PR - 4.2024 Employee Benefits Guide (FINAL)

A Flexible Spending Account (FSA) is a tax-advantaged financial account that can be set up through an employer in the United States. A FSA allows an employee to set aside a portion of his or her earnings to pay for qualified medical or dependent care expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in a substantial payroll tax savings. For more information, consult the Payflex website at www.payflex.com . FSA plan participants will automatically rollover up to $640 of unused funds at the end of the plan year. The rollover amount of $640 does not impact the maximum election for the following plan year. (e.g. If you have a maximum election limit of $3,200 and a maximum rollover of $640, you could have access to up to $3,840 for the next plan year.) Use it or Lose it You may not carryover amount over more than $640 in FSA balance from one year to the next, so estimate contributions carefully. (e.g. If you have a remaining balance of $650 in your FSA, you can rollover $640, and you would lose the $10 balance.)

QUESTIONS? Visit your PayFlex member website at www.payflex.com

For addi Ɵ onal plan informa Ɵ on, please refer to your detailed plan design. In the event of a discrepancy, the carrier Plan Document shall prevail.

QUESTIONS? Call Bene fi tsVIP at 866.293.9736

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