Flexible Spending Accounts (FSAs)

 

A Flexible Spending Account (FSA) helps you and your family pay for eligible health care and dependent care expenses with pre-tax dollars. The Health Care (standard or limited) FSA annual maximum plan contribution limit is $3,200 in 2024. The Dependent Care FSA plan contribution limit is $5,000 in 2024.

Health Care Flexible Spending Account
For qualified medical, dental, and vision care expenses not covered by your health plans, a Health Care Spending Account allows you to set aside pre-tax dollars to pay for eligible expenses like copays for office visits, prescription drugs and eye care materials.

Dependent Care Flexible Spending Account
If you rely on dependent care during the day, you are able to set aside up to $5,000 of pre-tax dollars per year to use towards eligible child care or adult care. During your enrollment period, you should estimate your Out-of-Pocket expenses related to caring for a child or dependent adult for the upcoming Plan Year. The amount you elect will be deducted from your paycheck in equal installments on a pre-tax basis and put into your Dependent Care FSA. You can use those pre-tax dollars to reimburse for any eligible expenses, for example before and after-school care, summer day camp and elder care.

Here’s how an FSA works:

• When you include expenses, you can submit a claim to NAVIA and receive reimbursements up to your total annual election for health care expenses or your year-to-date contributions for dependent care expenses.
  
  
• Employees enrolled in the Healthcare Spending Account will be provided with a debit card to use throughout the year. You also have the option to be reimbursed by check or by direct deposit to the bank account of your choice.
  
  
• Register online at naviabenefits.com to view your account balances, enroll in direct deposit, set up account alerts, submit claims, etc.
  
  
• For more information visit FSA Accounts

Important Things to Remember You must designate how much money you wish to contribute annually to each account at the beginning of the Plan Year (January 1 or enrollment date). Money is non-transferrable between accounts. -- You may change your annual contributions within 30 days of experiencing a qualified life event. -- Expenses must be incurred during the current Plan Year. Unspent funds remaining in each account at the end of the Plan Year will be forfeited. Claims for reimbursement must be submitted to Navia on or before March 31 of the following Plan Year. -- If you leave the Company during the course of the year, you may submit healthcare claims for expenses incurred up to your date of termination. -- If you are enrolled in the Cigna Choice Fund HSA, you may not participate in the Health Care Flexible Spending Account.