Time to Enroll in Your FSA
- Open enrollment for FSAs run from 11/1/2023 – 11/15/2023
- You must enroll for FSA each year; current elections will not rollover.
- Elections will be effective 1/1/2024.
- Enroll at hornethq.kzoo.edu (View step by step Flexible Spending Account Enrollment Instructions on MS Teams on the Open Enrollment Team site or by clicking FSA OE Instructions).
|Health Care FSA||Dependent Care FSA|
|Maximum Contribution||$3,200||$5,000 ($2,500 if married and filing separately)|
|Elected funds are available||1/1/2024||As funds are contributed|
|Expenses must be incurred between||1/1/2024 – 12/31/2024||1/1/2024 – 12/31/2024|
|Submit Expenses for reimbursement by||3/31/2025||3/31/2025|
|Rollover funds are available||4/1/2025||N/A|
|compatible with an HDHP + HSA Plan||No||Yes|
Any remaining unused funds over the rollover amount will be forfeited each plan year.
The Tax Advantage
The money that you contribute for your FSA is taken from your paycheck before taxes are taken out (i.e. before federal, state and FICA taxes are withheld). Having the deductions taken out lowers the amount of income you are being taxed on. The lower your taxable income is, the higher your take home pay will be.
Open Enrollment Assistance
Mark your calendars! Enrollment assistance will be available in Upjohn Library on the following dates and times:
Tuesday 11/7/2023 | 2:00pm – 4:00pm ET | Upjohn Library Room 118
Tuesday 11/14/2023 | 2:00pm – 4:00pm ET | Upjohn Library Room 118
What is a Flexible Spending Account(FSA)?
A Flexible Spending Account (FSA), also known as a flexible spending arrangement) is a special savings account you put money into that you use to pay for certain, qualified out-of-pocket health care costs. You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.