2023 Flexible Spending Accounts
Health Care Flexible Spending Account
Provided you are not enrolled in the PPO Savings Plan, you may choose to participate in the Health Care Flexible Spending Account (FSA), managed through HealthEquity. Like the Health Savings Account (HSA), contributions made to the Health Care Flexible Spending Account are tax-free. However, unlike the HSA, funds contributed must be used in the same plan year for eligible health care expenses. For 2023, the contribution maximum is $3,050. This election must be made during benefits open enrollment and cannot be changed, unless of a life-qualifying event.
Dependent Care Flexible Spending Account
Regardless of which health plan you choose, you can elect a Dependent Care FSA. This account can be used for dependent child expenses up to the age of 13. Once your child reaches age 13, they are no longer eligible. This account is used to reimburse you for dependent care expenses, such as child day care, elder care, etc. The contribution maximums for 2023 are:
- $5,000 per year per household
- $2,500 for married individuals filing a separate tax return
2023 IRS Allowable Rollover:
Health Care FSAs – Employee may:
- Carry-over $570 of 2022 into 2023 if enrolled for 2023
*Employee MUST ELECT THE FSA FOR 2023 IN ORDER TO RECEIVE THE 2023 CARRY-OVER*