The FSAs and commuter programs are great ways to set aside money for your healthcare, childcare and commuter expenses while saving money on taxes.
Our FSA and commuter benefits vendor is changing from WEX to Forma. Here’s what that means for you:
- For any claims incurred after January 1, 2023, use your Forma debit card, or submit your claims to Forma for reimbursement.
- You have until March 31, 2023, to submit 2022 claims to WEX for reimbursement.
- Any unused funds in your Health Care and Limited Purpose FSAs from 2022 (up to $570) will be transferred to Forma in May 2023.
- Any unused funds in your commuter parking and transit accounts from 2022 will be transferred to Forma in February 2023.
2023 contribution limits*
- Health Care FSA and Limited Purpose FSA: The maximum amount you can contribute is $3,050. You can carry over up to $610 of your unused balance from 2022 to 2023.
- Dependent Care FSA: The maximum amount you can contribute is $5,000 (household maximum). You cannot carryover any amount from 2022 to 2023.
- Commuter transit and parking accounts: The maximum amount you can contribute is $300 per month for each ($600 total). Balances roll over month to month.
*Limits subject to change. Limits reflect current IRS maximums at the time of publication.