Flexible Spending Accounts (FSAs) are tax-advantaged accounts that let you use pre-tax dollars to pay for eligible healthcare and dependent care expenses. Using FSAs can save money, however the amount of unused dollars that will roll over—or stay in your account from one plan year to the next—is limited. If you have a Health Care Flexible Spending Account (HCFSA) or Dependent Care Flexible Spending Account (DCFSA), you are encouraged to spend down your balance before June 30, 2023 to avoid losing unused funds. Here are some important details about HCFSAs and DCFSAs to help you plan accordingly. 

Health Care FSA 

If you have a HCFSA, you will be able to roll over up to $610 of all unused funds from the 2022-2023 plan year to the 2023-2024 plan year. All unused funds over the $610 limit will be forfeited. Effective July 1, 2023, the maximum amount you can contribute to the Health Care FSA is $3,050. 

You must incur all expenses between July 1, 2022, and June 30, 2023. Claims must be submitted to Penn’s HealthEquity/WageWorks portal by September 30, 2023. All rollover funds will be available in November.

Dependent Care FSA

You must use all available funds by the end of the 2022-2023 plan year deadline or you will forfeit any remaining balance. You have until September 15 of the following plan year to incur expenses, and until September 30 of the following plan year to submit eligible claims. Claims must be submitted to Penn’s HealthEquity/WageWorks portal.

For example, if you enroll in a Dependent Care FSA during the 2023-2024 plan year, you’ll have until September 15, 2024 to incur expenses and until September 30, 2024 to submit eligible expenses for reimbursement. 

Visit the Flexible Spending Accounts webpage for more FSA details and single-sign-on access to HealthEquity/WageWorks.

—Division of Human Resources