Flexible Spending Accounts
The university offers Health Care and Dependent Care flexible spending account (FSA) options and is administrator by Chard, Snyder & Associates (Chard, Snyder).
Flexible Spending Accounts provides pre-tax dollars to be used toward medical, dental, vision, pharmacy, and daycare expenses. This is a savings to you and adds extra money in your pocket.
The Health Care (FSA) full annual employee contributions are available for use beginning effective date of benefit coverage. You may use these funds for you and your dependents. The maximum annual employee contribution limit for a Health Care Flexible Spending Account (FSA) is $2,500. If you waive health insurance and have your university waiver contribution allocated to a health care flexible spending account, this does not affect the $2,500 annual limit.
The Dependent Child Care (FSA) annual employee contributions accumulate on a per pay period basis. You may use these funds to reimburse you for dependent child care and children's camp expenses. The maximum annual employee contribution limit for Dependent Care FSA is $5,000.
To learn more click here how an FSA works.
Flexible Spending Accounts have a "Use-it-or-lose-it" provision. Any money deposited in your FSA and not used by the end of the Grace Period which extends to March 15 each year, will be forfeited. During the Grace Period, you can continue to incur claims and use all amounts remaining in your Health Care FSA or your Dependent Care FSA from the previous calendar year. You have a "Run-out Period" which is until April 15 to submit final claims for reimbursement. Find additional information here:
PLEASE NOTE: It is standard for Chard Snyder to seek substantiation for expense transactions to ensure a participant is compliant with the IRS regulations that govern flexible spending accounts. When Chard Snyder sees the swipe of your Benny card at the point of service, they just see an amount, a transaction date and the provider's name. They do not see the type of service or the patient's name. Some services that may be charged to the Benny card may not be allowable services (for example, cosmetic services). They then ask the participant for an itemized statement of services. You have 70 days to provide this supporting documentation to Chard Snyder. They send 3 notice letters asking for the documentation and if they do not receive within 70 days, they will block the Benny card for use while they obtain the information.
The Claims Submission Grace Period after an employee terminates employment (or loses eligibility to participate in the Plan) is the time during which the employee can submit claims for expenses incurred while the employee remained a participant. The Claim Submission Grace Period begins on the employee's termination and ends 90 days after the date of termination.
If you are covered under a health savings account (HSA) elsewhere and are interested in a limited health FSA, please contact your Benefits Counselor.
The following are useful links regarding your FSA account(s):