VOXX 2024 OE Guide - FINAL
Health Care FSA
Minimum contribution is $100 per year
Allows immediate access to the entire contribution amount from the first day of the benefit year, before all scheduled contributions have been made
Save 20% - 40% on average on your health care expenses Save on purchases not covered by insurance Reduce your taxable income
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Medical Plan Deductibles
Most Insurance Copayments
Prescription Drugs
Maximum contribution is up to $3,200
Some OTC Medicines
Vision Exams/Eyeglasses/ Contacts
Laser Eye Surgery
Dental and Orthodontia (Braces)
Contraceptives
Limited Purpose FSA (for those who participate in HDHP)
Minimum contribution is $100 per year
Allows immediate access to the entire contribution amount from the first day of the benefit year, before all scheduled contributions have been made
Reduce your taxable income Save on dental and vision purchases not covered by insurance; can be used towards medical expenses once deductible has been met Save 20% - 40% on average on your dependent care expenses
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For employees enrolled in an HSA plan Can be used for dental and vision expenses ONLY
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Maximum contribution is up to $3,200
Dependent Care FSA
Minimum contribution is $100 per year
You will be able to submit claims up to your year-to-date accumulated amount in your account You will only be reimbursed based on your accumulated contribution amounts
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Daycare
Day Camp
Eldercare
Maximum contribution is $5,000 per year ($2,500 if married and filing separate tax returns)
Before and After School Care
Reduce your taxable income
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