The IRS has announced the Health Care FSA contribution limit for the 2024 calendar year will increase from $3050 to $3200.

As previously communicated, Drake’s Plan will continue to permit the carryover of unused Health Care FSA contributions to the following plan year. For example:

• On Dec. 31, 2023, up to $610 of unused health care contributions in your Health Care FSA will automatically be carried forward to the 2024 Plan Year.
   
• On Dec. 31, 2024, up to $640 of unused health care contributions in your Health Care FSA will automatically be carried forward to the 2025 Plan Year.

If you have already made a Health Care FSA election for 2024, you may revisit the Benefits Portal to amend it.

If you wish to participate in Drake’s Health Care or Dependent Care FSA Plans during the 2024 Plan Year, you must make a new election in the Benefits Portal via myDrake no later than Nov. 30.

— Marlene Heuertz, Human Resources