Flexible Spending Accounts
College offers Flexible Spending Accounts so that employees can save money when paying for qualifying medical services or dependent care.
Why Enroll in a Flex Spending Account?
More money in your pocket! By joining an FSA plan, you avoid paying federal, state and FICA taxes on monies you set aside in your FSA. Since your taxable income is reduced, your taxes are also reduced, keeping more usable money in your pocket. Click here for more information.
Health Care Flexible Spending Account
Pay for unreimbursed medical expenses incurred by you or your dependents (except domestic/Civil Union partners/spouses). There are hundreds of eligible expenses including prescriptions, deductibles, co-insurance, eye glasses, dental expenses, etc. For a list of all eligible expenses click here.
Effective January 1, 2011, the IRS requires a physician's prescription in order to be reimbursed under FSA's for over-the-counter (OTC) drugs and medicines such as Tylenol, asprin, etc. Insulin and other OTC medical supplies, such as band-aids, will continue to be eligible without a precription. For a list OTC eligible expenses click here.
Dependent Care Flexible Spending Account
Pay day care expenses for dependent children under age 13 (or older if dependent is unable to care for themselves) while you are at work. Before and after school care, licensed day care centers, nursery schools and pre-schools all qualify. Click here for more information.
How Much Money Should I Put in My Flex Account?
FSA plans are highly regulated by the IRS since you are not paying taxes on the monies put into these accounts. One of the strictest rules imposed by the IRS is the "Use it or Lose it" rule. Therefore you should budget carefully when deciding your annual election. Check out this planning worksheet. New for 2014 Health Care FSA only - you may roll up to $500 from your 2014 FSA to your 2015 FSA.
How do I access the funds in my Flexible Spending Account?
There are two ways to access your FSA funds:
- You may pay for eligible expenses using cash or check and then submit for reimbursement by completing a FSA Claim form with a itemized receipt or explanation of benefits; or
- You may pay for eligible expenses using your Benefits Card that will be issued when you first enroll in the FSA plan.
How can I see my Flex Account balance and recent transactions?
What is the Benefits Card?
The Benefits Card is a debit card issued by MasterCard. The Benefits Card can be used to access funds in your Health Care and Dependent Care Flexible Spending Accounts. Every participant in the FSA plan will be issued a Benefits Card. By allowing immediate access to funds in your FSA your Benefits Card helps with cash flow and in limited situations it may reduce your paperwork. However, claims often need to be substantiated and therefore all receipts should be retained. The Benefits Card is provided as a convenience. If you choose not to use the Benefits Card you may send in paper claims forms with the proper documentation for reimbursement. Click here for FAQ on the Benefits Card.