There is still time to enroll in a Flexible Spending Account (FSA) and save money in 2018!
IRS rules do not allow FSA enrollments to cross calendar years. If you are eligible for an FSA and want to participate in 2018, you will need to re-enroll.
There are two kinds of FSAs: Health Care FSA and Dependent Care FSA.
Health Care FSA
A Health Care FSA allows you to set aside money from your paycheck before taxes to pay for eligible health care expenses for both you and your dependents. This helps you save money by lowering the amount of your income tax and increasing your spendable income. Examples of eligible expenses include prescription drug and office visit copays, dental expenses, eyeglasses and contact lenses, and many more products and services.
Dependent Care FSA
A Dependent Care FSA allows you to put aside money pretax and use it to pay for day care for your children age 12 or younger, or day care for dependents of any age who are unable to care for themselves, so that you can continue to work.
How to Enroll
To enroll in an FSA, download, complete and submit the 2018 FSA enrollment form. Submit your signed and complete form by:
- December 1, 2017 to have your Health Care FSA funds available for reimbursement beginning January 1, 2018.
- 2018 FSA enrollment forms will be accepted through December 31, 2017, however your account will not be set up with PayFlex, the university's FSA administrator, and available for reimbursement until February 1, 2018. You may incur eligible health care expenses in January, but you may not use your PayFlex debit card to pay for them from your 2018 account. You will need to pay out of pocket and then submit a claim for reimbursement after February 1. (To use your PayFlex card, the balance in your FSA must be sufficient to cover the charges. Transactions exceeding your available balance will be denied but may be reimbursable if you file a claim.)
Note: The fund availability dates apply to health care claims. To receive a reimbursement from a 2018 Dependent Care FSA, you must accumulate sufficient contributions to cover the claim being made.
When you enroll in an FSA, your annual contribution is taken out of your pay in equal amounts over 12 paychecks if you are paid monthly, and over 24 paychecks if you are paid bi-weekly. In months where there are three paychecks, you will not have a deduction taken from the last paycheck.