How It Works
Choose your contribution amount when you enroll.
In 2023, you can contribute up to $3,050, the IRS annual maximum. (Annual limits for 2024 have not been announced.) You can make changes during the year only if you experience a qualifying life event.
The money will be deducted from your paychecks in equal amounts throughout the year before taxes are calculated.
Use the Smart Choice debit card to pay at the time of service or purchase, like you would use a debit or credit card. With the Smart Choice debit card, you don’t have to fill out forms or wait for reimbursements. Eligible expenses will automatically be debited from your account.
2023: Your eligible expenses must be incurred by December 31, 2023, and submitted for reimbursement by April 30, 2024. See below regarding unused 2023 LPFSA funds.
2024: Your eligible expenses must be incurred by December 31, 2024, and submitted for reimbursement by April 30, 2025. See below regarding unused 2024 LPFSA funds.
Any unused funds up to $610 in your 2023 LPFSA may roll over to 2024 as long as you reenroll in an LPFSA for 2024. The rollover funds from 2023 into 2024 must be used by December 31, 2024 (for eligible 2024 expenses) or they will be forfeited.
Important: Carried over 2023 Health Care and Limited Purpose FSA funds will be applied to 2024 eligible expenses after funds you contribute to a 2024 FSA. Additionally, you may carry over 2023 funds only once. That is, at the end of 2024, you may carry over up to $610 of unused 2024 FSA funds; all unused 2023 carryover funds (as well as any used 2024 FSA funds above $610) will be forfeited back to the plan.