FSA Open Season Upcoming

With the initial open season for flexible spending accounts across the executive branch is now only about a month away. The initial plan year will run from July through the end of December, although future plan years will run concurrent with calendar years. During the upcoming open season-to start in mid-May and to run through June 20-employees will be able to determine if they want to have coverage in one or both of the two types of FSAs and to determine the amount to allot (on a plan year basis; deductions will be made from pay biweekly). The two types of FSAs are medical/dental accounts, with a $3,000 annualized limit, and dependent care accounts, with a $5,000 annualized limit.