If you are not enrolled in a Sandia medical plan, you can contribute to the HCFSA! Your account is administered by PayFlex.
Your total contribution election is available on January 1, and you can use your HCFSA balance as soon as you incur an eligible expense.
Your account comes with a debit card, which makes it easy to pay for eligible services.
Be sure to keep your receipts as you may be required to substantiate your claims.
With the HCFSA, “Carryover Provision” applies
For 2023, you were able to carry over up to $570 in unused HCFSA funds and forfeited any amounts above that amount. For 2024, you’ll be able to carry over up to $610 in unused HCFSA funds and use that money all year. You’ll forfeit any unused balance above $610. Keep in mind that if you switch from the Total Health PPO Plan to the Health Savings Plan during Open Enrollment, you will forfeit all unused balances and cannot carry over any used balances.
You can choose to contribute the IRS maximum ($3,200 for 2024), even if you’re carrying over money from the current year. And your full HCFSA election for the upcoming year will be available on Jan. 1.