Available to full-time permanent employees, including temporary faculty employed for a one-academic year contract, and permanent part-time employees, including temporary faculty employed for a one-academic year contract, who work 50% time. Flexible spending accounts (FSAs) governed by the IRS Code, allow employees to have income withheld from their paychecks before taxes for eventual reimbursement of certain medical and dependent care expenses.
ADP provides the administration for the Flexible Spending Account program. They may be contacted as follows:
Medical Reimbursement Account
Enrolling in a Medical Reimbursement Account is a great perk that delivers real money, allowing you to use pre-tax dollars to ease the financial burden of out-of-pocket healthcare expenses that come your way.
You decide how much to contribute and then enjoy immediate access and tax-free savings (on average 30% or more), using the funds as you see fit for planned or unplanned expenses.
The maximum annual contribution amount that can be made to a medical reimbursement account is $2,500.
Medical Reimbursement Account Claim Form
Dependent Care Reimbursement AccountEnrolling in a Dependent Care Account allows you to save money on expenses tied to caring for those you love while you work. Funds are moved from your paycheck to your Dependent Care Account before taxes are deducted, reducing your overall tax burden.
The maximum annual contribution that can be made to a Dependent Care Reimbursement Account is $5,000.
Dependent Care Reimbursement Account Claim Form
Effective with the 2014 plan year, FSA participants will have the ability to carryover up to $500 of unspent healthcare FSA monies into the following plan year (2015 calendar year). For more information click here.
2015 Plan Year Information