Flexible Spending Accounts

What Do I Need to Know to Enroll?

FSAs reduce your taxable income.

Budget accordingly. You can carry over up to $550 of your unused medical FSA funds for the following plan year. The Dependent Care FSA does not have a carryover option.

Save up to $2,850 in a Health Care or Limited Purpose FSA and up to $5,000 in a Dependent Care FSA in 2023.

A flexible spending account is a pre-tax savings plan that allows you to defer some of your pre-tax salary for qualified out-of-pocket medical and dependent care expenses in a given plan year. Each plan year, you decide whether to participate and how much money to set aside. NortonLifeLock’s FSAs are managed by MyChoice Accounts (through Benefitsolver).

Visit IRS Publication 502 (pdf) for a full list of qualified medical expenses.

Things to keep in mind about FSAs:

FSAs reduce your taxable income by allowing you to set aside pre-tax income to be used on qualified expenses.
You must enroll every plan year to participate.
Domestic partners may be covered if they meet the definition of a qualified relative in IRS section 152.
If you increase your FSA's annual goal amount through a mid-year Life Event, you can only use the additional funds for claims incurred from the date of the Life Event change.
You can carry over up to $570 of your unused 2023 Health Care or Limited Purpose FSA funds to your 2024 FSA.
Dependent Care FSA funds cannot be carried over.
Remember to budget the amounts you set aside carefully — for the Dependent Care FSA, if you don't use it, you lose it!

Flexible Spending Accounts - Health Care

What Do I Need to Know to Enroll?

If you want to participate in a Health Care FSA, how much would you like to contribute?

Enter your choice in Benefitsolver during your benefits enrollment event.

A Health Care Flexible Spending Account is a pre-tax savings plan that allows you to defer up to $2,850 of your pre-tax salary in 2023 for qualified out-of-pocket health care expenses in a given plan year. NortonLifeLock’s FSAs are managed by MyChoice Accounts (through Benefitsolver).

NortonLifeLock also offers a Limited Purpose Flexible Spending Account and a Dependent Care Flexible Spending Account.

Eligibility

You are eligible for this benefit if you are an active U.S. NortonLifeLock employee working at least twenty (20) hours per week. Your spouse can also contribute $2,850 in 2023 to a Health Care FSA through his/her employer, even if you both work at NortonLifeLock.

You may only sign up for a Health Care FSA during new hire enrollment, Annual Open Enrollment, or if you experience a life event change that allows you to enroll in a Health Care FSA. Please note: If your hire date is on or after December 1 of the current plan year, you will not be eligible to participate in a Health Care FSA until January 1 of the following year.

Benefit - Health Care FSA

2023 Contribution Amounts: $120 - $2,850

Funds can be used to pay for qualified medical, dental, and vision care expenses that you or your eligible dependents incur, and which are not fully covered by your health care plans. Qualified expenses include: deductibles, copayments, chiropractic care, corrective eye surgery, and contact lens solution. You can use the Health Care FSA to pay for your dependents' expenses even if your dependents are not covered under your NortonLifeLock medical, dental, or vision plan.

Over-the-Counter (OTC) drugs are qualified FSA health care expenses without a doctor's prescription.

Please Note: Salary deductions on a pre-tax basis may reduce your covered earnings used in calculating your social security benefits, resulting in a possible reduction in social security benefits.

Be Conservative
Planning is crucial when participating in a Health Care FSA. If you have unused funds in your Health Care FSA at the end of a plan year, only a limited amount can be carried over into the next plan year (see details below). Amounts over the limit will not carry over and cannot be refunded to you.

Carryover Feature

You can carry over up to $570 of your unused 2023 Health Care funds to your 2024 FSA. Claims incurred between January 1 and December 31 of one year must be submitted by March 31 of the following year. Carryover funds will remain in your previous plan year account to pay for claims incurred during that year and submitted by the March 31 claims deadline. Approximately 10 days after the March 31 claims deadline, the carryover funds will be transferred to the new plan year account.

Health Care FSA Debit Card

The FSA debit card enables you to pay for many qualified medical expenses directly from your FSA instead of submitting expenses for reimbursement. Health Care FSA card features:

Linked directly to your Health Care FSA
Pre-loaded with your full-year FSA balance
Works like a credit card for qualified FSA purchases up to your full-year FSA contribution amount

Your FSA card may not work for all qualified health care expenses. If your FSA card is declined, simply pay for the expenses and submit the receipts via your preferred claim submission tool. Some transactions will require additional documentation, so keep all of your receipts. MyChoice Accounts will notify you after your purchase if you need to supply additional documentation. You can minimize these requests by paying for over-the-counter items separately from your prescriptions and using the card for qualified health care purchases only. Using participating merchants also decreases the likelihood of additional paperwork.

If you would like to order an additional FSA card for yourself or your dependent, you can request it online by going to “Manage Cards” on the MyChoice Accounts site.

Flexible Spending Accounts - Limited Purpose

If you are enrolled in the HSA plan, you have the option to enroll in a Limited Purpose Flexible Spending Account, which is a pre-tax savings plan that allows you to defer up to $2,850 of your pre-tax salary in 2023 for qualified out-of-pocket dental and vision care expenses in a given plan year, as well as post-deductible medical expenses. NortonLifeLock’s FSAs are managed by MyChoice Accounts (through Benefitsolver).

The Limited Purpose FSA is designed for employees who want to be able to contribute to a Health Savings Account. NortonLifeLock also offers a Health Care Flexible Spending Account and a Dependent Care Flexible Spending Account.

Eligibility

You are eligible for this benefit if you are an active U.S. NortonLifeLock employee working at least twenty (20) hours per week. Your spouse can also contribute $2,850 in 2023 to a Limited Purpose FSA through his/her employer, even if you both work at NortonLifeLock.

You may only sign up for a Limited Purpose FSA during new hire enrollment, during the annual Open Enrollment event, or if you experience a life event change that allows you to enroll in a Limited Purpose FSA. Please note: If your hire date is on or after December 1 of the current plan year, you will not be eligible to participate in a Limited Purpose FSA until January 1 of the following year.

Benefit - Limited Purpose FSA

2023 Contribution Amounts: $120 - $2,850

Funds can be used to pay for qualified dental and vision care expenses that you or your eligible dependents incur and which are not fully covered by your health care plan. Qualified expenses include: dental or vision plan deductibles, coinsurance, orthodontia, corrective eye surgery, and contact lens supplies.

In addition, you can use the Limited Purpose FSA to pay for qualified post-deductible medical expenses. This means that once you have met your individual deductible (if you have employee-only coverage) or your family deductible (if you have any other level of coverage), funds can be used to pay for qualified medical expenses that you or your eligible dependents incur, and that are not fully covered by your health care plan.

You can use the Limited Purpose FSA to pay for your dependents' qualified expenses—dental, vision, or post-deductible medical—even if your dependents are not covered under your NortonLifeLock medical, dental, or vision plan.

Over-the-Counter (OTC) drugs are qualified FSA health care expenses without a doctor's prescription.

Please Note: Salary deductions on a pre-tax basis may reduce your covered earnings used in calculating your Social Security benefits, resulting in a possible reduction in Social Security benefits.

Be Conservative
Planning is crucial when participating in a Limited Purpose FSA. If you have unused funds in your Limited Purpose FSA at the end of a plan year, only a limited amount can be carried over into the next plan year (see details below). Amounts over the limit will not carry over and cannot be refunded to you.

Carryover Feature

You can carry over up to $570 of your unused 2023 Limited Purpose FSA funds to your 2024 FSA. Claims incurred between January 1 and December 31 of one year must be submitted by March 31 of the following year. Carryover funds will remain in your previous plan year account to pay for claims incurred during that year and submitted by the March 31 claims deadline.

Approximately 10 days after the March 31 claims deadline, the carryover funds will be transferred to the new plan year account.

Turning on the Post-Deductible Feature

The Limited Purpose FSA cannot be used to pay qualified medical expenses (other than dental and vision) until you have met your individual deductible (if you are enrolled in employee-only coverage) or your family deductible (if you are enrolled in any other level of coverage). To certify that you have met the deductible, access your MyChoice Accounts account, click on the link for Forms & Docs, and download the HSA/HDHP Deductible Form. Follow the instructions on the Form--complete all of the required information, attach all required documentation, and submit the Form to MyChoice Accounts.

FSA Debit Card

The FSA debit card enables you to pay for many qualified medical expenses directly from your FSA instead of submitting expenses for reimbursement. Limited Purpose FSA card features:

Linked directly to your Limited Purpose FSA
Pre-loaded with your full-year FSA balance
Works like a Visa for qualified FSA purchases up to your full-year FSA contribution amount

Your FSA card may not work for all qualified health care expenses. If your FSA card is declined, simply pay for the expenses and submit the receipts via your preferred claim submission tool.

Some transactions will require additional documentation, so keep all of your receipts. MyChoice Accounts will notify you after your purchase if you need to supply additional documentation. You can minimize these requests by paying for over-the-counter items separately from your prescriptions and using the card for qualified health care purchases only. Using participating merchants also decreases the likelihood of additional paperwork.

If you would like to order an additional FSA card for yourself or your dependent, you can request it online by going to “Manage Cards” on the MyChoice Accounts site.

Review the MyChoice Accounts User Guide (pdf).

Flexible Spending Accounts - Dependent Care

What Do I Need to Know to Enroll?

Decide if you want to participate in a Dependent Care FSA and how much.

Enter your choice in Benefitsolver during your benefits enrollment event.

A Dependent Care Flexible Spending Account is a pre-tax savings plan that allows you to defer up to $5,000 of your pre-tax salary for qualified out-of-pocket Dependent Care expenses in a given plan year, subject to IRS limits based on your marital and tax-filing status. NortonLifelock's FSA accounts are managed by MyChoice Accounts (through Benefitsolver).

The Dependent Care FSA cannot be used for your dependents' health care expenses. Please see the Health Care Flexible Spending Account and Limited Purpose Flexible Spending Account information.

Eligibility

You are eligible for this benefit if you are an active U.S. NortonLifelock employee working at least twenty (20) hours per week. To be qualified, dependents must meet the following criteria:

Children under the age of 13
A spouse who is physically or mentally unable to care for him/herself
Any adult you can claim as a dependent on your tax return that is physically or mentally unable to care for him/herself

If you are married, your spouse must be employed (including self-employment), a full-time student, or not mentally or physically be able to care for himself or herself. If one of these applies, then your dependent care FSA election cannot exceed the income of the lower-earning spouse. Please contact MyChoice Accounts for more information about these special rules.

You may only sign up for a Dependent Care FSA during new hire enrollment, Annual Open Enrollment, or if you experience a life event change that allows you to enroll in a Dependent Care FSA. Please note: If your hire date is on or after December 1 of the current plan year, you will not be eligible to participate in a Dependent Care FSA until January 1 of the following year.

Benefit - Dependent Care FSA

Contribution Amounts: $120 - $5,000
This total may not be exceeded per couple.

Funds can be used to pay child or elder day care expenses of legal dependents if the care is needed in order for you (and your spouse) to work or look for work. This means that expenses related to non-work days (e.g. Saturday) are not eligible for reimbursement under the Dependent Care FSA. Qualified expense examples include: licensed day care center/after-school care for children up to age 13, care for elderly and/or disabled adults who qualify as tax dependents.

Please Note: Salary deductions on a pre-tax basis may reduce your covered earnings used in calculating your social security benefits, resulting in a possible reduction in social security benefits.

Under Internal Revenue Code section 129 (a) and (b), the maximum dependent care FSA election is limited to the lesser of:

$5,000 for single taxpayers or married taxpayers filing joint returns; or
$2,500 for married taxpayers filing separate returns; or
The employee's earned income; or
The spouse's earned income.

Be Conservative -- Use It Or Lose It
Planning is crucial when participating in a Dependent Care FSA to ensure all the money in your account is used. Per IRS regulations, if you have money left in your account at the end of the plan year, that money cannot be refunded to you. However, your tax savings may offset any year-end forfeiture.

If you have questions for MyChoice Accounts, please call 1-888-907-1335.