Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars to pay for eligible expenses each year. This means your contributions will be deducted from your paycheck before your pay is taxed. You will not pay federal income or social security tax, and in most cases state income tax, on flexible spending account contributions. The University offers two FSAs:
HEALTH CARE SPENDING ACCOUNT
Allows you to pay eligible health care expenses for yourself and your eligible dependents with tax-free dollars. Eligible expenses may include deductibles, copays, out-of-pocket vision or dental expenses, and prescribed over-the-counter medications. The healthcare spending account is available if not already eligible for similar tax benefits under the HSA medical plan.
DEPENDENT CARE SPENDING ACCOUNT
Enables you to pay for work-related dependent care expenses with tax-free dollars. Eligible expenses may include daycare centers, in-home child care and before/after school care.
Below is a brief outline of the benefits provided. Refer to the Summary Plan Description for a comprehensive description of plan benefits. Under all circumstances, the Summary Plan Description will take precedence over information contained on this website.
|Healthcare Spending Account|
|Maximum Contribution||$2,650 in 2019|
|Limitations||Reimbursement provided for medically necessary expenses.
No reimbursement for over the counter medicine or drugs purchased without a prescription or for all cosmetic procedures
|Restrictions||Up to $500 of unused Healthcare FSA dollars for a plan year may be carried over to the following plan year. Unused contributions above $500 will be forfeited if unclaimed. If enrolling in the HSA medical plan, 100% of unused contributions will be forfeited. Cannot change amount without qualifying event|
|Claims||Incur claims between January 1 and December 31.
Submit claims by March 31 of following year
|Dependent Care Spending Account|
|Maximum Contribution||$5,000 per family per year|
|Limitations||Child under 13 or other dependents unable to care for themselves.
To be eligible, parents must be working (except that one parent can be attending school)
|Restrictions||Unused contributions forfeited if unclaimed.
Cannot change amount without qualifying event
|Claims||Claims can be submitted for expenses incurred from January 1 until December 31.
Claim forms are due by March 31st of the following year