Flexible Spending Account

Employees have the option to enroll in a Flexible Spending Account if they enroll under the Copay Plan. A Health FSA is an employer sponsored account that employees use to reimburse their qualified medical expenses as well as their spouse and tax dependents’ qualified medical expenses on a tax-free basis. Employees may contribute up to $3,050 in 2023 toward the Health FSA.

Employees may also contribute to a Dependent Care Flexible Spending Account. This is a separate account from the Health FSA. The funds in this account can be used to pay for the care of dependent children under the age of 13, a day care provider, or before or after school pro- grams. It may also be used to care for a disabled spouse, parent or child over the age of 12. The annual contribution limit for a dependent care FSA is $5,000.

Under health or dependent care FSAs, there is a “Use it or Lose it’ rule. Participants may roll over up to $500 of unused FSA dollars to the next plan year but will forfeit any excess over $610 at the end of the plan year. Employees have 90 days to submit receipts following the plan year end for expenses incurred prior to 6/30/2024.

The FSA is administered by iSolved.