Looking for a great way to save on taxes while accumulating money to pay for medical, dependent care, and/or commuting expenses?
The Health Care Flexible Spending Accounts (FSAs) and Dependent Care Flexible Spending Accounts allow you to pay for eligible health care and dependent care on a pre-tax basis with money you elect to have deducted from your paycheck. Your FSA contributions are deducted before federal, state and FICA taxes are applied.
You will be supplied with a debit card that can be used to pay for eligible flexible spending account expenses only. If you currently have a debit card, funds will be reloaded on the first day of the new plan year. You may contribute up to the annual maximum set by the IRS each year for each FSA. Please save all receipts as you may need to validate certain transactions. You will have three months after the plan year ends to submit claims for reimbursement.
Health and dependent care FSA elections are independent of one another and enrollment must be elected each benefit plan year.
Health Care FSA
2024 Contribution Limit: $3,200 (minimum $100)
How Does it Work?
You may use the Health Care FSA to pay for medical, dental, and vision expenses incurred by you, your spouse, and your dependent children. (The expenses of domestic partners who are not tax dependents are not eligible, even though we offer domestic partner health coverage.) Deductibles, copayments, glasses, contacts, LASIK, orthodontia, prescription medicines, and transportation expenses for medical treatment are covered expenses. Refer to IRS Publication 502 for more information. Contributions will be deducted from your paycheck in equal increments over the course of the plan year however, you may access the full election amount on the first day of the plan.
Rollover Provision
You may carry over up to $610 of unused funds into your Healthcare FSA beginning 1/1/2025. After the plan year ends, you have 90 days from the end of the plan year to submit claims for reimbursement that were incurred during the plan year.
Dependent Care FSA
2024 Contribution Limit: $5,000 ($2,500 if married but filing separate tax returns)
How Does it Work?
The dependent care FSA gives you the opportunity to pay for childcare for children up to age 13 (or disabled dependents unable to care for themselves) using pretax dollars so that you and your spouse can work or attend school full time. Expenses may be reimbursed for daycare, preschool, before- and after-school care, and day camp. Overnight camp and tuition for kindergarten or above are not eligible expenses. Unlike the health FSA, funds are not available for reimbursement until they have been deducted from your paycheck. You must be able to provide the taxpayer identification number or Social Security number of the caregiver when you submit claims for reimbursement.
Commuter Accounts: Transit and Parking
Transit monthly contribution limit: $315
Parking monthly contribution limit: $315
The two commuter accounts allow you to set aside pretax funds to pay for commuting expenses. Mass transit expenses include subway, bus, rail, and vanpool. You may also be reimbursed for parking expenses incurred at your work location or a location from which you commute (such as a carpool or commuter rail lot). Commuter expenses may be started, stopped, or changed at any time. Funds rollover from month to month. Transit balances are forfeited upon termination of employment (you may submit claims incurred prior to termination). Commuter enrollment can happen at any time.
Remember
Health Care FSAs and Dependent Care FSAs run on a calendar year and open enrollment will be handled separately.
Ready to enroll?
Please access UKG through our SSO page to enroll in your benefits. You can also access the UKG mobile app by using the company access code “Regenxbio”. If you have any questions about your benefits, please contact HR by email or call (240) 552-8526.