What is a Flexible Spending Account?
A Flexible Spending Account (FSA) is a tax-free account that allows you to use pre-tax dollars to pay for your out-of-pocket prescriptions, medical, dental, vision, transportation, or childcare expenses. There are two great advantages to enrolling:
- You can pay for your eligible expenses with pre-tax dollars
- You will lower the taxes taken out of your pay
Unreimbursed Health Spending Account
Allows employees to submit out-of-pocket medical expenses (not premiums) for reimbursement by the plan. The employee has the option of using a convenient flex-spending debit card called for purchases made against their account. Up to $2,500 per plan year may be reimbursed through this account. The plan allows expenses to be paid prior to the actual monies being withheld from an employee's paycheck
Dependent Care Spending Account
Allows employees to submit dependent care expenses, such as a child's daycare fees, for reimbursement by the plan. This plan also allows up to $5,000 per year in eligible dependent care expenses, but the IRS imposes certain limits if you are married and your spouse participates in a dependent care plan with his/her employer, or if you are married but filing separately on your income taxes.
Payroll Deducted Group Insurance Premiums
Alows employees to have their health and dental insurance premiums (only those sponsored by Willamette University), as well as some of the premiums paid for participation in some of the AFLAC voluntary benefit programs, to be withheld from their checks on a pre-tax basis. Participation in this plan is automatic if an employee is enrolled in Willamette's group health and/or dental plans where the employee has premium responsibility (ie. for dependent coverage).
Important Note — Use It Or Lose It
The services or expenses that you are claiming for a flex account must occur between, April 1, 2012 - June 15, 2013, AND be submitted to eFlex before the deadline, September 15, 2013. Any unclaimed dollars remaining in your account will be forfeited!For this reason, it is important to remember that when you enroll, you enroll for the entire plan year, so please plan accordingly.
For forms and additional information visit eFlex Group website.