Open enrollment is here, and this is the only time of the year your employees can enroll in the AlphaStaff Flexible Spending Account (FSA)/Commuter Program/HSA for 2023. Your team at AlphaStaff is here to help guide you through this process and offer assistance if needed.
When will open enrollment take place?
November 2 – November 30, 2022.
When will the new FSA/Commuter/HSA plans be effective?
Your 2023 elections will be effective January 1, 2023, through December 31, 2023.
- If you want to allow your employees to participate in these benefits, no further action is required on your part
- If you would like to opt-out of these AlphaStaff sponsored benefits, please send an email to [email protected] by no later than October 21, 2022.
What is a Flexible Spending Account (FSA)?
A Flexible Spending Account (FSA) is an innovative benefit designed to save you money. Developed under Section 125 of the Internal Revenue Code, it allows you to pay for certain health and dependent care expenses with pre-tax dollars. You can use the money in your FSA to pay for certain out-of-pocket expenses like deductibles and coinsurance. And, if you’re paying for dependent care each month, you can put money aside pre-tax to cover those expenses as well. You can review a list of eligible expenses in the attached document.
What is a Commuter Spending Account (CSA)?
The Commuter Spending Account (CSA) is a valuable benefit program that allows you to save money on your eligible commuting expenses. The CSA allows you to pay for qualified transportation expenses (e.g., transit and parking) on a pre-tax basis, subject to IRS maximums.
What is a Health Spending Account (HSA)?
An HSA is a tax-deferred, savings account designed to pay for current and future health care expenses such as medical, dental, and vision. You must be enrolled in a qualified High Deductible Health Plan (HDHP) in order to contribute to the HSA. Please review “How HSAs work” for more information.
What are the 2023 Account Limits?
- Health Care Flexible Spending: $2,800.00 (subject to IRS confirmation)
- Limited Health Care Flexible Spending: $2,800.00 (subject to IRS confirmation)
- Dependent Care Flexible Spending: $5,000 annually per household /$2,500 if married and filing taxes separately
- Parking and Transit maximum: $280.00 (subject to IRS confirmation)
- Health Spending Account: $3,850 Annually – Individual Coverage
- Health Spending Account: $7,750 Annually – Family Coverage
- HSA catch-up contributions (age 55 or older) – $1,000 Additional
- Note: These limit amounts are still pending with the IRS and will be communicated immediately upon receipt
If you have any questions or need assistance in making your contribution elections, please don’t hesitate to contact the Benefits Service Center at 866.272.2452.