November 15, 2017 is the last day for Open Enrollment. The Plan Year begins January 1, 2018.
- If you want a flexible spending account in 2018 and are currently enrolled in the health benefits plans, you must enroll or re-enroll (if you were enrolled in the FSA in 2017) in a flexible spending plan through the IVR during open enrollment. Instructions to use the IVR may be found online.
New Limit for the Health Care Flexible Spending Account
The IRS issued notice on October 19, 2017 that the maximum annual election for the healthcare FSA will increase to $2,650 (from $2,600) effective January 1, 2018. This is an increase of $50 over what was in your Open Enrollment Materials.
What does this mean for you?
If you have already submitted your health care flexible spending account enrollment elections for 2018, you can go back into that same system and re-elect your healthcare FSA to the new maximum amount up until the end of the day on November 15, 2017. If you elected less than the maximum and are satisfied with that election you do not have to do anything.
The Dependent Care FSA remains at $5000.00 for 2018.
To calculate your biweekly Health or Dependent Care FSA payroll deduction, please use the appropriate scenario below.
22 pay (9 month) employees: there are 20 biweekly deductions in 2018. Divide total by 20.
26 pay (12 month) employees: there are 24 biweekly deductions in 2018. Divide total by 24.
Last updated: October 31, 2017