Flexible Spending Accounts (FSAs)

Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars for reimbursement of eligible health care and/or dependent care expenses. The Flexible Spending Accounts are administered by HSA Bank.

Health Care FSA

The Health Care FSA gives you a valuable tax break by letting you set aside pre-tax dollars for reimbursement of certain health care expenses you or your family might have over the course of a year. Here are some key features of this type of account:

• Money in your account can be used for medical, dental and vision expenses
• You may contribute up to the IRS maximum each year. In 2023, the maximum contribution was $3,050
• You can access your full annual election immediately
• At the end of the year, remaining money up to $610 will be rolled over to the following year for you to continue using. If you have a balance above $610, that money will be forfeited, so choose you FSA election amount wisely
• If you elect a High Deductible Health Plan with HSA, you may not contribute to a Health Care FSA

Dependent Care FSA

Just like the Health Care FSA, the Dependent Care FSA gives you a valuable tax break to help you pay for certain child and adult day care expenses.  Here are some key features of this type of account:

• Money in your account for expenses such as before and after school care, expenses for day care, preschool or nursery school, nanny service and summer camp
• You may contribute up to $5,000 each year or $2,500 if you are married and your spouse also participates in this benefit
• You can access funds as they are deposited to your account
• Any balances remaining at the end of the year will be forfeited.