A Flexible Spending Account allows you to reduce your take-home pay by an amount determined by you each Open Enrollment. The FSA will shelter these earnings from taxes in order to allow you to pay for approved medical, transit and/or dependent care expenses tax-free.
Deadline Reminder
The services or expenses that you are claiming for a flex account must occur between April 1 through March 31. Employees have until June 30 to submit claims for the prior plan year.
Employee Funded HealthCare Flexible Spending Account
A Healthcare Flexible Spending Account (FSA) is a pre-tax benefit account used to pay for eligible healthcare, dental, and vision care expenses that aren't covered by your insurance plan or elsewhere. For our current plan year (April 1, 2023 – March 31, 2024) you may reduce your earnings up to $3,050* to pay for eligible expenses.
The services or expenses that you are claiming for a flexible spending account must occur between April 1 through March 31. Employees have until June 30 to submit claims for the prior plan year.
Any unused funds, up to $610*, will carry over to a new healthcare flexible spending account for the next plan year. Any funds in excess of the carryover limit will still be subject to the “use it or lose it” rule.
Example
*Plan limits are established by the IRS annually.