Flexible Spending Accounts

Stretch your health care and dependent care dollars by using pretax dollars for qualified health care and/or dependent care costs by participating in the Flexible Spending Account (FSA) program. Participation in the FSA program must be elected each year during open enrollment for the following calendar year. The health care FSA allows for up to $570 of

Employees may maximize their pretax savings by using the Health Care FSA and Dependent Care FSA. Pretax means the dollars used for eligible expenses are not subject to Social Security tax, federal income tax, and in most cases, state and local income tax.

HEALTH CARE FSA DEPENDENT CARE FSA

Eligible Expenses1

Contribution Limits

Balance Rollover Limits

Deadline to Incur Expenses • Medical expenses • Prescription and over-the-counter costs • Dental expenses • Vision expenses

$2,850

$570

Dec. 31, 2023. Receipts must be submitted by March 31, 2024. • Licensed adult and child day care centers • Day camps • Home care • Nursery school for children not yet in first grade $5,0002 (or $2,500 if married and filing separate tax returns) No, you will lose any money you don’t use at the end of the year.

Dec. 31, 2023. Receipts must be submitted by March 31, 2024.

HSA Participation Investment Options No

Yes No, your FSA funds do not earn interest and cannot be invested.

1Go to www.irs.gov for a complete list of eligible expenses. 2Highly compensated employees are not eligible to contribute to a Dependent Care FSA per IRS rules.

Important Note Applicable to All FSAs | You must keep a copy of all receipts, because IRS regulations require the plan administrator to substantiate each claim. While some transactions can be identified by provider name, dollar amount, etc., you may be required to send in additional information to substantiate the claim. Please retain all receipts for your debit card purchases.

Eligible Expenses | IRS Publication 502 provides a complete list of eligible expenses and can be found at www.irs.gov. The following list includes some of the most common eligible expenses: • Deductibles, copayments and amounts that exceed the dollar maximum as provided for in your health care plan • Out-of-pocket dental expenses • Immunizations • Hearing exams • Glasses • Prescription and over-the-counter drugs