FSA Program Updates for 2024:
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Health Care FSA Maximum Annual Election: $3,200, $640 rollover from 2024 to 2025.
The rollover from 2023 is $610. -
Dependent Care FSA Maximum Annual Election: $5,000 ($2,500 if married and filing separately). There is no rollover allowed for Dependent Care accounts.
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Check out the "Recurring Direct Pay" (pdf) option for Dependent Care Enrollees
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Current list of eligible expenses for Health and Dependent Care FSAs
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Shop the FSA Store for guaranteed-eligible products
This plan requires employees to re-enroll on a yearly basis during the annual Open Enrollment period in November.
Coverage
The Flexible Spending Account Plan allows you to have money deducted from your paycheck, on a pre-tax basis, which can then be used throughout the year to reimburse yourself for certain out-of-pocket health care and/or dependent care expenses. Because this money is taken from your salary before taxes are deducted, it allows you to pay these expenses tax-free.
- Health Care Account – This account provides reimbursement for most health care expenses not covered by your insurance. Examples include: copayments, deductibles, dental expenses, and vision care expenses.
- Dependent Care Account – This account provides reimbursement for eligible dependent care expenses to pay for dependent care (child or elder) while you are working. Examples include: Daycare services, after school care, baby-sitting fees, adult day-services and preschool.
How it Works
For Health Care FSAs: During the enrollment process, you can sign up to receive an ASIFlex-branded VISA debit card connected to your FSA account. This can be used at the point of sale for eligible out-of-pocket expenses such as copays for office visits, prescriptions, etc. You can draw up to your full annual election amount immediately, without waiting for the funds to accumulate. For expenses not payable with the debit card, you can download the ASIFlex app to upload scanned receipts for a reimbursement claim, or submit a claim form.
For Dependent Care FSAs: Funds in your Dependent Care Account can be drawn as your deductions accumulate. The debit card cannot be used for dependent care expenses, but you can download the ASIFlex app to upload scanned receipts for a reimbursement claim, or submit a claim form, or participate in the ASIFlex Recurring Direct Pay program
Eligibility
Employees may sign up within the first 60 days of employment or during the annual Open Enrollment period in November. In some circumstances, employees may be allowed to enroll during the year if they have a qualifying event (birth, marriage, etc.). Annual re-enrollment in November is required to continue participation in the program.
Administrator
ASIFlex
PO Box 6044
Columbia, MO 65205-6044
(800) 659-3035