FLEXIBLE SPENDING ACCOUNTS (FSA) Flexible spending accounts let you use pre-tax dollars to cover eligible health care and dependent care expenses. There are different types of FSAs that help to reduce your taxable income when paying for eligible expenses for yourself, your spouse, and any eligible dependents, as outlined below: Health Care FSA Can reimburse for eligible health care expenses not covered by your medical, dental, and vision insurance. Maximum contribution for 2024 is $3,200. This plan does include a provision that allows you to carryover up to $640 of unused Health Care FSA funds at the end of the plan year; however, any funds in excess of $640 that are left unused in the account will be forfeited at the end of the plan year. Limited Purpose FSA A Limited Purpose Flexible Spending is much like a typical, general-purpose Health FSA. However, under a Limited Purpose FSA, eligible expenses are limited to qualifying dental and vision expenses for you, your spouse, and your eligible dependents. This plan does include a provision that allows you to carry over up to $640 of unused Healthcare FSA funds at the end of the plan year however, any funds in excess of $640 that are left unused in the account will be forfeited at the end of the plan year. Maximum contribution for 2024 is $3,200. Dependent Care FSA Funds can be used for qualified child care expenses. Maximum contribution for 2024 is $2,500 for individuals or $5,000 per household. (reimbursement account) To participate in the FSA program, you must re-enroll each year or enroll within 30 days of your hire date. At this time, you must establish an annual contribution amount within the maximum limit. The VOP’s FSA plan year runs from January 1 through December 31 and the vendor is Flores and Associates. Once enrolled, you will have online access to view your FSA balance, check on a reimbursement status, and more. Visit www.flores247.com to access the online portal or call 800-532-3327. A few rules you need to know: Although the Health Care FSA plan year runs from January 1, 2024 through December 31, 2024, the plan allows you to carryover up to $640 to the next plan year starting on January 1, 2025. The amount you carryover from 2023 will not affect your annual maximum allowed contribution for the 2024 FSA plan year. • Any remaining amounts over $610 will be forfeited. • Deductions are made from your bi-weekly paychecks.
The benefit plan information shown in this guide is illustrative only. This information is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice. The information for this benefit has been provided by Village of Pinehurst. OneDigital is not responsible for the content on this page.
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