Flexible Spending 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.
Participation in the FSA is an annual benefits election made during open enrollment. Changes may also be made if you experience 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.
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 availabe shortly there after.
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.