Did you remember to enroll in a 2019 Flexible Spending Account (FSA) during Open Enrollment? IRS rules do not allow FSA enrollments to carry over from year to year. Eligible faculty and staff will need to re-enroll to participate for 2019. Check your eligibility.
There are two types of FSAs, a Health Care FSA to pay for eligible health care expenses for you and your dependents, and a Dependent Care FSA to pay for care for your child age 12 or younger, or an adult dependent incapable of self care, so you can work or go to school full time. These accounts, administered by PayFlex, allow you to set aside money from your paycheck before taxes. This saves you money by lowering the amount of your income tax and increasing your spendable income.
About Health Care FSAs
Eligible Health Care FSA expenses include, but are not limited to physician's office/clinic visit copays; dental care including copays, fluoride treatments, orthodontia; vision Care (exams, glasses, contacts, solutions); hearing aids; or prescription drugs (including copays). These are only a few examples and the list is subject to change. See a comprehensive list of eligible expenses on the PayFlex website.
To learn more about Health Care FSAs, view a two-minute video, or visit Health Care Flexible Spending Accounts. The annual contribution limit for a Health Care FSA in 2019 is $2,650.
About Dependent Care FSAs
A Dependent Care FSA is used to pay for eligible dependent day care or elder care expenses. As a general rule, eligible dependent care expenses are those associated with the care provided to your eligible dependents while you (and your spouse if you are married) were either at work or looking for work, or so your spouse could attend school full-time. Eligible dependents are children age 12 and under whom you will claim as exemptions for federal tax purposes; a spouse who is physically or mentally unable to care for himself or herself; a dependent who is physically or mentally unable to care for himself or herself and for whom you can claim an exemption.
Eligible Dependent Care FSA expenses include, but are not limited to, care provided by a home-based licensed day care; licensed day care center (elder care or child care); nursery school; private baby-sitter in your home or theirs; private preschool program; or providers of care for disabled dependents. The list is only an example and is subject to change. View the full list of eligible expenses on the PayFlex website.
To enroll in a 2019 Flexible Spending Account, download and complete the 2019 FSA Deduction Authorization Form.
Return your completed and signed form by:
- November 30, 2018 to have your Health Care FSA funds available on January 1, 2019.
- December 31, 2018 to have your Health Care FSA funds available on February 1, 2019. You may incur eligible expenses in January, but you will not be able to use your PayFlex debit card or file claims on your 2019 account until after February 1, 2019.
Note: The fund availability dates apply to health care claims. To receive reimbursement from a Dependent Care FSA, you must accumulate sufficient contributions to cover the claim being made.