Flexible Spending Accounts / Health Savings Accounts

  • Medical Flexible Spending Account

    An IRS Medical Flexible Spending Accounts (FSA) allows you to set aside pre-tax payroll deductions for each paycheck to use for out-of-pocket medical, dental, and vision expenses for you and your family. During enrollment, you will estimate the amount you may need during the year. Your full annual election will be available at the start of the plan year.

    FSA plan year: September 1, 2022 - August 31, 2023

    FSA Maximum: $2,850/year

    IF YOU DON'T USE IT BY THE END OF THE PLAN YEAR, YOU LOSE IT!

  • Dependent Care Flexible Spending Account (FSA)

    With an IRS Dependent Care FSA, you can set aside part of your pay on pre-tax basis to use for eligible dependent care expenses. This can be used for daycare expenses for your qualifying dependents/child while you and/or your spouse are working, seeking employment, and/or attending school as a full-time student (or five months of the year). Eligible dependents must be claimed as an exemption on your tax return.

    • Daycare centers
    • Before/After School care
    • Mothers-Day-Out Program
    • Nursery School
    • Babysitter
    • Nanny
    • Au Pair
    • Day Camps

    FSA plan year: September 1, 2022 - August 31, 2023

    FSA Maximum: $5,000/year or $2,500/year if married/filing separately

    IF YOU DON'T USE IT BY THE END OF THE PLAN YEAR, YOU LOSE IT!

  • Health Savings Account (HSA)

    A Health Savings Account (HSA) provides a savings vehicle that allows you to set aside money on a pre-tax basis to pay for higher deductibles associated with a High Deductible Health Plan. Unlike an FSA, the money is not all available up-front, but rather becomes available with each payroll contribution that you make. Your HSA balance rolls over from year-to-year earning interest along the way. Distribution for eligible medical expenses are tax free. HSA benefits are portable - upon retirement or separation from service, you can take it with you. HSA allows a $1,000 "catch-up" contribution for employees 55 and older.

    You cannot have an HSA and an FSA at the same time. If you are switching from FSA to HSA during the plan year, you must exhaust your FSA by 8/31 or your HSA will not be open and you will need to wait until the next plan year.

    HSA Plan Year: September 1, 2022 - August 31, 2023

    HSA Maximum: $3,650 for self / $7,300 for family

    HSA IS PORTABLE - MONIES ARE NOT FORFEIGHTED AT END OF PLAN YEAR; MONIES ROLL OVER AND ACCUMULATE INTEREST.