See NVIDIA FSA Program changes due to Pandemic relief efforts.
NVIDIA offers three types of Flexible Spending Accounts (FSAs) [PDF], which allows 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 (HCFSA). Available only to NVIDIA PPO and Kaiser HMO members.
Use this account for: Eligible medical, dental, vision, and pharmacy expenses. Because of the tax savings on contributions, you can save an average of 30% on qualified medical expenses, including but not limited to: General HCFSA eligible expenses
You can contribute: $120 to $3,050. You’ll have access to the entire amount on the first day of the plan year. Take advantage. Spend now, contribute later.
- 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. (LPFSA eligible expenses) 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 $3,050. You’ll have access to the entire amount on the first day of the plan year. Take advantage. Spend now, contribute later. The Healthcare Flexible Spending Account (HCFSA and LPFSA) uses a “carryover” model. $610 of your balance from 2023 plan year will be carried over for use in 2024.
The Carryover Funds may be used for eligible expenses through Dec. 31, 2024. You’ll receive a Spending Account Card for the Health Care FSA or Limited Purpose FSA. It’s a convenient way to pay for eligible expenses. Use it at any service provider that accepts credit cards. Be sure to keep your receipts. You may be asked to provide supporting documentation for unverified transactions.
- Day Care Flexible Spending Account (Day Care FSA). Available to all employees, regardless of medical plan enrollment. Click here to learn more.
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.