Flexible Spending Account
With the cost of health care continuing to rise, a little financial help can go a long way. For example, will you have any of the following health care expenses in the coming year?
- Deductibles and coinsurance
- Orthodontics or major dental work
- Contacts, eyeglasses, LASIK surgery
- Hearing aids
If so, you can save money on these expenses by paying for them from a Health Care FSA. Please keep in mind, Health Care and Dependent Care FSAs are available for full‐time faculty and staff only).
- 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.
Federal tax laws allow the University to deduct your FSA contributions from your paychecks before taxes are withheld, which means you use tax‐free money to pay eligible expenses.
- The IRS requires that you forfeit any money you do not use by the end of the period. Make sure you use your remaining 2017 FSA dollars before December 31, 2017.
- Do not assume all expenses are covered. Note: You have until March 31, 2018 to submit receipts for reimbursement. But the expenses must occur in 2017.
- Max 2018 contributions - $2,650. That’s a $50 increase over 2017.
- Contributions are not subject to federal income tax, Social Security tax or Medicare tax.
Please visit the IRS website to learn more.