The Flexible Spending Account (FSA) Plan allows you to set aside funds on a pre-tax basis to pay for unreimbursed, eligible health care and dental care expenses, and dependent day care expenses. You have 30 days from your date of hire to enroll and participation in the plan begins on the 31st after your date of hire. Your election amount should be based on the anticipated eligible expenses you will incur between the date you begin participation and the end of the same calendar year.
FIT's FSA Plan Administrator is Flexible Benefit Administrators (FBA). Once you enroll you will receive a benefits card that may be used to pay for most eligible expenses. You will alse be able to register or an online account which will enable you to view your account balance and transactions, and submit for reimbursement of expenses not paid for with your benefits card. Reimbursement claim forms are found in the forms section of this site.
Below is an overview of the two accounts available: the Health Care FSA and the Dependent Day Care FSA. Please view the comprehensive guide for more information about the Plan.
Health Care Flexible Spending Account:
- Contributions to this account can be used to pay for health care expenses (e.g. office copayments, prescription drug copayments, vision care expenses, etc) and dental expense which are incurred by you and your eligible dependents and were not covered, or only partially covered by your health care plan, prescription drug plan, dental plan or vision plan.
- You may choose a calendar year contribution between $100 and $2550.
- Contributions may be used to pay for eligible expenses incurred by your qualified dependents (as defined by the IRS). You may not use funds in you Health Care Flexible Spending Account pay for a domestic partner's health care expenses.
- Contributions to this account can be used to pay for eligible childcare expenses for qualified dependent children under the age of 13 so that you (or you and your spouse) can work, look for employment, or go to school on a full-time basis. Day care expenses for your dependent children age 13 or over are not eligible for reimbursement.
- Overnight camp expenses as well as educational fees/tuition for your dependent child are not eligible for reimbursement.
- You may also contribute to this account for 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 dependent care centerís Employer ID Number or Social Security Number.
- If you have not incurred enough expenses by December 31st to use all the FSA contributions you have made that year you will forfeit the unused balance. The unused balance cannot be carried over to the next year. You have until March 21 each year to file a paper claim form for reimbursement of expenses incurred in the prior year.
- You must enroll in the FSA plan each year during the annual open enrollment period; your election does not carryover from year-to-year.
- 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.
IMPORTANT NOTICE REGARDING ENROLLMENT: If you do not enroll in the FSA Plan within 30 days of your date of hire, you will not have an opportunity to enroll until the next annual open enrollment period which is held in November of each year for coverage which will become effective the following January 1st.
If you wish to enroll or make a change to your FSA election outside the annual ope enrollment period due to a qualified life event as defined by the IRS (e.g. marriage, birth, divorce), you must notify a benefits representative in the Office of Human Resources within 31 days of the event. If notification does not occur within 31 days of the event you must wait until the next annual open enrollment period to make the change.