Flexible Spending Accounts (Health and/or Dependent Care)

If you have participated in a flexible spending account (health and/or dependent care), a new enrollment is required every year. Keep in mind that you can only elect to have a flex spending account (health) if you elect to have PPO 1000/2000 as your medical plan.

Flexible Spending Accounts, including dependent flexible spending accounts, are managed by HealthEquity.

Medical Flexible Spending Account

2023:

The election amount must be between $300 and $2,850 for the period of January 1, 2023 – December 31, 2023.

Maximum contribution  is established by IRS Publication 969.

Dependent Flexible Spending Account

2023:

The maximum election for 1/1/2023 – 12/31/2023 is $5,000.00. (f you are married and file a separate tax return from your spouse, then the maximum contribution is $2,500.00).

What happens if my employment terminates?

If you terminate employment during the Plan Year, your right to benefits will be determined in the following manner:

  1. You will remain covered by insurance, but only for the period for which premiums have been paid prior to your termination of employment.
  2. You will still be able to request reimbursement for qualifying dependent care expenses up to 90 days after the date of termination from the balance remaining in your Dependent Care Account at the time of termination of employment. However, no further salary redirection contributions will be made on your behalf after termination.
  3. For health benefit coverage and Health Flexible Spending Account coverage on termination of employment, please see the Article entitled “Continuation Coverage Rights Under COBRA.” Upon your termination of employment, your participation in the Health Flexible Spending Account will cease, and no further salary redirection contributions will be contributed on your behalf. However, you will be able to submit, within 90 days after the date of termination, claims for health care expenses that were incurred before the end of the period for which payments to the Health Flexible Spending Account have already been made. Your further participation will be governed by “Continuation Coverage Rights Under COBRA.”