Open Enrollment – Flexible Spending Accounts 2024

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).

Plan Information

Health Care FSADependent Care FSA
Maximum Contribution$3,200$5,000 ($2,500 if married and filing separately)
Elected funds are available1/1/2024As funds are contributed
Expenses must be incurred between1/1/2024 – 12/31/20241/1/2024 – 12/31/2024
Submit Expenses for reimbursement by3/31/20253/31/2025
Rollover Amount$640N/A
Rollover funds are available4/1/2025N/A
compatible with an HDHP + HSA PlanNoYes
Health and Dependent Care FSA Plan Information

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.