FLEXIBLE SPENDING ACCOUNTS

GEON offers two contributory flexible spending accounts administered through HealthEquity —one account for health care expenses and one account for dependent care expenses. If you enroll in one or both of these accounts, you can contribute money on a tax-free basis and use it throughout the year to reimburse yourself for eligible expenses.

Health Care Flexible Spending Account

• You may not be enrolled in a high deductible plan
• Maximum contribution of $3,200 for January 1, 2024 – December 31, 2024
• Reimburses eligible health care expenses including amounts not paid by your medical, dental or vision plan for you, and your tax dependents

Dependent Care Flexible Spending Account

• Enrollment in a health plan is not needed
• Maximum contribution of $5,000 for January 1, 2024 – December 2024.  This is a household maximum.
• Reimburses eligible dependent day care expenses, including adult day care if incapacitated, so that you and/or your spouse, can work, look for work, or be a full-time student