Flexible Spending Accounts
The University maintains a Medical Flexible Spending Account and a Dependent Flexible Spending Account for employees. Employees may set aside annually, on a pre-tax basis, up to $3,400 in the Medical Fexible Spending Account and up to $7,500 in the Dependent Flexible Spending Account (to be used only for daycare expenses).
What is a Flexible Spending Account? A Flexible Spending Account (FSA) is an IRS-approved program that enables UToledo employees to be reimbursed for certain medical and dependent care expenses on a pre-tax basis. Employees who participate in an FSA will save federal, state, and where applicable, city income taxes on all the money set aside in the FSA. In other words, taxable income is reduced by the amount you put into the FSA.
When can I enroll in Flexible Spending? You can enroll in Flexible Spending as a New Hire/Newly Eligible employee or during Open Enrollment or due to a qualifying event such as marriage, divorce, birth, and death. You must re-enroll each year during open enrollment. Once enrolled, your election can only be changed or discontinued with a Qualifying Event.
How does an FSA work? Upon request, the University will deduct the total estimated in pro-rated amounts from the paycheck. As expenses are incurred, receipts are submitted, with a claims form, to the FSA administrator who issues checks on a semi-monthly basis for the incurred expenses. Unused funds, following IRS guidelines, can carry over to the next calendar year, otherwise they are forfeited. Visit irs.gov for IRS contribution limits. Reimbursements can be claimed through March of the following year. For more information, please refer to the Flexible Spending Benefits Plan Summary. For a list of approved expenses, please visit Chard Snyder.
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