FLEXIBLE SPENDING ACCOUNT (FSA) CLARITY
What is a Flexible Spending Account? A Flexible Spending Account (FSA) is an account that can reimburse you for qualified healthcare or dependent care expenses. You can fund qualified expenses such as copays, coinsurance, deductible expenses for medical, dental and vision with pre-tax dollars deducted from your paychecks.
When electing an FSA, you will set an annual contribution amount. You cannot change your election after Open Enrollment unless you experience a Qualifying Event.
If you were enrolled in a Health Care FSA in 2022-2023 and you wish to enroll in a Health Savings Account in 2023-2024, please keep in mind the Flexible Spending Account plan has a 2.5-month grace period to incur claims. Why is this important? You will NOT be able to contribute to the Health Savings Account in 2023-2024 until your funds have been depleted in your Health Care FSA or until the end of the grace period March 15, 2024.
Dependent Care FSA
Healthcare FSA
A healthcare FSA reimburses Members for eligible medical expenses, up to the amount contributed for the plan year. Eligible healthcare expenses include many of the out-of-pocket expenses you pay to maintain your health and well-being. Visit irs.gov for a full list of eligible expenses. You may contribute up to $3,050 annually (funds will be available as of the election effective date).
You may use pre-tax dollars from your Dependent Care FSA to pay expenses for the care of a dependent child, spouse or elderly parent inside your home (from a qualified provider), and expenses outside your home, such as baby-sitters, nursery schools, or day care centers. You may contribute up to $5,000 annually (or $2,500 if you are married and file a separate tax return). You can only be reimbursed up to the amount that you have contributed.
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