Limited Purpose Flexible Spending Account

A Limited Purpose Flexible Spending Account (FSA) is a tax-advantaged account designed to work with your Health Savings Account (HSA). It allows you to use pre-tax funds to pay for eligible dental and vision expenses, as well as medical expenses that exceed your deductible. This means the money you contribute reduces your taxable income, and the funds come out tax-free when you use them for eligible expenses.

Iron Mountain FSAs are administered by Fidelity.

Tax advantages described here are for federal income tax purposes only. State income tax treatment of contributions and earnings may vary. Check with your tax advisor for more information.

• Eligibility

  You can have a Limited Purpose FSA if you’re enrolled in the Enhanced HDHP or Basic HDHP Medical Plans.

• How it works

  Here’s how you can use a Limited Purpose Health Care FSA.

  Contribute

  During Open Enrollment, you can elect your annual contribution amount, up to a maximum of $3,300. This amount is deducted from your paycheck in equal pre-tax installments. Remember, you can only change your contribution amount during the year if you have a qualifying life event.

  Pay

  Use your Fidelity debit card to pay for eligible dental, vision, and qualified medical expenses that exceed your deductible. Always keep your itemized receipts and Explanation of Benefits (EOBs) statements, as they are required for IRS verification.

  Spend

  Key deadlines: This is a "use-it-or-lose-it" account. You must incur eligible expenses by March 15th of the following plan year and submit your claims to Fidelity by March 31st to be reimbursed. Any funds not claimed by this deadline will be forfeited.

  For 2025 plan year balances:

  Claims Incurred	Deadline to Submit Claims to Fidelity
  January 1, 2025 – March 15, 2026	March 31, 2026

  
  

  For 2026 plan year balances:

  Claims Incurred	Deadline to Submit Claims to Fidelity
  January 1, 2026 – March 15, 2027	March 31, 2027

  If you leave Iron Mountain and do not continue your FSA through COBRA, you are subject to the same deadline to submit claims, however, the claims must be incurred prior to your termination date.

  For a full list of eligible expenses, view IRS Publication 502.

  To review the legal requirements governing health FSAs, see IRS Publication 969.

For more information, contact Fidelity at 833-299-5089.