Flexible Spending Accounts

About Flexible Spending Accounts

A Flexible Spending Account (FSA) is funded with money you contribute on a pre-tax basis. Emory offers two types of FSAs:

1. Healthcare FSA
2. Dependent Day Care FSA

You can use your pre-tax 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 to participate in either of these FSAs.

PayFlex is becoming Inspira Financial in early 2024

Emory's Flexible Spending Account administrator is changing from PayFlex to Inspira Financial. There is no action required on your part. You can still continue to use your PayFlex debit card for medical expenses. To learn more about the transition, view the full announcement here.

Healthcare FSA

You can contribute between $200 and $3,050 pre-tax annually into the Healthcare FSA. All money you elect to contribute is accessible immediately and can be used to cover out-of-pocket costs such as:

• Medical expenses: co-pays, deductibles, co-insurance
• Dental expenses: deductibles and co-insurance
• Vision expenses: prescription glasses, contact lenses, co-pays
• Prescription drug costs
• Over-the-counter drugs, including feminine hygiene products

Grace Period for Healthcare FSA

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 are able to use any remaining balance in your Healthcare FSA to pay for expenses incurred through March 15 of the following year. Any 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 and Explanation of Benefits from insurance companies as they are required for verification of expenses.

Limited Purpose FSA for HSA Plan members

HSA Plan members are not eligible for the Healthcare FSA but do have access to a Limited Purpose FSA. You can use the Limited Purpose FSA to reimburse yourself for dental and vision expenses and for medical expenses once your deductible has been met.

You will be issued a debit card that may used to request reimbursement of eligible expenses.

Download Limited Purpose FSA Claim Form

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 elder care for tax-qualified dependents.

If you’re single or married and filing a joint tax return, you can contribute up to $5,000 into this 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 $150,000 for 2023), you are restricted to an annual contribution of no more than $2,400.

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/or your spouse can work or go to school. HSA Plan members can also participate in the Dependent Day Care FSA.

No Grace Period for Dependent Day Care FSA

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 must be filed no later than May 15 the following year in order to receive reimbursement. File by the May 15th deadline to avoid forfeiture of your funds.

Eligibility

• Regular full-time or part-time employees scheduled to work 20 hours or more per week are eligible.
• Full-time temporary positions on a six-month or longer assignment are eligible.

Coverage begins on an employee's date of hire. If you are benefits-eligible, you must enroll during your first 31 days of employment with Emory.

How to Enroll

New Hires

Eligible employees can enroll through Self-Service anytime during the first 31 days of employment. View Step-by-Step Enrollment Instructions.

Current Employees

Employees are provided an opportunity to make changes to their benefits each year during annual enrollment (held in the fall). Mid-year enrollments can only be completed if you experience a Family Status Change. Family Status Change enrollments must be completed within 31 days of the event.

The IRS requires a new election annually to re-enroll in the Healthcare or Dependent Care Flexible Spending Accounts (FSA). Previous year enrollments do not carry forward into a new plan year.

Debit Card

All new FSA participants will automatically receive a new debit card in the mail. Be sure to activate the card when you receive it.

Current FSA participants will have their new balances loaded onto their existing card.

Keep your receipts

The use of the debit card is for your convenience only. IRS guidelines still require you to retain receipts for any eligible expenses for which you receive reimbursement.

On occasion, Inspira Financial (formerly PayFlex) may request verification of an expense and you will need to submit appropriate documentation for the expense. If documentation is not received, your card could be suspended until the expense can be substantiated as eligible under IRS definitions.

If documentation is requested, you can upload it to the Inspira Financial website:

How to get Reimbursed

1. Register on the Inspira Financial website
2. Enroll in direct deposit.
3. Follow the steps to upload your documents.
4. Receive reimbursement in a few days.