For Bright Wood People
Sign Up for a 2023 Flexible Spending Account (FSA) by December 9, 2022
[November 10, 2022] The enrollment deadline for 2023 Flexible Spending Accounts (FSAs) is December 9, 2022. You can elect to set up a Health Care FSA, a Dependent Care FSA, or both. All you have to do is fill out this enrollment form and turn it in to 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 $3,050, while the minimum is $60.
You can use the funds in your Health Care FSA to pay:
>>> See a list of qualifying medical expenses
2023 Health Care FSA holders can roll over as much as $610 into their 2024 account. You can lose any leftover funds in your current year’s Health Care FSA if you do not set up another account the following year to receive them.
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:
>>> See a list of qualifying dependent care expenses
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.
