Flexible Savings Accounts
A Flexible Spending Account (FSA) can help you pay for the high cost of health care and day care. These IRS-approved accounts allow you to set aside a portion of your income before paying taxes. Then, as you incur eligible expenses, you request tax-free withdrawals from your account to reimburse yourself.
Who is Eligible?
If you are a regular or term-funded employee (temporary and extended temporary employees are NOT eligible) and eligible to participate in the university’s health care plan, you are eligible to participate in the FSA Plan. Current employees may sign up for a flexible spending account either during open enrollment or within 30 days after a major life event.
Medical Flexible Spending Accounts
These accounts help you pay for your medical, dental and vision out-of-pocket expenses. The full goal amount your elect is available from your first day of eligibility in this plan. The maximum contribution for FY16 is $2,550.
Dependent Care Flexible Spending Account
These accounts help you pay for employment-related day care expenses for a dependent. Funds are available for reimbursement as they are deposited to your account. The university remits deposits once a month, at month-end. Funds should be available shortly there after. The maximum contribution for FY16 is $5,000 (other limits may apply, see the information brochure or enrollment form for details).
Flexible Spending Timeframe
The Plan Year for both the Medical FSA and the Dependent Care FSA runs from July 1 through June 30. All claims must be submitted by September 30 following the end of the plan year.