Flexible Spending Account (FSA)
Flexible Spending Accounts (FSA) are available to certain employees, based on your medical plan choice. FSA’s allow employees to set aside funds on a pretax basis to spend on qualifying healthcare expense though the plan year. Your annual election amount is available the first month of the plan year.
Plan Features
Everything You’ll Need to Know
Longbridge Financial will continue offering a Flexible Spending Account (FSA) to all benefit eligible employees for the upcoming 2023-2024 plan year. Longbridge has aligned the FSA with all other plans, meaning that the new FSA plan year will be 9/1/23 – 8/31/24. Should you have any funds leftover after the end of the most recent plan year (after 8/31/23), you’re allowed a maximum rollover amount of $570. Any funds in excess of $570, will be forfeited. For the 2023 – 2024 plan year, the maximum amount you’re allowed to elect is $2,850. Contributions into the account will be deducted from your paycheck on a pre-tax basis.
PLEASE NOTE: If you’re signed up for an HSA-HDHP for 9/1/23, and plan on contributing into an HSA account, you’re not eligible to also have an FSA in the same plan year.