RWJBarnabas Health employees may participate in types of flexible spending accounts: The Health Care FSA, Dependent Care FSA, and Limited Purpose FSA. The money that goes into an FSA is deducted from your pay on a pre-tax basis.
Health Care FSA
What is a Health Care FSA?
The Health Care FSA allows you to put aside money for many medical-related expenses for yourself and your eligible dependents. For 2024, you may set aside up to $3,200 annually. Eligible expenses include:
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Physician or prescription copays
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Over-the-counter drugs (only if you have a prescription from your physician)
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Prescription eyeglasses
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And more!
Dependent Care FSA
What is a Dependent Care FSA?
The Dependent Care FSA allows you to put aside money to pay for day care expenses for your child, disabled parent or spouses. For 2024, you may set aside up to $5,000 annually. Children must be under the age of 13 to qualify for reimbursement.
Note: For dependent health care expenses, use the Health Care FSA, not the Dependent Care FSA.
Limited Purpose FSA
What is a Limited Purpose FSA?
The Limited Purpose FSA allows those enrolled in a High-Deductible Health Plan (HDHP) to pay for dental and vision expenses. For 2024, you may set aside up to $3,200 annually.
Making Contributions to an FSA
It is important to plan your contributions to the FSAs carefully. You can only make a change during the year if you have a qualifying status change, such as gaining or losing a dependent. In addition, FSAs have a “use it or lose it” provision. If you do not use the funds set aside, you will lose the money in your account. It is important to estimate your out-of-pocket expenses carefully, so you do not forfeit money left in your account.
FSA Rollover
Employees will be able to roll over $640 of any remaining healthcare balance from 2024 into 2025. Additional remaining funds will be forfeited. (For the 2023 plan year, employees will be able to roll over $610 into 2024).
To participate in one or both FSA accounts, you must make your election on the RWJBarnabas Health Benefits Center portal. Once you have enrolled in the plan, you can view your paid claims and remaining balances by registering on the website below.
Plan now to avoid losing money!
It is important to plan your contributions to the FSAs carefully. You can only make a change during the year if you have a qualifying status change, such as gaining or losing a dependent. In addition, FSAs have a “use it or lose it” provision. If you do not use the funds set aside, you will lose the money in your account. It is important to make an accurate election to this account.
