The maximum contribution limit for Health Care Flexible Spending Accounts (FSA) will increase to $3,050 during the 2023 Plan Year. That’s $200 more than this year’s $2,850 limit.

Drake’s Health Care FSA Plan will allow participants to carry over up to $570 of unused 2022 contributions to the 2023 Plan Year. Contributions carried over, in addition to newly elected amounts, may be used to pay for eligible expenses incurred during the 2023 Plan Year.

For example: Participants who elect $3,050 for the 2023 Plan Year and carry over $570 of unreimbursed contributions from 2022 will have a total of $3,620 in their Health Care FSA effective January 1, 2023. Additionally, at the end of the 2023 Plan Year, participants may carry over up to $610 to the 2024 Plan Year.

The maximum contribution limit for Dependent Care FSAs will remain at $5,000 in 2023. Drake’s Health and Dependent Care FSAs are administered by Advantage Administrators.

Important Note about FSA Participation: Your enrollment in an FSA does not automatically continue from year-to-year. If you want to participate in Drake’s FSA plans during 2023, you must make a new election during Open Enrollment this month. If you forget to enroll or re-enroll, you will not be able to enroll once Open Enrollment has closed. Every year at least one person forgets to re-enroll and learns the hard way. Don’t be that person this year!

Questions about flexible spending accounts?

Advantage Administrators will be present at Drake’s Benefits & Wellness Fair on Nov. 4 (9–11:30 a.m.) in Levitt Hall. If you have questions related to flexible spending accounts, please stop by the Fair and speak directly with their representative. If you are unable to attend the fair, please reach out to drakehr@drake.edu with any benefits questions.

— Marlene Heuertz and Maureen De Armond, Human Resources