HSA

DUE OCTOBER 31 each year

It’s that time of year again. The plan year for the Weehawken Board of Education Flexible Spending Account (FSA) program ends on December 31, 2025. It is now time to enroll for the new plan year, beginning January 1, 2025.  

For employees considering participating as of January 1, 2025, the Medical FSA may be advantageous since you can only deduct medical expenses greater than 10% of your adjusted gross income on your tax return. The Medical FSA may be right for you if:

• You regularly meet deductible amounts for yourself and family members;

• You incur out-of-pocket expenses for such things as special medical treatments and prescription drugs for chronic medical conditions;

• You anticipate expenses in the coming year for ineligible or partially covered medical expenses such as well baby care, psychiatric care or counseling, orthodontia, eyeglasses or contact lenses;

The maximum amount you can deposit in the Medical Care FSA is $3200.00.

The Dependent Care FSA may be right for you if you’re paying daycare for a child(ren) under age 13 or for a disabled dependent, spouse or parent.

Covered expenses include:

• Cost of daycare inside or outside your home

• After school care

• Nursery school

• Day camp

• Eldercare 

The maximum amount you can deposit in the Dependent Child Care FSA is $5,000 if you file your taxes as Single or Married Filing Jointly, and $2,500 for all other filing statuses.

Please refer to the FSA brochure at www.gente.solutions for a more detailed description of the Medical and Dependent Care FSA’s.