Flexible Spending Account
- Deductibles and coinsurance
- Orthodontics or major dental work
- Contacts, eyeglasses, LASIK surgery
- Hearing aids
- You may not use your Health Care FSA to reimburse yourself for over‐the‐counter (OTC) medications unless you have a prescription from a doctor. Be sure to include the prescription with your receipt when requesting reimbursement.
- The IRS requires that you forfeit any money you do not use by the end of the period. Make sure you use your remaining 2018 FSA dollars before December 31, 2018.
- Do not assume all expenses are covered. Note: You have until March 31, 2019 to submit receipts for reimbursement. But the expenses must occur in 2018.
- Max 2019 contributions - $2,700. This is an increase of $50.
- Contributions are not subject to federal income tax, Social Security tax or Medicare tax.
- Beginning in 2020, Loyola will allow 2019 Health Care and Limited FSA participants to carry over up to $500 of any amount remaining unused as of the end of the year (2019) to the following year (2020).
The University recognizes the need to provide a program that helps you pay for expenses not covered by your health plan, and expenses related to dependent care. Flexible Spending Accounts (FSAs) for health care and/or dependent day care expenses, used properly, can help save you money on these expenses.
- Benefit Express administers the FSA plan for Loyola University Chicago.
- Once you are enrolled, it is easy to access information and download forms through their website at: www.loyolaexpress.com.
- Claim forms may be faxed to Benefit Express at 253.793.3766. For additional information, call 877.837.5017.
By participating in either or both of these flex accounts you use tax-free dollars deducted from your paychecks to pay for certain out-of-pocket expenses. The dollars you save are from the following payroll taxes:
- Federal income tax;
- State income tax (in most cases); and
- Social Security (FICA) tax.
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- Each year during the benefits Open Enrollment period, you decide if you want to participate in health care/limited and/or dependent care flexible spending accounts for the following year.
- If you decide to enroll in the program, you also will have to decide how much to contribute to each account.
- You cannot stop, start, or change this election amount during the calendar year unless you experience a qualifying event, as defined by the IRS and the plan. Yearly enrollment is an IRS regulation.
- You can select your annual FSA amount via the Employee Self Service portal.
- You will track your spending on the BenefitExpress portal.
- Immediate access to your FSA account; you avoid paying with cash or check.
- Immediate payment of the expense; you avoid waiting for the reimbursement check.
- BenefitExpress forms, along with directions for completion of the form, can be printed from their website. When submitting it, please furnish documentation of expenses incurred either through an itemized statement from the provider, your explanation of benefits form, or ask your doctor, dentist, or pharmacist to complete and sign in the section titled Provider’s Signature on the form.
- The form allows you to list several expenses at once.
- There is a minimum of $25 in expenses before the reimbursement will be processed. Remember to sign the form and attach your supporting documentation.
- The easiest way to submit the form for reimbursement is by fax at 253.793.3766. Whether the form is faxed or mailed, you should always keep a copy of all information submitted for your records.