All team members are eligible to participate in either, both, or neither of the two Flexible Spending Account options: healthcare and dependent care. Flexible spending accounts allow you to contribute pre-tax dollars to a special account which can only be spent on certain qualifying expenses. Total contributions towards FSA must be set during Open Enrollment every year, and cannot be changed or modified mid-year unless you experience a relevant Qualifying Life Event (QLE). FSAs also feature a “use it or lose it” provision with limited rollover from year to year. In practice, FSA are great for individuals and families with knowable, predictable expenses throughout the year, but are not right for everyone in all circumstances. The plan year for FSA is the same as for our medical, dental and vision plans, and runs from Aug - Jul. Populus does not match or contribute towards participants’ FSA balances. Contributions allocated towards FSA are deducted from payroll on a pre-tax basis and account management is administered by Gusto.
Health Care FSA is similar to an HSA in terms of the scope of what qualifies as health expenses but with different rules and requirements. The IRS limit for 2023 Health Care FSA is $3,050, with a rollover limit of $570. Unused funds at the end of the year above the rollover limit are forfeited, so plan wisely! Eligible expenses for the 2023-24 plan year must be incurred between Aug 1, 2023 - July 31, 2024. In the event of separation from the company, you will have 90 days post-separation to file claims for qualifying expenses incurred during the plan year.
Dependent Care FSA can be used to pay for dependent care expenses such as day care, preschool, summer camps and before- or after-school programs. The IRS limit for 2022 Dependent Care FSA is $5,000 for single-filers and $2,500 for married filing separately. Any unused Dependent Care FSA amounts carried over from the 2022 plan year into 2023 do not count against your $5,000 limit. Eligible expenses for the 2023-24 must be incurred between Aug 1, 2023 - Oct 15, 2024, and claims must be submitted by end of October. In the event of separation from the company, you will have 90 days post-separation to file claims for qualifying expenses incurred during the plan year.