Flexible Spending Accounts (FSA)

Tools and Resources



WHAT IS A FLEXIBLE SPENDING ACCOUNT (FSA)?


Emory offers both a Healthcare Flexible Spending Account and Dependent Day Care Flexible Spending Account.

A Flexible Spending Account (FSA) is funded with money you contribute on a pre-tax basis. You can use FSA funds to pay for qualified out-of-pocket health care costs for you and eligible dependents or dependent day care charges. According to IRS regulations, you must enroll each year during annual enrollment if you want to participate in either FSA.

Aetna/PayFlex is the vendor for Flexible Spending Accounts. FSA participants will receive an Aetna/PayFlex debit card. The debit card is for convenience only. You will still need to retain receipts for any eligible expense for which you receive reimbursement.

 

arrow  HEALTHCARE FSA

You can contribute between $200 and $2,500 pre-tax annually into the Healthcare FSA. All money you elect to contribute is accessible immediately. The money you contribute can be used to cover out-of-pocket costs such as:

 

arrow   DEPENDENT DAY CARE FSA

Money you contribute into a Dependent Day Care FSA can be used toward care for a child under age 13, a physically or mentally disabled parent or child, or eldercare.

If you're single or married and filing a joint tax return, you can contribute up to $5,000 into a Dependent Day Care FSA. If you're married and file separately, you can contribute up to $2,500. If you are a highly compensated employee under the IRS definition (i.e. you had Emory earnings of more than $120,000 for 2015) you are restricted to an annual contribution of no more than $2,400 to your Dependent Care FSA. Unlike the Healthcare FSA, you can only access the money that is currently in your account. To qualify for reimbursement, these expenses must be incurred so that you (and your spouse) can work or go to school.



arrow LIMITED FSA (FOR HSA PLAN MEMBERS ONLY)

HSA Plan members are not eligible for the Healthcare FSA but they do have access to a "Limited Healthcare FSA," also administered through Aetna/PayFlex. You can contribute between $200 and $2,500 pre-tax annually into the Limited FSA. All money you elect to contribute is accessible immediately for dental and vision care. In order to receive reimbursement for qualified medical expenses, you must first meet your deductible.



arrow   USE IT OR LOSE IT

The risk of forfeiting money from your Healthcare FSA has been reduced by a grace period (extra time in the following year to use your FSA money). You will be able to use any remaining balance in your Healthcare FSA at the end of the year to pay for expenses incurred through March 15 of the following year. Any prior year Healthcare FSA funds not used by March 15 will be forfeited. To avoid forfeiture, purchase items such as eyeglasses, contact lenses and other approved Healthcare FSA expenditures.

Reimbursement requests using your previous year's remaining Healthcare FSA balance must be filed by May 15. Please remember to keep all of your receipts as they are required for verification of expenses.

DEPENDENT DAY CARE: If you have a Dependent Day Care FSA, you do NOT have a grace period in which to use remaining previous year balances. All expenses must occur before December 31 and claims for Dependent Day Care FSA must be filed no later than March 31 to receive reimbursement.