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Making a People Operations Wiki on Coda

Making a People Operations Wiki on Coda

HSA & FSA

FSA and dependent care FSA

If you don’t find the information you are looking for below, please

submit it here

⁠

This communication is for informational purposes only. Plan documents and/or the insurance certificates shall govern in the event of a conflict.

Healthcare Flexible Spending Accounts (FSA) lets you set aside money for healthcare expenses that aren’t covered by your insurance plan such as deductibles, co-pays, prescriptions, eyeglasses, etc., before taxes are calculated on your salary (pre-tax dollars deducted directly from your paycheck.). You can use your Healthcare FSA funds to pay for a variety of expenses for you, your spouse, and/or your dependents. These funds are available up-front at the start of your plan year.

FSA Contribution Limits (2023): $3,050/year

Dependent Care FSA Contribution Limits (2023): $5000/year per household

Things to keep in mind:

You are eligible to elect the Healthcare FSA and set your Healthcare FSA contribution amount only during open enrollment. You cannot change your election outside of open enrollment unless you experience a life qualifying event. Once you elect your contribution amounts, Navia will send a card that you can use as a debit card for any

eligible expenses⁠

You must enroll in your FSA every year in which you plan to participate, even if you currently hold an FSA.

Company Code for enrollment:

For the plan year ending June 30, 2022, an employee can carryover up to $550 for Healthcare or Limited Purpose FSA into the plan year beginning July 1, 2022 and ending June 30, 2023 and still elect the annual contribution maximum in that next plan year. For plan year starting July 1, 2023 and ending June 30, 2024, rollover is increasing to $610 for Healthcare or Limited Purpose FSA.

Carried over amounts do not count towards your contribution limit. In other words, you can still elect to contribute up to $2,850 in 2022 whether or not you roll over funds from 2021. If you choose not to contribute to a Healthcare FSA in the new plan year, up to $550 can still rollover from the previous plan year.

Dependent Care FSA is not "prefunded” and will not rollover year after year. If funds are not used within the plan year, they are forfeited.

Employees have a “run out” period until 9/30/22 to submit claims that incurred from 7/1/2021 through 09/15/2022. Any funds remaining as of 09/30/2022 will be forfeited.

It’s important to calculate your best estimate for healthcare expenses you’ll incur for the plan year because Healthcare FSAs are a use it or lose it benefit, with the exception of the applicable yearly roll-over limit.

Type of FSAs

A Health Care FSA is for health expenses for you and your dependents.

Dependent Care FSA (DC FSA) is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare. This account is similar to a Healthcare FSA, but instead you are reimbursed for money you spend towards the direct care of your adult and/or child dependents.

You are eligible to elect Dependent Care FSA only during open enrollment and cannot change your election outside of open enrollment unless you experience a life qualifying event.

Limited Purpose Health Care FSA is for employees enrolled in a HDHP+HSA plan.

For more information, please reference the

Navia website⁠

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