A Flexible Spending Account, or FSA, is a benefit program that allows you to pay for a variety of qualifying expenses. Your FSA is funded through your pre-tax dollars. Your election amount must be predetermined and any unused funds at the end of the plan year are forfeited to your plan sponsor. The University offers two types of Flexible Spending Accounts: Health Care FSA and Dependent Care FSA.
By taking advantage of the FSA, you can:
Plan your participation carefully. While the FSA is a benefit that will save you money, there are some risks. To minimize your risk, keep these key points in mind when determining your annual election amount:
The key to getting the most from your FSA is to maximize your contributions based on your anticipated eligible expenses. In order to plan your contributions, follow these steps:
Under your employer's FSA plan, you may elect to contribute to the Health FSA which will allow you to seek reimbursement for qualified medical expenses. The maximum amount you may allocate to this account is $2,600 per plan year. Although you contribute to this account on a per payroll basis, your entire election amount is available on the first day of your coverage period. The Health FSA plan has a two-and-a-half month grace period, allowing you to use the current year's balance through March 15 of the following year.
Eligible medical expenses may include:
You may not seek reimbursement for the following:
Over-the-counter medicines, other than insulin, require a prescription in order to be considered eligible for reimbursement from the FSA. Medical devices, such as eyeglasses and braces, which are purchased over-the-counter may still be reimbursable.
Qualifying medical expenses include only those expenses incurred by:
A complete list of medical expenses that may be reimbursable is available on the Nyhart website. You will need to log into your account to view this information. Nyhart is the administrator of the University's FSA program. Nyhart customer service representatives are available Monday through Friday from 7:30 a.m. to 5:00 p.m. EST at their toll free number 1-800-284-8412 or via email.
In order for an expense to be considered eligible, the medical care must incur within your period of coverage. You may not seek reimbursement for expenses that were incurred prior to your participation in the plan. You cannot seek advanced reimbursement. The service must be provided before an expense may be reimbursed. An expense is considered "incurred" when you are provided with the care that gives rise to the expense, not when you are formally billed or pay for the medical care.