Flexible Spending Accounts (FSAs)

Flexible Spending Accounts (FSAs) allow you to pay for eligible expenses using tax-free dollars. Important: There is a “use it or lose it” rule imposed by the IRS. If you do not spend all the money in your FSA by March 31 of the following year for expenses incurred from January 1 – December 31, unused dollars will be forfeited per IRS regulations for pretax contributions.

    Plan Information

    Plan Name: XXXX

    Policy Number: #XXXX

    Effective Date: XX/XX/XXXX

    Network: XXXX

    Healthcare FSA

    Contribute up to $3,300 per year, pretax, to pay for copays, prescription expenses, lab exams and tests, contact lenses and eyeglasses. If you are enrolled in an HSA plan, you can use your FSA for vision and dental expenses only. This is called a Limited Purpose FSA.

    Use It or Lose It
    Expenses must be incurred between 01/01/2025 and 12/31/2025 (2 ½ month “grace period” after the end of the plan year to incur claims) and claims must be submitted for reimbursement no later than 03/31/2026. If you don’t spend all the money in your account, you forfeit the leftover balance OR you can rollover up to $660 to use the following year. Any additional remaining balance will be forfeited.
    Plan Documents

    Navia FSA Plan Document

    Navia FSA Booklet

    Navia FSA Enrollment Kit

    Contact Info

    Navia
    Healthcare FSA
    (800) 669-3539
    naviabenefits.com

    How Much Could You Save?

    Here’s an example. Let’s say Tom decides to set aside $2,000 in an FSA for the year. Normally, on that money, he’d pay $560 in federal income tax, $100 in state income tax, and $153 in FICA tax. So, by contributing that $2,000 to his FSA, he’ll get an $813 tax savings for the year.

    Without the FSA, Tom would pay:

    • 28% in federal income tax: $560 savings
    • 5% in state income tax: $100 savings
    • 7.65% in Federal Insurance Contributions Act (FICA) tax: $153 savings

    His total tax savings for the year with an FSA: $813