Flexible Spending Accounts
Flexible spending accounts allow you to make the most of the money you need to spend on healthcare and other covered expenses. By setting aside a portion of your paycheck in an FSA, you lower your taxable income.
The money you set aside can be directed to bills you already plan to pay, such as your portion of insurance premiums, out-of-pocket healthcare expenses or dependent care.
The university has four flexible spending account plans available, administered by Allegiance:
The Health FSA helps you pay eligible expenses that are not covered or fully reimbursed by your health, dental or vision coverage. This includes deductibles, co-insurance and co-payments, which can all be reimbursed or paid through your Health FSA. There is a $2,700 annual limit on what you can set aside in a Health FSA. Make a claim
The Dependent Care FSA can help you save on childcare costs. It is available when dependent care is necessary to allow both you and your partner to work or attend school full time. There is a $5,000 annual limit on what you can set aside in a Dependent Care FSA. Make a claim
The Mass Transit and Parking Expense FSA also lowers your taxable income by allowing you to withhold money for these commuter expenses pre-tax. You may set aside $265 per month for parking and $265 per month for transit expenses. Make a transit claim | Make a parking claim
You must enroll in FSAs annually during the open enrollment period. FSA arrangements do not carry over from year to year (barring certain exceptions). Money left unspent over and above $500 in FSAs may also be forfeited at the end of the plan year. Please refer to IRS guidelines for eligible expenses for your FSA and watch for annual messages from Human Resources to ensure that your funds are used before the end of each plan year.