Flexible spending accounts

A flexible spending account (FSA) is an account you set up with money you contribute from your paycheck before taxes are taken out. Then, when you have an eligible expense, you can pay for it out of your account. So you save on taxes when you contribute to an FSA.

You can choose from two types of FSAs, or decide not to contribute to an FSA:

  • Health Care FSA:* Contribute up to $2,850.
  • Dependent (Day) Care FSA:* Contribute up to $5,000 (or $4,000 if you are considered a highly compensated employee).

Estimate your expenses carefully because you lose any money in your account you haven’t spent on eligible expenses by March 15, 2024 and you haven’t requested reimbursement by March 31, 2024.

* Benefit Bucks applied toward your Health Care FSA (including Limited Use Health Care FSA) and/or Dependent (Day) Care FSA will apply toward your maximum contribution limit.

Health Care FSA

Use your pre-tax health care FSA for eligible expenses — such as health-related expenses not covered by your medical, dental or vision plan — for you and your eligible dependents. You cannot use funds in your Health Care FSA to reimburse yourself for dependent day care expenses, or vice versa.

While you contribute to the health care FSA each pay period, your full annual health care FSA contribution is available to you at the start of the year.

Limited Use FSA and the HSA

If you are enrolled in a Schneider Electric CHDP + HSA option, your health care FSA is considered a “Limited Use” Health Care FSA, and you can only use it on certain expenses, such as dental and vision care. You can only use it on eligible medical expenses after you meet your annual medical deductible.

Getting reimbursed

There are two ways to access the money in your Health Care FSA:

  • You may use a debit card issued by PayFlex to pay for your eligible health care expenses from your account at the time you have the expense.
  • You can also pay for the expense out of your pocket and then file a claim for reimbursement from your account through payflex.com or the PayFlex mobile app.
Dependent (Day) Care FSA

You can use pre-tax dollars from your Dependent (Day) Care FSA to pay for the cost of child care (for children under the age of 13) or elder care that allow you and/or your spouse, if applicable, to work full time. You can also use this FSA if your spouse is a full-time student or incapable of self-care. You cannot use the account to pay for dependent health care expenses or expenses incurred solely for your personal enjoyment, convenience or ease.


IMPORTANT: When you file you federal income tax return, you will be required to provide the name, address and Social Security or tax identification number of the individual or organization providing dependent (day) care. If you cannot supply this information, you should not use the Dependent (Day) Care FSA to pay for these services.

Getting reimbursed

You pay your expenses as needed throughout the year, and then file claims for reimbursement through PayFlex. Your contributions to the Dependent (Day) Care FSA are available for use as they are deposited from your paycheck throughout the year.

Comparing the HSA and FSAs

  Health Savings Account Health Care FSA 3, 4 Limited Use Health Care FSA Dependent (Day) Care FSA
Eligible expenses Health care expenses, including copayments, prescriptions, dental and vision expenses Health care expenses, including copayments, prescriptions, dental and vision expenses “Limited” health care expenses, such as dental and vision expenses; medical expenses only after you meet the deductible Day care services for your children and adult dependents
Company contribution
  • $700 employee only
  • $1,400 family coverage tiers
No No No
Deadline for using the money None, balance carries over each year and the funds are yours upon termination.
  • You must incur expenses by March 15, 2024.
  • You must submit claims by March 31, 2024.
Maximum employee contribution amount1
  • $3,150 employee only2
  • $6,350 family coverage tiers2
$2,850 $2,850 $5,0005
Applicable medical plans
  • Core CDHP + HSA
  • Buy-up CDHP + HSA
  • Core PPO
  • No Coverage
  • Core CDHP + HSA
  • Buy-up CDHP + HSA
  1. Any Benefit Bucks applied will apply toward this maximum.
  2. If you turn age 55 by December 31, 2023, you can contribute an additional $1,000.
  3. You do not need to be enrolled in a Schneider Electric medical, dental or vision plan to be enrolled in the Health Care FSA.
  4. If you are in the Buy-up CDHP with no HSA, you can participate in the Health Care FSA.
  5. If you are married and file a separate income tax return, you may only contribute up to $2,500 a year. If you are married and file jointly, and your spouse’s employer offers a Dependent (Day) Care FSA, you can contribute a combined total of $5,000. Highly compensated employees (HCEs), as determined annually by the IRS, may be subject to a reduced Dependent Care (Day) FSA annual election amount.

Highlights of your financial resources

Get rewarded for your healthy habits.

Available to you and your spouse (if they’re covered on a Schneider Electric medical plan), Virgin Pulse can help you prioritize well-being goals and activities each day.

  • Healthy habits: Select healthy habits you want to focus on and track your progress.
  • Challenges: Work toward your goals in a fun, competitive atmosphere by joining corporate challenges. You can even challenge yourself – or your friends – to live a healthier life by creating your own personal challenges.
  • Activity tracking: Tracking activities through Virgin Pulse – like steps, workouts and sleep – helps you visualize your progress and earn rewards! Track easily by syncing on your phone or on your activity tracker, or enter your activities manually.
  • Reach your goals: Get help to stay focused on achieving specific health goals with resources like sleep and nutrition guides as well as personal health coaches.
  • So much more: Get more fuel for your daily well-being goals by exploring everything Virgin Pulse has to offer, including Journeys, virtual fitness and mindfulness sessions and more!

Hear how Kara Greer uses the workout reminders from Virgin Pulse.