind when determining how much to contribute to your account. For your current plan year’s LPFSA, you have until June 30 of the next year to submit claims.

If you leave GE: The balance on your account is forfeited, unless you elect COBRA. By electing COBRA your LPFSA elections will be funded post-tax.
Retirees are not eligible for FSAs.
All employees eligible for health care can also open a DCFSA, which can be funded up to $5,000 per household.

A DCFSA can be used to pay for childcare or adult care for a qualified dependent so that you and your spouse, if you are married, can work. To qualify, dependent care expenses must provide for the wellbeing and protection of an eligible dependent including:
  • Your children under age 13; or
  • Any other dependent, including a spouse, who is physically or mentally incapable of caring for himself/herself.

DCFSA money you don’t spend: Unlike other types of FSAs, if you don’t incur the eligible expense within the grace period, (by March 15 of the following year), and submit corresponding claims by June 30 of the following year, any unused funds will be forfeited. Keep this in mind when determining how much to contribute to your account.

Policies

For information on savings account details or for eligibility information regarding your eligible spouse and dependents refer to Your Benefits Handbook – Health, Life Insurance, Disability, and Other Benefits.  

Using your Spending Account


GE Pharmacy Card
The GE Pharmacy card saves you time and eliminates the need to verify claims.* Two cards in one: The GE Pharmacy card will work as both your OptumRx ID card and your health spending account card. Funds will pull from your HCFSA first (if applicable), then your HRA. This card can only be used at an in-network pharmacy or for mail-order prescriptions.

Auto Reimbursement
Eligible in-network claims from your insurance carrier will be automatically paid to you via direct deposit or paper check in the amount you owe your provider until funds are exhausted.  Wait until you receive an Explanation of Benefits (EOB) from your health plan and a bill from your provider.  Once you get the funds, pay the doctor directly for what is owed. Funds will pull from your FSA first, then your HRA. This eliminates the need to submit and verify most claims.*

Pick and Process
Review claims received from your health plan and choose whether to process them with Pay Me Back or Pay My Provider. Funds will pull from your FSA first, then your HRA.

EZ Receipts mobile application
Allows you to track your account activity and submit a claim via your smartphone or tablet.
 
Manual claims processing
To reimburse yourself or pay your provider for eligible expenses by logging on to the online portal > Submit Receipt or Claim > Pay Me Back or Pay My Provider.  Enter a claim online or by printing and submitting the Manual Claims Processing form.

To ensure that you are paying the correct GE discounted rate, always check your health plan administrator’s EOB and compare it to your doctor’s invoice before you pay your bill. Funds will pull from your FSA first, then your HRA. Dental and vision claims can only be paid with FSA funds.


* Verification may still be required for certain out-of-network claims.