Flexible Spending Accounts
There are two types of Flexible Spending Accounts (FSA):
Use a Health Care Flexible Spending Account for eligible healthcare expenses for yourself, your spouse, and your dependent children when your health plan doesn’t pay them.
Use a Dependent Care Flexible Spending Account for eligible expenses related to caring for a child, or a disabled spouse or parent, who needs daily care while you work.
How It Works
For either type of account, you open an account and decide how much you want to contribute each month; payments are deducted directly from your paycheck. As you incur expenses, you submit claims for reimbursements.
WageWorks, Inc. administers the FSAs. They set up the accounts, process claims, and issue reimbursement checks.
Health Care Flexible Spending Account Full-time faculty and staff, and members of collective bargaining units, can participate in a Health Care FSA immediately.
If you participate in the Aetna High Deductible Health Plan, you’re not eligible for a Health Care FSA.
Dependent Care Flexible Spending Account Benefits-eligible faculty and staff can participate in a Dependent Care FSA immediately.
If you’re married, your spouse must be employed, disabled, or a full-time student for you to use a Dependent Care FSA.
Enrollment and Changes
It’s easy to set up an account and arrange for automatic contributions to it. You can enroll in or make changes to an FSA at the following times:
- Your new-employee eligibility period
- The annual open enrollment period
After certain employment status changes or qualifying life events (such as a change in marital status or the arrival of a new child)
Submitting a Claim
You can’t withdraw money from an FSA for anything except eligible reimbursements.
Login to the WageWorks site to submit claims online.
Learn how to claim reimbursement for your eligible expenses, including deadlines for incurring expenses and submitting claims.