Flexible Spending Account

FSAs provide you with an important tax advantage that can help you pay for expenses on a pre-tax basis. By anticipating your family’s costs for the next year, you can actually lower your taxable income. You may contribute to Flexible Spending Accounts (FSAs) to help with the cost of your eligible healthcare expenses. Contributions to your FSA are deducted from your pay prior to being taxed, which reduces your taxable income. You should contribute the amount of money you expect to spend on eligible expenses for the year.

You must enroll in your FSA every year to contribute. Your FSA plan options are shown below.

Dependent Care FSA

• Your eligibility for a Dependent Care Flexible Spending Account (FSA) is not dependent on your medical plan enrollment.
• Allows employees to use pre-tax dollars toward qualified dependent care such as caring for children under age 13 or caring for elders.
• The annual contribution maximum is $5,000 (or $2,500 if married and filing separately).
• Funds are only available after they are deducted from your paycheck. Funds are not eligible for carryover.

Healthcare FSA

• Allows employees who are not enrolled in a HDHP or contributing to a HSA to pay for certain IRS-approved medical care expenses with pre-tax dollars.
• The 2024 annual maximum contribution of $3,300 can be used for eligible health care related expenses, including medical, dental and vision expenses.
• There is a $660 carryover from 2025 to 2026.
• Services must be incurred between January 1 and December 31, 2025.
• All claims must be submitted by March 31, 2026.

Participants in both the medical and dependent care FSA will receive a debit card, a convenient way to pay for eligible medical expenses.