You have access to a Health Care Flexible Spending Account (FSA), unless you are enrolled in the HDHP - Medical Plan 1. An FSA allows you to set aside pre-tax dollars to pay for eligible out-of-pocket healthcare expenses. You can save up to $2,750 for the 2024 plan year.
Like an HSA, an FSA reimburses you for many medical expenses that are not paid by insurance. You can carry over up to $550 of your balance remaining at year-end into the next year; however, as of April 1, unused funds will be forfeited. Also, your FSA isn’t portable – the balance will not go with you if you leave Samuel or retire.
Whichever medical plan you choose, you also have access to a Dependent Care FSA, which helps cover the cost of child care expenses for your dependent children up to age 13, as well as care of an incapacitated spouse. You can elect to set aside up to $5,000 on a pre-tax basis for 2024.
Important note: HSA and FSA maximums are set by the IRS and vary from year to year.
* For informational purposes only; does not constitute accounting or tax advice. See IRS.gov for additional rules.