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Flexible Spending Account Plan

Flexible Spending Accounts
For current enrollees please click here for important information.  Only full-time employees and part-time employees with a CCE are eligible for this benefit.

You must make a new election to participate in this plan each year. Your 2014 election will NOT carry forward into 2015.  If you do not enroll during the Open Enrollment period, you will not participate in the plan in 2015.  

FIT's Flexible Spending Account allows you to redirect a portion of your income to pay for un-reimbursed medical expenses, and dependent care expenses with pre-tax dollars.  The annual amount elected for this plan must be carefully estimated since any excess funds remaining in the account at the end of the year are forfeited.

You may enroll in this plan within 31 days of hire, during each fall's benefits open enrollment period or within 31 days of a qualified event e.g., marriage, birth or adoption of a child.  Please contact Benefits for more information or to request an enrollment form.

?    Health Care Flexible Spending Account:
  • Contributions to this account can be used to pay for health care expenses which are incurred by you and your eligible dependents in 2015, and are not covered, or only partially covered by your health care, prescription drug, dental or vision care plans.
  • You may not use funds in your Health Care Flexible Spending Account to pay for a domestic partner’s health care expenses.
  • You may choose a calendar year contribution between $100 and $2500.
  • Eligible expenses include, but are not limited to deductibles, medical and prescription drug copays, prescription eyeglasses, and certain over-the-counter medications.  
?    Dependent Day Care Account:
  • Contributions to this account can be used to pay for eligible childcare expenses for qualified dependent children under the age of 13 incurred in 2015 so that you (or you and your spouse) can work, look for employment, or go to school on a full-time basis.   Expenses for your dependent children age 13 or over are not eligible for reimbursement.
  • You may also contribute to cover day care expenses for dependents of any age who are mentally or physically incapable of self-care and whom you claim as a dependent on your federal income tax return.
  • To receive reimbursement for a babysitter, child care center, or for an adult care center, the service must have been incurred while you are at work, and you are required to provide the babysitter or child/adult care center’s Employer ID Number or Social Security Number.
  • Overnight camp expenses as well as educational fees/tuition for your dependent child are not eligible for reimbursement.
Additional information on these accounts including more information on eligible expenses is found here.

Important:
  • Health Care Flexible Spending Account contributions and Dependent Day Care Flexible Spending Account contributions cannot be combined or transferred between accounts.  Be sure you are electing the correct type of flexible spending account.
  • Under the IRS “Use It or Lose It” rule, if you do not use all the money contributed to your FSA(s) for expenses incurred between January 1, 2015 and December 31, 2015, you will forfeit the unused balance.  The unused balance cannot be carried over to the next year.  

 »   What you need to do by Friday, November 14, 2014

 

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