Flexible Spending Accounts
The university offers Health Care and Dependent Care flexible spending account (FSA) options and is administered by Chard, Snyder & Associates.
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 $2,550. If you waive health insurance and have your university waiver contribution allocated to a health care flexible spending account, this does not affect the $2,550 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 eligible 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:
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):