Flexible Spending Accounts (FSAs)
Health Care and Dependent Care Flexible Spending Accounts (FSAs) provide a method to pay for expenses not covered or only partially covered by an employer’s medical, dental, or vision plans and for qualified dependent care expenses. Each type of account is designed to serve different needs and accounts may not be combined. For example, money in your Health Care FSA may not be used to pay for dependent care (child care, elder care) expenses. The Health Care FSA accounts are used to manage eligible, out-of-pocket healthcare expenses for yourself, spouse and children. The Dependent Care FSA is used to manage eligible, out-of-pocket child daycare or adult daycare expenses.
You may enroll in either or both FSA accounts even if you choose to waive Loyola’s medical coverage. FSAs reduce your total taxable income, which results in savings of Medicare, Social Security, federal and most state income taxes. Tax savings are based on the total contributions made into these accounts. You may direct funds into either or both accounts by authorizing money to be deducted from your paycheck. Funds not claimed are forfeited under the IRS "use it or lose it" rule. The maximum annual contribution each calendar year may increase per IRS. The maximum annual contribution for calendar year 2023 is $3,050 for the Health Care FSA and $5,000 for the Dependent Care FSA. Employees may not contribute more than the allowed maximum contribution during the Calendar Year and Plan Year.
Plan Administrator
The Flexible Spending Accounts are administered by Optum Financial (formerly known
as ConnectYourCare). In order to participate in the Health Care FSA or the Dependent
Care FSA you must enroll each plan year. Your account will not rollover to the next
plan year. No exceptions. To learn more about FSAs please review the FSAs for Dummies resource guide or visit the website. There are a variety of resources on the website including:
- How an FSA works
- List of qualified medical expenses
- Contribution and balance calculators
- Check your balance
- Review payments
- Request a payment
- Upload receipt image
- See eligible expenses
- Contact Customer Care
Substantiation Requirements
You may have questions about the requirements for submitting receipts when the payment card is used to pay for a service. The IRS rules require that all FSA claims be substantiated. If the claims cannot be auto-substantiated the participant is required to submit documentation to support the claim. You should save itemized receipts and documentation for all health care services – even when you paid with your payment card.
The Optum Store – Everything Flex Spending
Thousands of everyday health products are health care FSA eligible, like baby care health essentials, sunscreen, health trackers, pain relief products and more! The Optum Store is a one-stop shop stocked exclusively with FSA eligible products and services so there are no guessing games as to what is and is not reimbursable by your FSA account. The Optum Store accepts all FSA-debit and major credit cards and free shipping on orders over $ 75.
Resources