Flexible Spending Account (FSA)

Flexible spending accounts, or FSAs, provide you with an important tax advantage that can help you pay for eligible expenses on a pre-tax basis. When you use an FSA, you set aside a portion of your pre-tax salary, which is deducted from your paycheck over the course of the year. The amount you contribute to the FSA is not subject to Social Security (FICA), federal, state or local income taxes — effectively adjusting your taxable salary. However, not all of the money in your FSA will roll over from year to year. Any unused funds at the end of the plan year above that amount below will be forfeited, so make sure you only contribute what you think you will need.

For the 2023-2024 FSA plan, your group elected the following:

1.      Election Minimum = $120
2.      Election Maximum = $3,050
3.      Maximum Rollover = $550

 

Health Care FSA

The Health Care FSA allows you to set aside up to $3,050 a year through payroll deductions for health care expenses. You can use your Health Care FSA on medical, dental and vision expenses that are not reimbursed by insurance. You can also use it for many over-the-counter medications. For more information and a full list of eligible expenses, visit https://healthequity.com/learn/flexible-spending-account.

 

Dependent Care FSA

The Dependent Care FSA allows you to set aside up to $5,000 if married filing jointly or single or $2,500 if married filing separate through payroll deductions for eligible dependent care expenses for:

      • Children ages 12 and under in day care, after-school care or summer day camp, or
      • Any person residing in your household and considered a dependent for tax purposes who is physically or mentally incapable of self-care, regardless of age.

For more information, go to https://healthequity.com/learn/dcfsa.

Print Friendly and PDF
This Benefits Website provides general information for our benefit eligible employees; however, more detailed information is available within the plan documents and legal contracts between our company and the insurance providers. In case of any discrepancy between this Benefits Website and the plan documents, the plan documents always govern and determine your exact benefits. In addition, the company reserves the right to modify or terminate any benefit plan at any time. Benefits are not a guarantee of employment.