Flexible Spending Accounts (FSA) allow you to reduce your taxable income by setting aside pretax dollars from each paycheck to pay for eligible out-of-pocket health care and dependent care expenses.
Health Care FSA
When you enroll (as a new hire or during the annual Open Enrollment period), you decide how much to contribute each pay period through pretax payroll deductions.
- Contribute up to $3,200 in 2024.
- Contribute up to $3,300 in 2025
- The full amount of your annual election is available for you to use as soon as your spending account is set up.
- Use the money to pay for eligible health care expenses such as deductibles, prescriptions, over-the-counter medications, copays, and dental and vision care for you and your eligible dependents.
- Plan carefully: You can only carry over up to $640 of your unused FSA balance from 2024 to 2025.
- Plan carefully: You can only carry over up to $660 of your unused FSA balance from 2025 to 2026.
Miss the enrollment deadline?
The IRS announced 2024 limits just before Open Enrollment closed. If you want to increase your FSA contribution for 2024, contact Guidepost.
Limited Purpose FSA
If you or Rivian contributes to a Health Savings Account (HSA), you can’t participate in a Health Care FSA. But you can have a Limited Purpose FSA.
- Contribute up to $3,200 in 2024.
- The full amount of your annual election is available for you to use as soon as your spending account is set up.
- Use the money to pay for eligible dental and vision care expenses only.
- You cannot claim the same expense through both your FSA and your HSA.
- Plan carefully: You can only carry over up to $640 of your unused FSA balance from 2024 to 2025.
Dependent Care FSA
When you enroll (as a new hire or during the annual Open Enrollment period), you decide how much to contribute each pay period through pretax payroll deductions.
- Contribute up to $5,000 (or $2,500 if you’re married and file taxes separately).
- Funds are only available when deposited into your account.
- Use your account to pay for eligible dependent care expenses for your children under age 13 or for older children and family members who need help caring for themselves.
- Eligible expenses may include before- and after-school programs, daycare, day camps, nanny care, preschool tuition, and elder care expenses.
Things to keep in mind
- You can contribute to the Health Care FSA even if you don’t enroll in a Rivian medical plan.
- Use it or lose it. Be sure to estimate your expenses carefully. You’ll forfeit any unused money in your Dependent Care FSA at the end of the year, and you’ll be able to carry over only $640 from your Health Care or Limited Purpose FSA from this year to next year.
- You can’t stop or change your contributions during the year unless you have a qualifying life event.
How to use your FSA
The FSAs are managed by isolved Benefit Services. Learn how to access your account balance on Guidepost.
