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How is an LPHC FSA funded?
You fund your LPHC FSA through payroll deductions. During the BOE period, you designate how much you would like to contribute to your account for the coming calendar year (referred to as designating your Annual Goal). The maximum amount you can contribute is determined by the Internal Revenue Service. For plan year 2022, the annual maximum amount is $2,750. The state then deducts your contribution amount from your paychecks throughout the plan year, but your entire annual goal is available to you beginning with the effective date of your coverage.