Full-time faculty and staff may elect to participate in a Healthcare Flexible Spending Account (FSA). This plan allows employees to set aside money on a pre-tax basis to pay for qualified medical expenses. By paying for these expenses on a pre-tax basis, you reduce your take-home pay and therefore reduce the amount you pay for federal income taxes. Effective July 1, 2024 you may set aside up to $3,200 annually.
Employees elect to participate in the FSA when they first enroll in benefits and after that, each year during open enrollment. Once you make your annual election you are “locked in” for the plan year unless you experience a qualifying event, such as a change in your family status. If you and your family do not spend the entire amount set aside for the plan year (July 1st through June 30th) you must forfeit the excess funds. Because of this you should carefully calculate the amount you set aside each year.
Once you are enrolled in the plan you will receive a debit card to use for your eligible expenses. To learn more about this plan and view eligible expenses, click on this link.