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New to Okta

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  1. Home
  2. Financial Benefits
  3. Flexible Spending Account (FSA)

Flexible Spending Account (FSA)

The takeaway

Okta’s pre-tax flexible spending accounts save you money on qualified healthcare and dependent care expenses such as doctor visits, prescriptions, dental care, vision care, and child care. You set aside pre-tax money from your paycheck and your contributions go into your account. This reduces your taxable income and allows you to pay for qualified expenses with tax-free dollars.

Spending accounts for your healthcare and child care needsIRS annual limitsHow to access your benefits
Spending accounts for your healthcare and child care needsIRS annual limitsHow to access your benefits

Forma manages Okta’s pretax spending accounts.

Spending accounts for your healthcare and child care needs

Healthcare flexible spending account (FSA)

When you enroll, you decide how much to contribute each paycheck through pre-tax payroll deductions, and the money is deposited in an account for you.

Use the money to pay for eligible healthcare expenses such as prescriptions, copays, and dental and vision care that you and your eligible dependents incur during the year.

Expenses for you, your spouse, and tax dependents are eligible for reimbursement. In most cases, your dependents don’t need to be covered by your Okta benefits in order to use your FSA funds.

Your full annual election is available to you for reimbursement once you enroll, and payroll deductions will continue to be taken each pay period for the duration of the calendar year.

Learn more about the Healthcare Flexible Spending Account with this overview.  
 

Limited purpose healthcare flexible spending account (FSA)

It’s important to know that if you enroll in an HDHP + HSA medical plan, IRS rules do not allow you or a spouse you file joint taxes with to enroll in the healthcare FSA.

But, you can enroll in the limited purpose healthcare FSA and contribute up to the annual IRS maximum to pay for eligible dental and vision care expenses only.

Learn more about the Limited Purpose Flexible Spending Account with this overview.

Dependent care flexible spending account (FSA)

When you enroll, you decide how much to contribute each paycheck through pre-tax payroll deductions, and the money is deposited in an account for you.

You can use your account to pay for eligible dependent care expenses for your children up to age 13 or for older children and family members who need help caring for themselves.

Eligible expenses may include before-school and after-school programs, day care, day camps, nanny care, preschool tuition, and elder care expenses.

Unlike the healthcare FSA accounts, once you submit for reimbursement, you will only be reimbursed up to the amount that you have contributed via payroll deduction. Funds are made available for reimbursement as money is added to the account.

Learn more about the Dependent Care Flexible Spending Account with this overview.

IRS annual limits

Benefit Type 2023 Limit
Health Savings Account (HSA) $3,050
Limited Purpose FSA $3,050
Healthcare and Limited Purpose FSA Carryover Maximum $610
Dependent Care FSA $5,000 household
$2,500 if you’re married and file taxes separately

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How to access your benefits

You’ll access and manage your pre-tax spending account(s) through the Forma app on your Okta Dashboard, via the iOS or Android phone app, or the Forma Website. Use your Okta email to complete your account registration.

Pay with the Forma debit card

You will receive one Forma debit card that will be used for all pre-tax benefits. When using your Forma debit card, funds will be pulled from your accounts in the following order (if applicable) - 1. Healthcare FSA 2. Limited Purpose FSA 3. HSA 4. Dependent Care FSA 5. Commuter Transit 6. Commuter Parking.

Submit claims online or via the App

Just upload your claim, enter the required information, and a reimbursement will be on its way. Make sure you set up direct deposit to your bank account to avoid delays with your reimbursement.

Use it or lose it applies

Be sure to use the money you set aside for your flexible spending accounts.

Healthcare & Limited Purpose FSAs: You have until March 31 to submit eligible expenses for reimbursement, and you can roll over up to the IRS carryover maximum unused healthcare FSA funds into the next plan year. However, any remaining amount in excess of the carryover limit will be forfeited.

Dependent Care FSA: You can continue to incur new DCFSA expenses for a 2 ½ month grace period following the end of the plan year. 

As an example: plan year ends December 31, 2023, you have until March 15, 2024 to incur and submit eligible expenses for reimbursement up until March 31, 2024. Any of your remaining DCFSA balance from the previous plan year will be forfeited after March 31.

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When you incur or submit expenses to Forma, they’ll save the details for you. But it’s always a good idea to save your receipts and verify the accuracy of payments, too.

Related Content
Commuter Benefits
Health Savings Account (HSA)

Welcome!

Okta’s total rewards connect eligible employees and their family members to a constantly evolving portfolio of plans, services, and support for meeting their changing needs. Check out the links below to learn more and make the most of your total rewards.

Learn more about Okta

Contacts

Forma

Flexible Spending Account (FSA)

844-902-2902
(Pre-Tax Only)

Website
Forma Pre-Tax Help Center
Forms Support (specify pre-tax questions)
  • Eligibility + Enrollment
    • Eligibility
    • Enrolling and Making Benefits Decisions
    • Making Changes to Your Benefits
  • Health + Wellness
    • Mental Health Support (Modern Health)
    • Kaiser Medical
    • HMSA (HI employees only)
    • Blue Shield Medical
    • Health Savings Account (HSA)
    • Healthcare Plan Premiums
    • Rightway Healthcare
    • One Medical
    • Dental
    • Vision
    • Wellness Programs
    • OktaFIT
    • Healthcare Glossary
  • Financial Benefits
    • Gradifi Student Loans
    • 401(k) Plan
    • Northstar Financial Wellness
    • Flexible Spending Account (FSA)
    • HSA, FSA, & Commuter Benefits Transition
    • Commuter Benefits
    • Life/AD&D Insurance
    • Disability Coverage
    • Business Travel Accident Insurance
    • Personal Travel Assistance
    • Auto and Home Insurance
    • Pet Insurance
  • Community
    • Okta People First Culture
    • The Way We Work (Dynamic Work)
    • Our Culture of Recognition
    • Diversity, Inclusion + Belonging
    • Okta for Good
  • Career
    • New to Okta
    • Learning and Development
    • Job Opportunities
    • Your Performance
    • Leaving Okta
  • Pay + Incentives
    • Pay + Incentives Overview
    • Base Pay
    • Cash Incentive Bonus Program
    • Long-Term Incentives (RSUs)
    • Employee Stock Purchase Plan
  • Time Off
    • Flexible PTO
    • Parental Leave
    • Personal Leave
    • Medical Leave
    • Other Leaves
    • Volunteer Time Off
    • Holidays
  • Everyday Living
    • Carrot Fertility and Adoption Services
    • Caregiver Resources
    • Bump Boxes
    • Identity Theft
    • Legal Assistance
    • Cell Phone/Internet Reimbursement
  • Resources
    • Who to Contact
    • Mobile Apps
    • Videos
    • Documents and Forms
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