Flexible Spending Accounts
STMA offers Medical Flexible Spending Accounts and Dependent Care Flexible Spending Accounts for employees working 15 or more hours per week through WEX. Plans run October - September for existing employees to enroll or re-enroll. New employees have 30 days to enroll (Mid-year changes can only be made with a qualifying event.
FSA Medical Spending Account has a maximum annual election amount of $3,050 for 2023.
The Affordable Care Act (ACA) modified the flexible medical spending plans to allow for a $570 rollover. This means that if you do not incur qualified medical expenses before September 30, 2022, you can roll over up to $570 of your annual election to use in the next plan year.
FSA Dependent Care Spending Account has a maximum annual election amount of $5000. No rollover option.
If you have a current FSA, this will disqualify you from contributing or receiving district contributions to an HSA for the entire plan year unless the FSA is a limited (dental & vision) plan. Further will automatically limit your FSA if you open an HSA through ISD 885. For more information, check out WEX.