FSAs, administered by HSA Bank, offer a smart way to stretch your dollars by setting aside pre-tax money to pay for eligible healthcare and day care expenses. Each year, you must elect the annual amount you want to contribute to each account. Your contributions will be deducted pre-tax from your paycheck, which helps reduce your taxable income. Keep in mind that you cannot change your election during the year unless you experience a qualifying life event.
| Healthcare FSA | Day Care FSA | |
|---|---|---|
| Annual Contribution Limit | $3,400 | $7,500 ($3,750 if married and filing separately) |
| Eligible Expenses* | Healthcare plan deductibles, co-pays, coinsurance, prescriptions, and dental and vision hardware and expenses | Daycare for children age 12 and under, disabled children, and dependent adults |
| Availability of Funds | The full annual amount you elect is available on your plan effective date | You can be reimbursed up to the amount available in your account |
| Payment or Reimbursement Options | HSA Bank debit card or reimbursement | Reimbursement |
| Rollover Options | If you have a balance of unused funds in your FSA from 2026, you may roll over up to $500 when you re-enroll for the 2027 plan year | Unused funds do not roll over |
| Services Deadline | 12/31/2027 | 3/15/2028 |
| Submission Deadline for Reimbursement | 3/31/2028 | 3/31/2028 |
*Refer to IRS Publication 502 and 503 for a complete list of eligible expenses.
Note: FSA funds must be claimed within 90 days for spending accounts that are closed.
Did You Know?
You can use your Day Care FSA funds for Upwards services! For more information about Upwards child care benefits, visit https://upwards.com/benefits/jps