Spending accounts let you set aside money before taxes to pay for eligible expenses — lowering your taxable income and stretching your dollars further. Two accounts are available: a Health Savings Account (HSA) for eligible medical, dental, and vision costs, and a Dependent Care FSA for eligible child- and dependent-care costs.
Spending Accounts
Your account options.
Health Savings Account (HSA)
Pre-tax savings for medical, dental & vision expensesAn HSA lets you pay for eligible health care expenses with pre-tax dollars. It’s available when you enroll in the qualifying High Deductible Health Plan. Unlike an FSA, the money is yours to keep — it rolls over year to year, earns interest, and goes with you if you leave.
- Eligibility
- Must be enrolled in the qualifying High Deductible Health Plan
- Rollover
- Unused funds roll over every year — no use-it-or-lose-it
- Tax treatment
- Contributions, growth, and qualified withdrawals are all tax-free
- 2026 contribution limit
- $4,400 self-only / $8,750 family (+$1,000 if age 55+)
BMO HSA, administered by Lively
Dependent Care FSA (DCFSA)
Pre-tax savings for child & dependent careA Dependent Care FSA lets you use pre-tax dollars for eligible dependent-care expenses — such as daycare, before- and after-school care, or elder care — that let you (and your spouse) work. Plan your election carefully: unlike an HSA, unused funds do not roll over.
- Eligible expenses
- Daycare, preschool, before/after-school care, and elder care so you can work
- Rollover
- Use-it-or-lose-it — funds left at year end are forfeited
- Tax treatment
- Contributions are made pre-tax, lowering your taxable income
- 2026 contribution limit
- $5,000 per household ($2,500 if married filing separately)
Getting the most from an HSA
Pairing the High Deductible Health Plan with an HSA is how you turn a higher deductible into long-term savings. Here’s how the two work together, and what you can actually spend the money on.
Why an HDHP and an HSA work together
- Lower premiums each paycheck — you keep more if you don’t use care often
- In-network preventive care is covered at 100%, before the deductible
- Discounted rates on services from network providers
- You save income-tax free, and spend tax-free on qualified expenses
- The money belongs to you, not your employer — it goes with you if you leave
- No use-it-or-lose-it rule, so your balance can grow year over year
What you can spend HSA dollars on
An HSA covers qualified expenses for you, your spouse, and your tax dependents — including many things your medical plan doesn’t cover. A partial list:
Care & treatment
- Acupuncture and chiropractic care
- Physical and speech therapy
- Psychiatric and mental health care from a licensed professional
- Alcoholism and drug addiction treatment
- Fertility treatment
- Surgery (excluding cosmetic) and hospital services
Everyday essentials
- Eyeglasses, contact lenses, and vision exams
- Hearing aids and batteries
- Dental treatment — X-rays, cleanings, fillings, braces
- Prescriptions, insulin, and certain over-the-counter medications
- Tampons and pads
- Crutches, artificial limbs, and ambulance services
Plan costs
- Your health plan deductible and copayments
- COBRA premiums
- Long-term care insurance premiums
- Health continuation coverage while receiving unemployment
- Special education for learning disabilities
Your IPFF Trust HSA is BMO HSA, administered by Lively — not Optum Bank. Set up and manage your account through Lively using the contact details above.
Questions about your account?
The Trust administrator can help with enrollment, contributions, and general questions.