Sign Up for 2022 Flexible Spending Accounts (FSAs) by December 10, 2021
[Updated November 19, 2021] The enrollment deadline for 2022 Flexible Spending Accounts (FSAs) is December 10, 2021. You can elect to set up a Health Care FSA, a Dependent Care FSA, or both. All you have to do is fill out the enrollment form and turn it into your site’s Personnel Office.
Money goes into your FSA via regular, equal deductions each payday, starting on January 10. Your contribution is subtracted from your wages before federal, state, and social security taxes are calculated, so putting money into an FSA can potentially reduce your tax bill.
There is no monthly administration fee for Bright Wood’s FSAs administered by HealthEquity.
Health Care FSA:
The maximum annual contribution amount is $2,850, while the minimum is $60.
You can use the funds in your Health Care FSA to pay:
2021 Health Care FSA holders can roll over as much as $570 from this year’s account to a 2022 Health Care FSA. If you have funds in your 2021 Health Care FSA and do not set up a 2022 account to receive them, you can lose any leftover funds.
Dependent Care FSA:
The maximum annual contribution amount is $5,000 per household, while the minimum is $60.
You can use the funds in your Dependent Care FSA to cover the care of:
There is no option with Dependent Care FSAs to roll over funds between plan years; it remains a “use-or-lose” benefit.
Bright Wood Personnel Department will gladly answer your questions about FSAs or the FSA enrollment form. Visit your site's office or call them at 541-475-7799.