You are here
Flexible Spending Account (FSA) & Health Savings Account (HSA)
Flexible Spending Account (FSA)
FSA Medical Account is not available to employees enrolled on the High Deductible Health Plan. Eligible employees may designate a calendar year amount to deduct from their paychecks before taxes to be used to pay for eligible medical expenses. This money can be used to pay for items not covered by your health plan (for example, deductibles or copays). New employees may enroll during the first 31 days of employment or during the annual open enrollment period each year for enrollment for the following year. Yearly contributions in this account must be used during the calendar year or within the grace period. Any remaining funds are forfeited. This plan requires re-enrollment each year.
FSA Dependent Care is available to all eligible employees. Eligible employees may designate a calendar year amount to deduct from paychecks before taxes to pay for qualified dependent care expenses. Funds must have been contributed prior to paying dependent care expenses. Funds in this account must be used in the calendar year it was contributed or the funds are lost. This plan requires re-enrollment each year.
Part time and Temporary employees are not eligible for FSA.
Health Savings Account (HSA)
HSA is only available with the High Deductible Health Plan. The University will contribute $500 for an Employee Only plan; $1,000 for an Employee Plus family plan. These funds are placed in an HSA that can be used to pay for a variety of medical, vision, prescription and dental charges. Employees may also contribute tax free from payroll deduction up to an annual limit. Funds in this account will roll over from year to year and remain tax free indefinitely.