December 5, 2023
2024 Flexible Spending Account (FSA) Maximums Have Increased
The IRS announced changes in the contribution maximums for Flexible Spending Account (FSA) plans in mid-November. As this was released after the annual open enrollment window for State Employee Health Plan benefits, employees are now able to modify elections to their FSA until Friday, December 15, 2023!
Healthcare Flexible Spending Account
The Healthcare FSA, which provides employees the ability to set aside money on a pre-tax basis to pay for eligible medical, dental, and vision expenses will have an increase to its contribution maximum from $3,050 to $3,200 for 2024.
Limited Purpose FSA
The Limited Purpose FSA which reimburses eligible dental and vision expenses will also increase from $3,050 to $3,200 for 2024.
Carryover Limit
The FSA Carryover limit provides the option to transfer a maximum amount of remaining FSA balances at a plan year’s end to carryover for use during the next plan year. This is available with Healthcare and Limited Purpose FSAs only and will increase from $610 to $640 for 2024.
IMPORTANT NEXT STEPS & DEADLINE
Employees who elected a Healthcare FSA or Limited Purpose FSA for 2024, have until Friday, December 15, 2023, at midnight to make election changes to these accounts.
To make an election change, please sign in to the MAP enrollment system. For step-by-step instructions on how to make a change in the MAP enrollment system, click here.
If you have any questions, feel free to reach out to the State Employee Health Plan at 785-368-6361 or SEHP Benefits@ks.gov.