Loyola University Chicago

Human Resources

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
  • Acupuncture
  • 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 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.
2019 Contributions
  • 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).
Please visit the IRS website to learn more.
 
Updated: December 21, 2018
If you are a full-time University benefit-eligible faculty or staff (.80 or higher), you are eligible to enroll in our flexible spending accounts.
 
Note: If you are enrolled in PPO 3 HSA, you will be eligible to enroll in a limited flexible spending account (dental and vision only) instead of a full health care flexible spending account. Dependent care flexible spending accounts are available regardless of health care plan option chosen, as long as you have at least one eligible dependent.

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.

BenefitExpress Address

BenefitExpress
1700 E. Golf Road, Suite 1000
Schaumburg, IL 60173

Health Care Flexible Spending Account is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan or elsewhere. It’s a smart, simple way to save money while keeping you and your family healthy and protected. The minimum amount you can contribute per calendar year is $260 and the maximum is $2,700 in 2019 (subject to change, based on IRS regulations).
 
Dependent Care Flexible Spending Account is a pre-tax benefit account used to pay for dependent care services, such as preschool, summer day camp, before or after school programs, and child or elder daycare. The minimum amount you can contribute per calendar year is $240 and the maximum is $5,000 in 2019 (subject to change, based on IRS regulations).
 
Limited Flexible Spending Account is a pre-tax benefit account similar to a Health Care FSA, however the LFSA only reimburses for eligible dental and vision expenses. This account will be available to you if you will have a Health Savings Account (HSA) in 2019. You can contribute up to $2,700 in 2019 (subject to change, based on IRS regulations).
If you are a benefit-eligible new hire, you may participate in either or both the health care (or limited) and dependent care flexible spending accounts. You must enroll within your first 31 days of employment. If you do not enroll at this time, the next opportunities to enroll are during the annual benefits Open Enrollment period (generally held during the fall) or if you experience a qualifying event, such as marriage.
  • 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.
Access the BenefitExpress portal at loyolaexpress.com using your Loyola username and password.
The BenefitExpress debit card can simplify the process of paying for eligible health care FSA expenses. You can use the card at qualifying merchant locations, pharmacies and doctors’ offices that accept MasterCard. It is your responsibility to ensure that your FSA MasterCard is used only for qualified health care expenses, and for checking your account balances to make sure you have sufficient funds available.
 
When you activate your card, it is loaded with the amount you have elected to contribute to your benefit program. As you use the card to pay for items eligible for reimbursement, corresponding deductions will be made from the card balance. We recommend that you keep all receipts for the entire plan year in the event that supporting documentation is requested.
 
The FSA debit card allows you to pay for eligible expenses at the point of service. Additional benefits include:
  • 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.
The ease of use at the point of sale reduces the burden of having to pay money out-of-pocket, and eliminating the wait for a reimbursement has proven to be extremely convenient for plan participants.
If you are not using the debit card for some or all expenses, you may submit requests for reimbursement to Benefit Express, along with the required documentation of expenses incurred, after the date you became an eligible participant in the plan. You may choose to receive your reimbursement check through the U.S. mail directed to your home, or you may sign up for automatic direct deposit to your savings or checking account. The request for direct deposit can be accessed through BenefitExpress by visiting the website at: www.loyolaexpress.com.
 
You are required to use the FSA Reimbursement Request Form for submitting all eligible expenses to BenefitExpress.
  • 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.