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.
Forma manages Okta’s pretax spending accounts.
Spending accounts for your healthcare and child care needs
Healthcare flexible spending account (FSA)
Limited purpose healthcare flexible spending account (FSA)
Dependent care flexible spending account (FSA)
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 |
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.
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.