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Flexible Spending Accounts Overview

Flexible Spending Accounts (FSA)

Image of Money in HandA Flexible Spending Account allows you to reduce your take-home pay by an amount determined by you each November. The FSA will shelter these earnings from taxes in order to allow you to pay for approved medical and/or dependent care expenses tax-free. (You may open a medical account and/or a dependent care account, but these must be set up and maintained as separate accounts.)

Eligibility. To be eligible for participation, you must be employed in at least a nine-month position of at least 50% FTE. You may reduce your earnings up to $2,550 for calendar year 2015 to pay for un-reimbursed medical/dental expenses, and up to $5,000 to pay for dependent care expenses. See the Health Care Expenses brochure and/or the Dependent Care Expenses brochure for an overview of what kinds of expenses are eligible for reimbursement.

Important Reminder. When determining how much to contribute to your Medical and/or Dependent Care Flexible Spending Accounts, be aware that Federal law requires you to forfeit any unused funds remaining in your account(s) at the end of the plan year.

Participants may roll over up to $500 of unclaimed funds in a Flexible Spending Account for healthcare into a new account for the next calendar year. (Any amount over $500 will still be subject to the "use it or lose it" rule.) The federal government is only allowing the rollover of funds in a flexible spending account for healthcare. Funds in a dependent care account cannot be rolled over.

Example: Meredith set aside $2,550 in a flexible spending account to cover healthcare expenses for herself and her two daughters during the calendar year. For a variety of reasons, her healthcare expenses are much lower than she anticipated and by December 31 she has only $1,950 worth of eligible expenses. In this scenario, Meredith will be able to roll over $500 into a new FSA to reimburse healthcare expenses incurred in the next calendar year and she will forfeit $100.


Flexible Spending Account Open Enrollment

The enrollment period to open a Flexible Spending Account for 2015 is from Monday, November 3 through Wednesday, November 26, 2014 at 4:30 PM.

Due to Federal regulations, it will not be possible to open a Flexible Spending Account for 2015 after November 26, 2014, unless you have a significant family or employment status change.


How to Open a Flexible Spending Account

  1. If FSAs are new to you, read the information below under "More Information and Resources."
  2. Use the FSA Estimating Worksheet to determine how much money you should set aside in your account(s).
  3. Complete the 2015 FSA Enrollment Form online. (Print. Sign. Send* to HRS.) This form allows you to create either a Healthcare account or a Dependent Care account, or both. (Need the 2014 form?)
  4. If your child is enrolled in the Campus Children's Center, print and complete the 2015 FSA Enrollment Form for the Campus Children's Center, then send* that to HRS. (Need the 2014 form?)

*Send completed enrollment forms to: The University of Vermont, Human Resource Services, 85 So. Prospect St., Waterman Building 228, Burlington, VT 05405. Alternatively, you may scan and send them to HRSinfo@uvm.edu.

e-Mail HRSInfo@uvm.edu with any questions.


How to Submit Medical and/or Dependent Care Claims

Claims may be submitted online through the EBPA reimbursement portal. (If you prefer, you can still fax or mail in your claims.)

See the directions on the FSA Reimbursement page for guidance on filing claims. If you have questions:


How to Set Up Direct Deposit of Your FSA Reimbursements

If you prefer, EBPA will deposit your reimbursement checks directly into your bank account. This is the quickest, easiest and safest way to be reimbursed. Set up your account for Direct Deposit.


More Information and Resources

e-Mail HRSInfo@uvm.edu with any questions.

Last modified November 03 2014 09:06 AM