FSA-HSA Contribution Limits for 2024
Wondering how much tax savings is available through both an FSA and HSA in 2024? Here’s the answer, along with a link to eligible FSA purchases.
FSA Open Enrollment: Nov 16-Dec 16 (2016)
Open enrollment is the only time, barring qualified life events, when eligible, full-time employees can enroll in FSA for the new calendar year.
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It’s time to make your 2016 election amount for Flexible Spending (aka Flex Spending, Section 125, or FSA). From November 16 through December 16, 2015, sign into Tech Center to make your 2016 election amount. The effective date for enrollment is January 1, 2016. If you have a qualifying high deductible health plan, you can also elect contributions to your Health Savings Account (HSA). Open enrollment is the only time, barring qualified life events, when eligible, full-time employees can enroll in FSA for the new calendar year. Remember:
- An FSA allows you to set aside pre-tax dollars to apply to out-of-pocket expenses for eligible medical, dental, vision, pharmacy and dependent care.
- By using pre-tax dollars for eligible expenses, you ultimately lower your taxable income, which saves you money.
Please note
The IRS allows participants to roll over up to $500 of any unused dollars to the next calendar year for eligible expenses. Because of the rollover option, there is no 2.5-month grace period.
Please contact our Stratus.hr Benefits Department (benefits@stratus.hr) if you have any questions.
How do I enroll?
All enrollments can be done through Stratus.hr’s Tech Center:
- Log into Tech Center
- Click Benefits
- Click Enroll Now
2016 Maximum Contributions
Health Care Expenses is $2,550; Dependent Care Expenses is $5,000.
photo credits: visionsource-castlerock.com