How to Use My Benny Card: Sentinel HSA vs LPFSA

Understanding how to use your Benny card can help you maximize the benefits of your Health Savings Account (HSA) or Limited Purpose Flexible Spending Account (LPFSA). When it comes to managing your healthcare expenses, knowing the differences between these accounts is essential.

The Benny card, also known as a debit card, is a convenient way to pay for eligible healthcare expenses without having to submit receipts for reimbursement. Here's how you can use your Benny card with your Sentinel HSA and LPFSA:

Sentinel HSA:

• Use your Benny card to pay for qualified medical expenses such as doctor's visits, prescriptions, dental care, and more.
• Make sure to keep track of your expenses and save your receipts in case you need to provide documentation to the IRS.
• Know that you can only use your HSA funds for eligible healthcare expenses to avoid penalties.

LPFSA:

• With an LPFSA, you can use your Benny card for eligible dental and vision expenses only.
• Remember that LPFSA funds cannot be used for general medical expenses like doctor visits or prescriptions.
• Be mindful of the annual contribution limit for LPFSA and only use your Benny card for qualifying dental and vision costs.

By understanding the specific rules and regulations for using your Benny card with your HSA or LPFSA, you can make the most of your healthcare benefits and avoid any potential issues with the IRS.

Understanding your Benny card can be a game changer as you navigate your Health Savings Account (HSA) or Limited Purpose Flexible Spending Account (LPFSA). By familiarizing yourself with how to effectively use your Benny card, you'll ensure that you're making the most out of your healthcare funds.

The Benny card is like having cash in your pocket when it comes to paying for qualified healthcare costs without the hassle of paperwork, such as submitting receipts. Here’s how you can efficiently utilize your Benny card with your Sentinel HSA and LPFSA:

Sentinel HSA:

• Use your Benny card for a wide range of qualified medical expenses, including visits to your primary care physician, necessary prescriptions, dental check-ups, and more.
• Don’t forget to keep a detailed record of your expenditures and save your receipts—this is crucial if you ever need to validate your spending to the IRS.
• Remember, using HSA funds comes with specific guidelines. Be certain that the expenses you’re paying for are indeed eligible, as misusing your HSA funds can lead to significant tax penalties.

LPFSA:

• The LPFSA provides a focused benefit—employ your Benny card solely for dental and vision expenses that meet eligibility criteria.
• Keep in mind that LPFSA funds cannot cover broader medical costs, which includes general doctor visits, non-covered medical products, or various prescriptions.
• Be aware of the contribution limits associated with your LPFSA and only use your Benny card for qualifying expenses to ensure compliance and avoid issues.

By clearly understanding the rules for using your Benny card in conjunction with your HSA or LPFSA, you're not just managing your healthcare expenses more effectively, but also safeguarding yourself from potential hurdles with the IRS.