The Health Care Spending Account
If you are enrolled in the JPMorgan Chase Medical Plan, funds in your Medical Reimbursement Account (MRA) will be used to pay for eligible medical and prescription drug out-of-pocket expenses before your Health Care Spending Account funds are used. Funds for these expenses in the HCSA will not be used until your MRA is completely depleted.
You can generally contribute up to $2,850 (2022 limit) a year on a before-tax basis to pay for eligible out-of-pocket health care expenses. If you are enrolled in the JPMorgan Chase Medical Plan, funds in your Medical Reimbursement Account (MRA) will be used to pay for eligible medical and prescription drug out-of-pocket expenses before your Health Care Spending Account funds are used. Funds in the HCSA will not be used for eligible medical and prescription drug expenses until your MRA is completely depleted. You need to carefully consider the amount you plan to contribute to the Health Care Spending Account in order to avoid having to forfeit a balance that exceeds $570. MRA funds cannot be used to pay for dental or vision expenses. However, you can be reimbursed for these expenses from a Health Care Spending Account (HCSA).
You may use your Health Care Spending Account for eligible expenses such as:
- Medical and prescription drug deductibles, copayments and coinsurance
- Costs for non-covered prescription drugs, such as non-sedating antihistamines (e.g., Clarinex, Allegra) with a prescription from your doctor
- Dental deductibles and coinsurance not covered under any Dental Plan you may be enrolled in
- Eyeglasses and contact lenses for amounts not covered under any Vision Plan you may be enrolled in
- Over the counter (OTC) drugs without a prescription are now eligible for reimbursement under the HCSA. This includes all menstrual care products (including tampons, pads, liners, cups, sponges, or similar products for menstruation.
Certain expenses, such as those for cosmetic surgery or health care premiums, are not reimbursable under the Health Care Spending Account.
Your health care company —Aetna/PayFlex or Cigna — will be the administrator of your Health Care Spending Account. If you do not enroll in medical coverage through JPMorgan Chase, Cigna will administer your Health Care Spending Account.