If you enroll in the CDHP, you are automatically enrolled in an HSA and are not eligible for a Health Care FSA. If you enroll in a PPO, you are not eligible to enroll in an HSA, but have the option to enroll in a Health Care FSA. If you are not enrolled in a Capital One medical plan, you are also eligible to enroll in a Health Care FSA.
If you want to contribute to a Dependent Care Flexible Spending Account (DC FSA), note that you are eligible whether or not you are enrolled in a Capital One medical plan (CDHP or PPO).
HSA (Available only with the CDHP)
If you enroll in the CDHP, you are automatically enrolled in a Health Savings Account (HSA). Similar to a Health Care Flexible Spending Account (FSA), an HSA is a tax-advantaged account that can help you save and pay for eligible health care expenses.
Please note: HSA contributions are prorated for mid-year enrollments. While enrolled in the plan, Capital One will contribute the following per pay period: $19.23 for individual coverage and $38.46 if you cover dependents.
Per the USA PATRIOT Act, you may be required to provide additional information in order for your HSA to be established. If you do not complete the steps required to open your account (or are not able to open an account), you forfeit the company HSA contributions.
Advantages of the HSA
Pay and save for health care expenses
You have the flexibility to pay for health care expenses now and save for future costs, including retiree medical expenses.
Contribute money any time
You can change your contribution amounts at any time in the year. There’s no “use it or lose it” rule like there is for FSAs.
Roll over money
Your money will roll over each year and you own the account, so you’ll always have access to your money, even if you leave Capital One.
Triple-tax advantage
You make pre-tax contributions, any interest or dividends you earn from investing are not taxed, and you can use your HSA money to pay for qualified health care expenses tax-free.
Receive free money
Capital One will automatically contribute up to $500 if you enroll in individual coverage or up to $1,000 if you enroll in family coverage, to your HSA each year. You’ll receive Capital One’s contribution with each paycheck in 2024.
Invest money
You can invest the money you contribute once your account balance reaches $1,000.
2024 Contribution Limits
Keep in mind, the maximum amount you and Capital One can contribute to your HSA is determined by annual limits that the IRS sets. In 2024, the contribution limits are as follows:
| Coverage Level | Total Maximum Contribution | Capital One Maximum Contribution* |
|---|---|---|
| Associate Only | $4,150 | $500 |
| All Other Coverage Levels | $8,300 | $1,000 |
*Capital One’s contribution is prorated based on coverage enrollment date and is made on a per pay period basis.
Are you 55 or over? Add $1,000 to these limits if you will be age 55 or older in 2024.
Note: In an HSA, you are only able to use what has been contributed from your paychecks. Both Capital One’s and your contributions are deposited with each paycheck.
If you are covering a domestic partner
Keep in mind that HSA contributions work a little differently. Check out the FAQs to get the details.
Contributed to a Health Care FSA in 2023, but currently enrolled in the CDHP for 2024?
If you were enrolled in a Health Care FSA for 2023 and enrolled in the CDHP for 2024, Capital One will transfer any remaining balance greater than $50 (up to $610) in your 2023 Health Care FSA into a Limited Purpose FSA for 2024.
You may only use the money in your Limited Purpose FSA for eligible dental and vision expenses in 2024. Review the Enrollment FAQs for more information.
Capital One offers two flexible spending accounts (FSAs) – a Health Care FSA and Dependent Care FSA – administered by Anthem. Both FSAs allow you to save money by using pre-tax dollars to pay for qualified health or dependent care expenses.
Health Care FSA (Available with a PPO or without a Capital One medical plan)
A Health Care FSA is available to associates who enroll in the Basic PPO or Enhanced PPO, or do not elect medical coverage. You can contribute up to $3,050 for the year through pre-tax payroll deductions to help cover eligible medical, dental, and vision expenses.
How the Health Care FSA works
Choose
Choose your contribution amount when you enroll. You can only change it during the year if you experience a qualifying life event that allows a change, so estimate carefully.
Contribute
Your annual contribution will be divided into equal payroll deductions, but the entire amount is available to you from the beginning of the plan year.
Spend
Spend your money by using your FSA debit card, or log in to anthem.com/capitalone to request reimbursement for payments you’ve made.
Carry Over
Up to $610 of unused money may be carried over to the next year; amounts above $610 will be forfeited, so be sure to use it up!
How to use your Health Care FSA
You can use your FSA debit card to pay for qualified expenses, and money will be deducted directly from your Health Care FSA, or you can pay for qualified expenses out of pocket and ask to be reimbursed.
You can easily manage your account online. Log in to anthem.com/capitalone or use the Anthem Sydney mobile app to:
- Check your balance
- Track your claims and FSA spending
- Submit claims (click on Spending then Manage your account)
- Request reimbursements and upload receipts
- Provide substantiation when necessary
Capital One contributes to your Health Care FSA – free money!
Capital One will contribute up to $500 to your Health Care FSA account when you elect to contribute a minimum of $500. That means free money for you to use to take care of yourself and your family!
Note: The maximum amount accounts for the contribution you’ll receive from Capital One without exceeding the $3,050 maximum allowed by the IRS. You have full access to your elected contribution amount on January 1 of the start of the plan year.
Submit claims by April 30, 2025
You have until April 30, 2025, to submit eligible 2024 claims to Anthem. If you do not submit eligible claims by the April 30 deadline, you will not receive reimbursement.
Carry over your FSA money!
Based on IRS rules, FSAs are "use-it-or-lose-it" accounts. That means you'll lose any money left in the 2024 account after the claim deadline (April 30, 2025), so it's important to carefully estimate your contribution amount for the year. You may roll over up to $610 (minimum $50) from your 2024 Health Care FSA if you re-elect the Health Care FSA in 2025. If you do not enroll in a Health Care FSA in 2025 or if you have funds in excess of $610, those funds will be forfeited after the claim deadline.
Save your receipts
When you use your FSA debit card, be sure to keep all of your receipts (or statements). Many transactions will be approved automatically. If a match is not found, Anthem will ask you up to three times to provide back-up documentation for a charge. If you do not respond, your debit card will be deactivated until you provide documentation or repay the claim. Additionally, unsubstantiated amounts spent will be reported as taxable income on your IRS W-2 Form.
Cover your dependents’ expenses
Your eligible dependents’ expenses are eligible for reimbursement under the Health Care FSA, even if your dependent(s) is not covered under your medical, dental, or vision plan. To access a complete list of eligible expenses, visit qme.anthem.com.
Note: Due to IRS regulations, a domestic partner’s expenses are not eligible for reimbursement.
Orthodontia expenses
Anthem allows reimbursement for pre-paid scheduled payments under an orthodontia contract. The payment must have been made while you were covered under the Health Care FSA. If there is coverage under any dental plan, payment from the FSA will be reduced by the amount paid by the dental coverage. Please note that orthodontia differs from other dental procedures that require the actual service to be performed within the coverage period, regardless of when payment is made.
If you leave Capital One
If you leave Capital One, you may elect to continue your participation in the Health Care FSA on a post-tax basis for the remainder of the calendar year under COBRA. If you do not continue your participation under COBRA, any amount left in your account will be forfeited if you do not have any eligible expenses incurred prior to your termination date.
Dependent Care FSA (Available to all associates regardless of plan enrollment)
A Dependent Care FSA (DC FSA) is available to all associates. You can contribute up to $5,000 for the year through pre-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders.
How the Dependent Care FSA works
Choose
Choose your contribution amount when you enroll. You can only change it during the year if you experience a qualifying life event that allows a change, so estimate carefully.
Contribute
Your annual contribution will be divided into equal deductions from each paycheck. You can only use money that has been deposited into your account.
Spend
Log in to anthem.com/capitalone to request reimbursement for payments you’ve made.
Use It Up
You have until March 15 of the following year to use up your funds. After March 15 you’ll forfeit any unused money, so be sure to use it up.
How to use your Dependent Care FSA
You can use your FSA debit card to pay for qualified expenses, and money will be deducted directly from your Dependent Care FSA, or you can pay for qualified expenses out of pocket and ask to be reimbursed.
You can easily manage your account online. Log in to anthem.com/capitalone or use the Anthem Sydney mobile app to:
- Check your balance
- Track your claims and FSA spending
- Submit claims (click on Spending then Manage your account)
- Request reimbursements and upload receipts
- Provide substantiation when necessary
Capital One contributes to your DC FSA – free money!
Capital One will contribute up to $500 to your DC FSA account when you elect to contribute a minimum of $500 to your DC FSA. That means free money for you to use to take care of your family!
Note: The maximum amount accounts for the contribution you’ll receive from Capital One without exceeding the $5,000 maximum allowed by the IRS. You will have access to your funds as they are deposited throughout the year.
DC FSA contributions are prorated for mid-year enrollments. While enrolled in the plan, Capital One will contribute $19.23 per pay period.
Use your funds until March 15 of the following year
You can still use leftover 2024 funds for eligible Dependent Care FSA expenses up until March 15, 2025. You have until April 30, 2025, to submit eligible claims to Anthem. If you do not use the money by this date, it will be forfeited per IRS rules.
Save your receipts
When you use your FSA debit card, be sure to keep all of your receipts (or statements). Many transactions will be approved automatically. If a match is not found, Anthem will ask you up to three times to provide back-up documentation for a charge. If you do not respond, your debit card will be deactivated until you provide documentation or repay the claim. Additionally, unsubstantiated amounts spent will be reported as taxable income on your IRS W-2 Form.
Important reminders
The Dependent Care FSA is NOT for health care expenses for you and/or your dependents. It is only used for child care or adult day care expenses that are necessary for you and/or your spouse to work, look for work, or attend school full time.
- If you are married: You may only submit for dependent care expenses that allow you and your spouse to work or so you can work full time while your spouse goes to school full time. Note: If your spouse is a stay-at-home mother/father, for example, and you send your child(ren) to pre-school, camp, or day care, you are not eligible for this benefit per IRS regulations.
- If you are divorced or separated: Work-related expenses of the custodial parent are eligible for reimbursement, even if the custodial parent does not claim the child as a tax dependent. Work-related child care expenses of a non-custodial parent are not eligible for reimbursement, however, even if the child is claimed as a tax dependent.
If you leave Capital One
If you leave Capital One, you may file for reimbursement of eligible Dependent Care FSA claims incurred anytime in the calendar year (even after your termination date), as long as you file by the April 30 deadline.
See how the different saving and spending accounts add up.
| Health Savings Account | Health Care FSA | Dependent Care FSA | |
|---|---|---|---|
| Available with … | CDHP |
Basic PPO
Enhanced PPO
(Also available if you don’t elect medical coverage through Capital One)
|
Your employment at Capital One |
| Company contribution* |
Individual coverage: $500
Covering dependents: $1,000
|
$500 when you contribute the minimum of $500 | $500 when you contribute the minimum of $500 |
| Change your contribution amount anytime | Yes | No | Yes, but only if you experience a qualified life event that changes your child care costs. See the Life Events page for details. |
| Access your entire annual contribution amount as needed | No | Yes | No |
| Access only funds that have been deposited | Yes | No | Yes |
| Use account money for… | Your and your family members' eligible medical, prescription drug, dental, and vision expenses incurred beginning January 1, 2024 | Your and your family members' eligible medical, prescription drug, dental, and vision expenses incurred January 1, 2024 to December 31, 2024 | Eligible child and/or adult day care expenses incurred January 1, 2024 to March 15, 2025 |
| “Use it or lose it” at year-end | No, your funds always belong to you | Yes (Carry over up to $610) | Yes |
*Contributions are prorated for mid-year enrollments. While enrolled in the FSA and/or HSA, Capital One will contribute $19.23 per pay period ($38.46 per pay period for HSA when covering dependents).