Contribution limits are changing.
If you enroll or re-enroll in the Health Care FSA or Limited Use Health Care FSA, the contribution limit is increasing to $3,050 (up from $2,850). Benefit Bucks you apply toward a Health Care FSA or Limited Used Health Care FSA will count toward your contribution limit.
If you are a Highly Compensated Employee, as defined by the IRS, your Dependent Care FSA contribution limit will decrease to $3,750 (from $4,000) due to IRS compliance requirements. You will be notified if this applies to you.
New deadline to spend your FSA
Beginning with the 2024 FSAs, you will have until December 31, 2024 to incur eligible expenses for all FSA claims (in past years, the deadline was March 15th of the following year). However, you still have until March 31, 2025 to submit those 2024 claims for reimbursement. This means you can submit 2024 claims for reimbursement until March 31, 2025, but you will not be able to incur 2024 expenses after December 31, 2024.
These deadlines apply to your Health Care FSA, Limited Use Health Care FSA and Dependent Care FSA. See below for how the deadlines differ between your FSA in 2023 and 2024.
| 2023 FSA deadlines | NEW 2024 FSA deadlines | |
|---|---|---|
| Incur expenses through… | March 15, 2024 | December 31, 2024 |
| Submit expenses no later than… | March 31,2024 | March 31,2025 |