Consolidated Administrative Services
Flexible Spending Accounts (FSAs) allow you to have pre-tax money deducted from your paycheck to reimburse yourself for certain expenses. Since contributions are made through payroll deductions with pre-tax dollars, you decrease your taxable income and thereby increase your take-home pay.
The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) is $2,750 for 2021 & 2022. For the 2023 plan year the maximum election amount will increase to $2,850.
With the passage of the CARES Act (COVID-3 Stimulus Bill), effective 1/1/2020, the IRS will allow Over-the-Counter (OTC) medicines or drugs to be purchased with Health Care FSA or HSA funds without a prescription. Using your flexible spending account just got a lot more flexible. Newly eligible items include antacids, pain relievers, cold & flu medication, menstruation products, digestive aids, antibiotics, and antiseptics. See an updated list of allowable expenses.
IRS Notice 2020-29 Change Form
ROLLOVER
For the year ending in 2022, five hundred-fifty dollars ($550.00)can be rolled over to the next plan year. For the year ending in 2023, that rollover amount will increase to $570. The rollover will not change the Run-Out Period.
Summary Plan Description– 2023 including HSA
Cafeteria Plan Document– 2023 Including HSA
Plan Highlights– 2023 Including HSA
