• FSA

  • Flexible Spending Accounts (FSAs) offer eligible employees the ability to set aside pre-tax money for qualified out-of-pocket healthcare and/or dependent care expenses. Employees who participate make an annual election which is divided evenly over the pay periods in that plan year. Contributions are deducted from each paycheck on a pre-tax basis and contributed to the elected health and/or dependent care account. The funds can then be used to pay your qualified out-of-pocket expenses.

    If you want an FSA for the next calendar year, you must make a new election during open enrollment. FSA elections do not continue from year to year. Cigna is the administrator for our FSAs and we will be offering three FSA account options. 

    Traditional Health Care FSA
    The Traditional Health Care FSA allows you to set aside up to $3,050 per calendar year pre-tax  to be used for out-of-pocket healthcare expenses not reimbursed under your family’s healthcare plans in 2024.This includes expenses such as copays, deductibles and coinsurance under your medical, dental, vision and prescription plans. This plan offers a Flex Debit Card that can be used to pay these qualified expenses during the calendar year.  Note: if you do not enroll in an FSA for the following year, your debit card will be deactivated on December 31. Eligible claims incurred or paid after December 31 will have to be paid and reimbursed through a manual reimbursement form. 

    Limited Purpose Health Care FSA
    If you are enrolling in the HDHP with HSA and choose to also contribute to a Healthcare FSA, your funds in the Health Care FSA would be limited to dental and vision reimbursements only. This is known as a Limited Purpose Healthcare FSA. You can contribute up to $3,050 into a Limited Purpose Healthcare FSA in 2024. 

    Dependent Care FSA

    If you choose to participate in the Dependent Care Reimbursement Account plan, the maximum annual amount that you may elect to have deposited is $5,000 ($2,500 if you are married but file a separate tax return) or the lesser of the earned income of you or your Spouse.  Funds may be used for reimbursement of daycare expenses for your child(ren) up to age 13 and other qualified dependents.


    Elections for FSAs are for the calendar year. Expenses must be incurred during the calendar year and submitted by March 31 of the following year. If you terminate employment mid-year, you may only be reimbursed for eligible expenses incurred from your date of enrollment through your last day of work.  For 2024, the Healthcare FSAs allow for a rollover of up to $610 into the next calendar year. Any money remaining in the account for Dependent Care FSAs or over the rollover maximum for Health Care FSAs will be forfeited (use it or lose it rule)*. Changes to FSAs can only be made if there is an IRS qualifying event and the change is consistent with the qualifying event.*
     
    **Different deadlines apply for employees who have a Traditional Healthcare FSA in a year prior to enrolling in the HDHP with HSA.  Eligible rollover funds will be converted to a Limited Purpose FSA for the following year.
     

     
    Enrollment, Changes and Termination

    Visit the Benefits Basics page to find information on: 
    • Eligibility for Benefits
    • Enrollments and Changes
    • Making Benefit Elections/Changes
    • Coverage for Dependents
    • Qualifying Events/Mid-Year Changes
    • Termination of Coverage
    • COBRA Coverage
     
Last Modified on April 17, 2024