Health Care Flexible Spending Accounts offer employees the opportunity to pay for eligible out-of-pocket medical costs with pre-tax dollars. Now you can save taxes on the first dollar set aside on your paycheck.

The maximum annual allowable amount for Plan Year 2024 is $3,200. 

Health Care Spending Accounts cover an endless list of eligible expenses for which an employee can seek reimbursement. Please review the Health Care Expenses (Password:  HCET2022) to be certain of the eligibility of the desired reimbursement.    

If an employee terminates employment prior to incurring a planned expense, the money is forfeited. However, the employee could elect to continue participation through COBRA and submit expenses past their termination date.

Once you determine what your pre-tax elections will be for the year for Health Care reimbursement and Dependent Care reimbursement, you cannot change those elections unless you have one of the following Qualifying Life Events (QLE) occur:

• Birth
• Death
• Adoption
• Marriage
• Divorce
• Change in employment status of a spouse

Unless you have a QLE, you must wait until the next open enrollment period to make changes to your contribution amount. Also, understand that you need to use all the money each year that you set aside. If you do not use all the money by the end of the plan year, the money will be forfeited. So make sure you calculate your expenditures accurately so that you can get the most for your (tax-free) money!

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