Flexible Spending Accounts
Flexible Spending Accounts are helpful savings tools. Eligible full-time faculty and staff have the choice to enroll in a Health Care FSA and/or a Dependent Care FSA for 2015. With an FSA, you can contribute up to $2,500 tax-free dollars ($5,000 for a Dependent Care FSA) each year to pay for eligible expenses. You contribute funds through pre-tax payroll deductions.
It’s a good idea to use the Medical Plan Cost Estimator to help you estimate your savings and select the best contribution rate during enrollment. If you are currently enrolled in an FSA and would like to continue coverage for 2015, you are required to re-enroll during the enrollment period. Your elections will not carry over automatically.
New for 2015, current Health Care FSA participants can roll over up to $500 in 2014 contributions into the 2015 plan year. This rollover will occur automatically for 2014 remaining account balances up to $500.
You can use your Health Care FSA to pay for deductibles, copays and coinsurance for your medical, dental, or vision care expenses for you and your family. You can use your Dependent Care FSA for expenses that enable you or your spouse (if you are married) to work or attend school full time, including child care or elder care.
You cannot use your Health Care FSA funds for eligible Dependent Care FSA expenses, and vice versa. For a more complete list of eligible expenses for both FSAs, go to the Benefits website.