2024 - PTwB Employee Benefits Enrollment Guide - CEP

Commonwealth Emergency Physicians

Flexible Spending Accounts Paying for health care can be stressful. That's why Commonwealth Emergency Physicians offers an employer-sponsored flexible spending account (FSA) through Total Administrative Services Corporation - TASC. What Is a Health Care FSA? A health care FSA lets you use pre-tax dollars for certain IRS-approved medical care expenses not covered by your insurance plan. For example, cash that you now spend on deductibles, copayments, or other out-of-pocket medical expenses can instead be placed in the health care FSA on a pre-tax basis. For 2024, the annual FSA contribution limit is $3,200. The qualified transportation limits in 2024 are $315 per month for parking and $315 per month for transit. Under these programs, employees may have money withheld from their taxable compensation to pay for or reimburse work-related expenses for qualified parking, transit passes, and transportation in certain commuter highway vehicles. What Are the Benefits of a Health Care FSA? There are a variety of different benefits of using a health care FSA, including the following:  It saves you money . Allows you to put aside money tax-free that can be used for qualified medical expenses.  It’s a tax - saver . Since your taxable income is decreased by your contributions, you’ll pay less in taxes.

 It is flexible . You can use your FSA funds at any time, even if it’s the beginning of the year. For the 2024 plan year, you may roll over unused funds—up to $640 to use in the following year. What Is a Dependent Care FSA?

Like health FSAs, dependent care FSAs allow you to contribute pre-tax dollars to qualified dependent care. The maximum amount you may contribute each year is $5,000 (or $2,500 if married and filing separately). How Do I Enroll? Fill out the FSA Enrollment Form during open enrollment at the online portal. Even if you signed up last year, you must re-enroll for 2024.

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