Any amount that rolls over into the 2023 plan year does not affect the maximum limit that employees can contribute. So, a plan ending Decemwould only allow for $570 to be carried over to the 2023 plan year. The health care FSA carryover is effective for the amount carrying over from a plan year beginning in 2023 to the following plan year. The limit may be adjusted annually to account for inflation increases.

Please see your plan documents or check with your Human Resources office for the specifics of your FSA Health Care Plan. Your employer may elect a lower contribution limit. (This is a $200 increase from the 2022 limit of $2,850.) The limit is per person - each spouse in the household may contribute up to the limit. Sign in to your online account or the mobile app to check your account balance, set up your family profile, add a bank account to enable faster reimbursements or request a debit card in a dependent’s name.īeginning January 1, 2023, health care FSA (HCFSA) contributions are limited by the IRS to $3,050 each year. We will promptly process your request and reimburse you either by check or direct deposit, if you sign up for that feature.Īccount management. Always request an itemized receipt or EOB from your health care provider or merchant.Ĭlaims processing. Please remember that credit card receipts, non-itemized cash register receipts and canceled checks are not acceptable forms of documentation. Our documentation upload features online and on the mobile app will save you time and make your life easier. It’s quick and easy to request reimbursement for eligible expenses paid using personal funds or to submit documentation for card purchases. Requesting reimbursement and providing proof of purchases. When you have eligible health care expenses, pay for them with your payment card, or pay out of pocket and request reimbursement online. Your funds will be available for use on the first day of your plan year.Īccessing funds. You will contribute a predetermined amount to your account. Pay for dental and vision expenses with this great companion to a health savings account (HSA).įunding. Cover services like childcare, preschool, after-school care and senior care. Use a dependent care FSA to pay for the care of loved ones while you work, including childcare or care for dependent adults. Eligible expenses can include medical, dental, vision, hearing and prescription expenses, plus copays, coinsurance and certain over-the-counter (OTC) items. Plus, you'll save an average of 30% because you’re using pretax dollars.* Types of FSAs Health care FSAĪ health care FSA covers qualified health care expenses for you and your family. From bandages to braces, and contacts to chiropractors, use your FSA card and know you’re saving time and money. Pay the smarter wayįast-track your payments with your FSA card. Since you don’t pay taxes on this money, you save on every dollar you put into your FSA. If you cash out the money before you’re 65 (and don’t use the money for qualified medical expenses), you’ll have to pay taxes on the amount, and you could be hit with a hefty 20% tax penalty.An FSA allows you to set aside pretax funds to cover health and care costs for you and your family. Some people even view their HSA as an added retirement account. Or you can use it for non-medical expenses, just pay your regular income tax. You can continue to withdraw the money tax-free for medical expenses.

If you’re over 65, there are no stipulations on how you can use the money.

If you’re under 65 and use the dollars for qualified medical expenses, you can withdraw the money tax-free.

Since you own the account, the funds roll over year to year and the money stays with you - regardless if you leave your job or retire.

There’s no “use-it-or-lose it” policy.

The money can sit in your account and potentially grow over time, all of it tax-free.

You can invest your funds, and the interest or income is tax-free.

When you make contributions, your taxable income is reduced.

The money you contribute is tax-deductible.

You can make deposits like you do with other personal bank accounts. You own the account, not your employer.After you enroll in a high deductible health plan and set up your HSA, you can begin contributing to the account.

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