Why should I choose a Flexible Spending Account (FSA)?
A flexible spending account lets you save money by setting aside pre-tax dollars for eligible medical, dental, vision, and dependent care expenses incurred by you, your spouse or your eligible dependents.
Take home more money
Putting money into an FSA decreases your taxable income, which means you’ll take home more money.
Plan better for health expenses
Spend your funds on the eligible health expenses you incur throughout the year. The IRS has a “use it or lose it” rule for FSAs, which means any funds over the rollover amount must be spent by the end of the plan year or you lose it. However, for the 2023 plan year, the rollover amount is $610 and subject to change for future plan years.
You can use your funds for eligible expenses occurred by you, your spouse, or your eligible dependents. Thousands of products and services are FSA eligible. (Eligible expenses are determined by the IRS.)
Funds on Day 1
All of your FSA dollars are available on the very first day of the plan year. For example, if you choose to contribute $1200 to you FSA. your contributions will be deducted evenly across all of your paychecks for the year, but you have access to all $1200 on Day 1.
Can I enroll?
Yes, as long as you or your spouse aren’t actively enrolled and contributing to a Health Savings Account (HSA).
Changing your election
In order to make changes to your election after open enrollment, you need to experience a qualifying life event. These events include:
- Change in marital status or in the number of dependents
- Increase due to birth, adoption, or marriage
- Decrease due to death, divorce, or loss of eligibility
- Gain or loss of eligibility due to a change in participant, spouse, or dependent employment status
If you experience a qualifying life event, please contact your employer to make changes to your election.