Flexible Spending Accounts (FSA) Flexible Spending Accounts (FSAs) give you the opportunity to lower your taxes by paying for eligible health care and dependent care expenses on a pretax basis. You choose whether to participate in one or both of the accounts during each year. The FSAs are funded entirely with your contributions, which are made with pretax dollars from your paycheck. Eligible Expense Reimbursement: 2024 FSA Plan Funds For your 2024 plan year, you will be able to submit an eligible expense with a date of service between January 1, 2024 and December 31, 2024 and be reimbursed with your 2024 plan year funds. All eligible claims must be submitted by March 31, 2025. As you choose to participate, there are a few things to keep in mind: UNDERSTAND THE “USE-IT- EACH ACCOUNT IS SEPARATE. NO AUTOMATIC RENEROLLMENT OR-LOSE-IT” RULE. Unspent You cannot transfer money IRS rules require you to actively re- money left in your FSA between the health care and enroll in the FSAs each year if you accounts is forfeited after the dependent care accounts. want to contribute pretax dollars. end of the year. SAVE YOUR RECEIPTS. CHOOSE YOUR ENROLL IN DIRECT DEPOSIT. You may be required CONTRIBUTION AMOUNT The fastest way to get your to submit them to WISELY. Once you choose your reimbursement is to enroll in HealthPartners to document FSA contribution amount, your direct deposit. Besides accessing your expenditures. election cannot be changed your reimbursement faster, during the year without a you’ll also avoid a fee of $5 per qualifying life event. reimbursement check issued. | 19 |