Flexible Spending Account (FSA)

An FSA provides a way to save money on everyday health and dependent care expenses because you're using tax-free dollars to pay for them. You can only enroll in an FSA during Open Enrollment or if you experience an IRS Qualifying Status Change. Keep in mind that there are separate FSAs for health care and dependent care. 

It's important to note that you must file claims within 90 days of the end of the benefit plan year. Additionally, with an FSA, you must use the money you've contributed by the end of the year, or you may forfeit amounts over the allowed rollover. 

Healthcare/Limited FSA – January 1, 2024 – December 31, 2024:

  • Healthcare and Limited FSA maximum election amount will be $3,200 (Pending IRS approval).
  • Up to $640 (pending IRS approval) may be carried over to the next plan year, and amounts above the carryover limit will be forfeited.
  • Active Employees have 90 days after the plan year (March 31, 2025) to turn in receipts for the 2024 plan year.

Dependent Care FSA Open Enrollment – January 1, 2024 – December 31, 2024:

  • Dependent Care FSA Max election amount will be $5,000 (Pending IRS approval).
  • All funds must be spent by December 31, 2024.
  • Active Employees have 90 days after the plan year (March 31, 2025) to turn in receipts for the 2024 plan year.