A General Purpose Health Flexible Spending Account is an IRS-approved program to help you save taxes and pay for out-of-pocket medical expenses not covered under your medical plan. If your plan includes a grace period option, you have additional time to incur and claim against unused funds in the new plan year. Keep in mind that remaining balances after the grace period is exhausted will be forfeited under the use-it-or-lose-it rule.

Your maximum contribution amount for 2023 is $3,050.

Highlights

• Contributions are automatically deducted from your paycheck on a pre-tax basis, which helps reduce your taxable income and increase your spendable income.
• Your full election will be available to you at the beginning of the plan year.
• Be conservative – any money left in your account at the end of the plan year with be forfeited.
• Use your benefits card to pay for qualified expenses upfront so you don’t have to spend money out of pocket.
• Keep all receipts in case you need to substantiate a claim for tax purposes.
• If you have not re-enroll into your FSA, the Grace Period will end November 15th. Cards will be active until the end of the Grace Period and reimbursement forms will need to be received by 11/30 for services used between 9/1 -11/15.