What's new for 2024
Spending and Savings AccountsThe annual maximum contributions for a pre-tax Health Savings Account (HSA) is $4,150 ($3,850 in 2023) for individuals and $8,300 ($7,750 in 2023) for family coverage. An additional $1,000 catch-up contribution is allowed for those age 55 or older.
The maximum amount you can contribute pre-tax to either your Health Care Flexible Spending Account (HCFSA) or your Limited Purpose FSA (LPFSA) is $3,050 ($2,850 in 2023). The carry over amount from 2024 to 2025 will increase from $500 to $610.
All employees eligible for health care can also open a Dependent Day Care Flexible Spending Account (DCFSA), which can be funded up to $5,000 per household.
If you wish to be reimbursed for eligible prior year approved claims or learn more about your reimbursement options for current year claims, visit HealthEquity*.
Medical Option 2
Reminder, medical Option 2 has an option to open a Health Savings Account (HSA), a flexible pre-tax account that you own and can take with you if you leave GE. The employee funded Health Care Flexible Spending Account (HCFSA) is not available for this Option. View ‘Savings Accounts – for those enrolled in GE Health Choice Option 2’ below for more information.
For more details on Option 2, click here.
Tax-Advantaged Accounts*
These accounts are funded on a pre-tax basis through payroll deduction. These funds can be used to pay for eligible expenses that are incurred by employees, spouses or eligible dependents whether or not they are on GE coverage.
