NVIDIA offers three types of Flexible Spending Accounts (FSAs), which allow you to put aside pre-tax money to pay for eligible expenses for yourself and eligible family members (as defined by the IRS):
- Health Care Flexible Spending Account (Health Care FSA). Available only to NVIDIA PPO and Kaiser HMO members.
Use this account for: Eligible medical, dental, vision, and pharmacy expenses.
You can contribute: $120 to $2,750 in 2021.
- Limited Purpose Flexible Spending Account (LPFSA). Available only to NVIDIA HSA, NVIDIA HSA Plus, or Kaiser HSA medical plan members.
Use this account for: Eligible dental and vision expenses only. Because your medical plan includes a Health Savings Account (HSA) contribution from NVIDIA, you cannot use the LPFSA to pay for out-of-pocket medical expenses. (Note: Once you meet the IRS high deductible health plan minimum deductible, you can use any remaining balance in your LPFSA for medical expenses. (You’ll need to provide proof to WageWorks.) Contact WageWorks at 1-877-924-3967 for more information.
You can contribute: $120 to $2,700 in 2021.
- Day Care Flexible Spending Account (Day Care FSA). Available to all employees, regardless of medical plan enrollment.
Use this account for: If you and your spouse work or attend school full-time, you can use this account to reimburse yourself for expenses incurred for the care of eligible children under age 14 and adult day care expenses for your eligible family members.
You can contribute: $120 to $10,500 each year.
You’ll receive a Spending Account Card for the Health Care FSA or LPFSA. It’s a convenient way to pay for eligible expenses. Use it at any service provider that accepts credit cards.
Important! FSAs follow use-it-or-lose-it rules, per IRS guidelines. That means you must use the money in your account before the stated annual deadline or you will forfeit it.