Flexible Spending Accounts

Flexible Spending Accounts (FSA) are a great way to save on predictable health, dental, vision, and/or dependent care expenses. ÌýThese expenses can be for you or any member of your family regardless of whether or not they are covered by an ºÚÁÏÊÓƵ insurance plan.

FSAs are funded with money you contribute on a pre-tax basis. ÌýºÚÁÏÊÓƵ has teamed up with Chard Snyder to administer our FSAs.

  • A Dependent Care Account allows you to set aside pre-tax dollars to pay for childcare expenses whileÌýyou (or a spouse) work or attend school full time. ÌýThe dependent must be a child under age 13 or a disabled dependent who needs care. ÌýThe childcare provider does not have to be licensed, but they must be claiming the earnings for tax purposes. Ìý

  • For employeesÌýnotÌýparticipating in an HSA, the College offers a General FSAÌýfor your health, dental, and vision expenses. ÌýYou are eligible for this if you are enrolled in the Standard Plan, have no medical coverage, or are enrolled in other coverage without an HSA.

    The General Purpose FSA and the Limited FSA will allow a $640 carry-over into the next plan year.

  • A Limited Purpose FSA is available for employees participating in the Choice Plan (or another HSA plan). This account is forÌýdental and vision expenses onlyÌýbecause your medical expenses can be reimbursed out of your HSA. ÌýThese funds are limited to you or any member of your family who is covered by a HDHP/CDHP such as our Choice Plan.

    The General Purpose FSA and the Limited FSA will allow a $640 carry-over into the next plan year.

Things to Consider Before Enrolling in an FSA

Because FSAs are governed by IRS code Section 125, There are specific rules and regulations that affect the way they operate:

  • Elections must be made in advance.ÌýÌýYou must decide before the beginning of the plan year how much you want to contribute.
  • You can only change your election under limited circumstances. ÌýOnce you have made your election for the year, you can change it only if you have a Qualifying Life Event.
  • You need to budget carefully. ÌýThe IRS mandates that any money left in your account at the end of the plan year cannot be recovered. ÌýHowever, you will be allowed to carry-over up to $640 into the next plan year. ÌýAdditionally, you have runout period at the end of the plan year to get reimbursed for any expenses incurred during the plan year.
  • Not all expenses may be reimbursed by the FSA.ÌýÌýThe IRS sets the guidelines on what is considered an eligible expense. ÌýSee IRS Publication 502.

Additional Information