Reasons to enroll in an FSA
Need an easy way to save money? During Open Enrollment—Nov. 1–15—you can enroll in a Flexible Spending Account (FSA). You’ll set aside pretax dollars from your paycheck, then use it to pay for eligible health care or dependent day care expenses. Since you’re not paying federal or FICA taxes on your FSA money, you get a huge tax savings.
Here’s why you should consider enrolling in an FSA during Open Enrollment:
- Save money. FSA contributions are pre-tax, resulting in a significant savings.
- Orthodontia. Contribute up to $2,750 to a Health Care FSA and pay for eligible health expenses, such as orthodontia, eyeglasses, and hearing aids.
- Debit cards. Using the Navia Benefits Card makes paying for health care expenses even easier—often eliminating the hassle of submitting receipts and waiting for reimbursement.
- Carryover. You can carry over up to $500 of unused Health Care FSA funds to the next plan year.
- MyNavia app. Access and manage your FSA accounts using this smartphone app.
- Day care. Put up to $5,000 in a Day Care FSA to pay for child care, adult care, or elder care.
- Arch supports. Your FSA can reimburse over-the-counter items such as bandages, sunscreen, medicines, and arch supports.
You choose how much to put into your FSAs—up to a yearly maximum of $2,750 for health care, and $5,000 for day care for joint tax filers ($2,500 if married and filing separately). You must enroll in your FSAs each year during Open Enrollment.