Flexible Spending Accounts
Open Enrollment for 2024 benefits begins Monday, October 23, 2023, and continues through Wednesday, November 8, 2023, with benefit elections taking effect January 1, 2024. Stay tuned for additional Open Enrollment communications in UofL Today and our ‘Explore Your Benefits’ mailer that will be mailed in the fall. Note: new or continued health care and/or dependent care FSAs, must be elected during open enrollment each year.
Updates/Reminders
- For 2022, Health Care FSAs have a rollover provision which allows $570 of unspent funds to roll into the next calendar year. Employees have until March 31, 2023, to submit any claims incurred on or before December 31, 2022.
- If you have both the Healthcare FSA and the HRA, you will receive ONE card from Optum with both account balances loaded.
- For medical and prescription drug expenses, the Optum debit card will first pull from the HRA and then the Health Care FSA, unless you choose otherwise. If you would like funds to be deducted from your FSA first, you will need to submit a claim form to Optum and indicate this preferred reimbursement method on the form.
- For dental and vision expenses, the card will automatically pull from the Health Care FSA since those are ineligible expenses under the HRA.
What does the rollover provision mean?
The rollover provision allows you to rollover up to a max $570 of unspent funds to the next plan year. A run-out period applies, which gives you three months to submit claims from the previous plan year, after which up to $570 rolls over to the next plan year and can be used for any expenses incurred in that plan year. There is no risk of forfeiture of funds.
Example: You have a remaining balance of $200 at the end of 2022. You can use that $200 for expenses incurred between 1/1/2022 – 12/31/2022. You have until 3/31/2023 to submit claims from 2022 to use that $200 balance. If you don’t use the full $200 by 3/31/2023 the remaining balance will roll-over to 2023 and can be used for any expenses incurred in calendar year 2023.
2022 FSA Claims & Balances
Manual claims can be submitted for reimbursement to Optum for FSA expenses incurred in 2022 during the run-out period between 1/1 – 3/31/2023.
Two Options for using your 2022 funds during the run-out period:
- The "employee reimbursement" option: Submit a receipt and request reimbursement via check or electronic funds transfer (EFT)
- The "provider reimbursement" option: Submit a bill or invoice and have a check sent directly to your provider
At the end of the 2022 run-out period, up to $570 of unspent funds roll into the next calendar year.
The 2022 FSA rollover balances will then be added to your 2023 account balance with Optum and accessible to you on or around May 2023.
Health Care Flexible Spending Account
The Health Care (FSA) annual employee contributions are available to use beginning January 1, 2023. 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 $3,050.
Dependent Care Flexible Spending Account
The Dependent Care (FSA) annual employee contributions accumulate on a per pay period basis. You may use these funds to reimburse you for daycare and children's camp expenses. The maximum annual employee and household contribution limit for Dependent Care FSA is $5,000.
Optum Contact Information
Customer Service: 866-860-7260
Website: Optum
Mobile App: Optum Mobile App
Optum Reimbursement Instructions & Claims Form (PDF)