Flexible Spending Account (Health Care and Dependent Care)
How do Flexible Spending Accounts work?
You elect an annual contribution which will be deducted on a pre-tax basis from each of your paychecks in equal amounts.
IRS regulations do not allow increases, decreases, or cancellations of contributions during a plan year unless you have a qualifying life event such as marriage, divorce, birth, death, etc. Any FSA contribution changes you make must be consistent with the type of life event. Proof of the life event (qualifying event) is required and must be submitted within 31 days of the effective date of the change.
Qualified health and dependent care expenses incurred from Jan. 1 to Dec. 31 of the enrolled year will be eligible for reimbursement from your FSA accounts. However, you can still use any remaining funds from your health care and/or dependent care funds to pay for qualified expenses until March 15 of the following year. This means you will have until March 15 to spend the previous year's FSA funds and until June 30 to send in claims for those funds, before they are FORFEITED.
What is the difference between the Health Care FSA and the Dependent Care FSA?
The Health Care FSA provides you the opportunity to have funds deducted from your pay on a pre-tax basis for health care expenses for yourself AND your dependents. These funds can be used for expenses that are not covered by your medical, dental, or vision plans such as copays, coinsurances, etc. Eligible health care expenses examples are:
- Medical, dental, and vision deductibles, co-insurance, and office visits
- Prescriptions
- Eligible over-the-counter drug expenses
The Dependent Care FSA provides you the opportunity to have funds deducted from your pay on a pre-tax basis for dependent care ("daycare") expenses for your eligible dependents. Eligible expenses examples include:
- A child under age 13 and who is claimed as a dependent on your taxes.
- A child 13 and older who: 1) depends on you for at least half of their support; 2) regularly spends at least eight hours a day in your household; and 3) is physically or mentally unable to care for him/herself.
- Summer day camps
- Before and after school care
- Extended day programs
- Elderly daycare
Can I enroll in both the Health Care and Dependent Care Flexible Spending Accounts?
If you are enrolled in the 85/60 PPO plan, you can contribute to both healthcare and dependent care FSAs.
How can I access my contributions to the Health Savings Account and/or the Flexible Spending Accounts?
Once enrolled in either the HSA or FSA, PNC Bank, which administers both the HSA and the FSAs for Ñý¼§Ö±²¥ State University, will send you a debit/credit card to access your accounts. If you lose your card or have questions about your PNC account, you can contact PNC through their website or call their customer service at 844-356-9993.