Health Care FSA
With the cost of health care continuing to rise, a little financial help can go a long way. If you have eligible medical, dental, or vision expenses during the year and are not enrolled in a Health Savings Account (HSA) during the plan year, then a Health Care FSA can help you pay for these expenses with tax-free money.
Annual Contributions
Maximum 2024 contribution amount is $3,200.00
Contributions are not subject to federal income tax, Social Security tax or Medicare tax.
- The rollover max from 2024-2025 will increase to $640.00.
Qualified Health Care Eligible Expenses and Limitations
Many different health care expenses are eligible for reimbursement. Eligible health care expenses are expenses incurred by you and your dependents for “medical care” as defined by IRS code. Generally, this means an item or service for which you could have claimed a medical care expense deduction on an itemized federal income tax return, for which you have not otherwise been reimbursed or could be reimbursed from insurance or some other source.
You, your spouse, or an eligible dependent must incur these expenses. Only those expenses incurred while you are a participant in a Flexible Spending Account are eligible for reimbursement. For example, you may claim reimbursement for the following expenses:
- Health care deductibles
- Copays
- Expenses not covered by other plans
- Routine physical or dental examinations
- Infertility treatments
- Braces and other orthodontia
- Vision expenses
- Hearing care expenses
You may not use your Health Care FSA to reimburse yourself for over‐the‐counter (OTC) medications unless you have a prescription from a doctor. Be sure to include the prescription with your receipt when requesting reimbursement.
For a complete listing of eligible expenses, consult IRS Publication 502.
Leaving the University
Only expenses incurred prior to the date your participation in the plan ends are eligible for reimbursement, unless you continue through COBRA. You have 90 days to submit a claim that was incurred on or before your termination date. You may continue your health care FSA through COBRA if you have not over spent your year to date deduction amount; however, payments including an administrative fee will be on an after‐tax basis. You will also lose access to your card on the last day of employment so if you continue cobra post employment you will need to submit claims for reimbursement.
With the cost of health care continuing to rise, a little financial help can go a long way. If you have eligible medical, dental, or vision expenses during the year and are not enrolled in a Health Savings Account (HSA) during the plan year, then a Health Care FSA can help you pay for these expenses with tax-free money.
Annual Contributions
Maximum 2024 contribution amount is $3,200.00
Contributions are not subject to federal income tax, Social Security tax or Medicare tax.
- The rollover max from 2024-2025 will increase to $640.00.
Qualified Health Care Eligible Expenses and Limitations
Many different health care expenses are eligible for reimbursement. Eligible health care expenses are expenses incurred by you and your dependents for “medical care” as defined by IRS code. Generally, this means an item or service for which you could have claimed a medical care expense deduction on an itemized federal income tax return, for which you have not otherwise been reimbursed or could be reimbursed from insurance or some other source.
You, your spouse, or an eligible dependent must incur these expenses. Only those expenses incurred while you are a participant in a Flexible Spending Account are eligible for reimbursement. For example, you may claim reimbursement for the following expenses:
- Health care deductibles
- Copays
- Expenses not covered by other plans
- Routine physical or dental examinations
- Infertility treatments
- Braces and other orthodontia
- Vision expenses
- Hearing care expenses
You may not use your Health Care FSA to reimburse yourself for over‐the‐counter (OTC) medications unless you have a prescription from a doctor. Be sure to include the prescription with your receipt when requesting reimbursement.
For a complete listing of eligible expenses, consult IRS Publication 502.
Leaving the University
Only expenses incurred prior to the date your participation in the plan ends are eligible for reimbursement, unless you continue through COBRA. You have 90 days to submit a claim that was incurred on or before your termination date. You may continue your health care FSA through COBRA if you have not over spent your year to date deduction amount; however, payments including an administrative fee will be on an after‐tax basis. You will also lose access to your card on the last day of employment so if you continue cobra post employment you will need to submit claims for reimbursement.