Flexible Spending Accounts (FSA)

Lifetime Benefit Solutions will be your FSA administrator.

The Lifetime Benefit Solutions Spending Account Member Portal document will guide you through setting up an online account. More details on downloading and using the mobile app can be found in the Lifetime Benefit Solutions Health Spending App document.

Eligibility

You are eligible to contribute to a Health Care FSA if you are a benefit-eligible employee that:

• Waived health coverage; OR
• Enrolled in the PPO Plan; OR
• Enrolled in the HSA-Eligible Plan and are not contributing to an HSA (if you are contributing to an HSA, see Limited Purpose FSA below)

Covered Expenses

You may use your Health Care FSA to reimburse qualified out-of-pocket medical, dental, prescription, or vision expenses. A complete list of qualifying expenses can be found in IRS Publication 502.

The CARES (Coronavirus Aid Relief and Economic Security) Act, passed by Congress, has expanded covered expenses that you may use your FSA on. The act is retroactive as of 1/1/2020. Qualified expenses now include: over-the-counter medicine without needing a doctor’s prescription and all feminine hygiene products.

2024 Contributions

The maximum amount you may contribute in 2024 is $3,050 (minimum election is $100). At the end of the year, employees may be able to roll over some eligible funds. Please refer to the 2025 Open Enrollment communications for details.

Your current FSA election will not automatically roll over to the following year, so you’ll need to elect your annual contribution amount during Open Enrollment. You may not change your annual contribution amount after it has been elected unless you experience a corresponding qualifying event during the year.

If you do not make an active election for a Health Care FSA during Open Enrollment, then any unused funds from the current plan year will be forfeited. You will have 120 days beginning January 1st of the current plan year to submit any remaining claims for qualified services incurred in the previous plan year.

Eligibility

You are eligible to contribute to a Limited Purpose FSA if you are a benefit-eligible employee that enrolled in the HSA-Eligible Plan and are contributing to an HSA.

Covered Expenses

You may use your Limited Purpose FSA to reimburse qualified out-of-pocket dental and vision expenses. Once the Tier 1 Plan deductible has been met, you may also use your Limited Purpose FSA for qualified medical and prescription expenses. A complete list of qualifying expenses can be found in IRS Publication 502.

The CARES (Coronavirus Aid Relief and Economic Security) Act, passed by Congress, has expanded covered expenses that you may use your FSA on. The act is retroactive as of 1/1/2020. Qualified expenses now include: over-the-counter medicine without needing a doctor’s prescription and all feminine hygiene products.

2024 Contributions

The maximum amount you may contribute in 2024 is $3,050 (minimum election is $100). At the end of the year, employees may be able to roll over some eligible funds. Please refer to the 2025 Open Enrollment communications for details.

Your current FSA election will not automatically roll over to the following year, so you’ll need to elect your annual contribution amount during Open Enrollment. You may not change your annual contribution amount after it has been elected unless you experience a corresponding qualifying event during the year.

If you do not make an active election for a Limited Purpose FSA during Open Enrollment, then any unused funds from the current plan year will be forfeited. You will have 120 days beginning January 1st of the current plan year to submit any remaining claims for qualified services incurred in the previous plan year.

Eligibility

You are eligible to contribute to a Dependent Care FSA if you are a benefit-eligible employee that:

• Has a dependent child under age 13 that is claimed as tax-dependent; OR
• Has a tax-dependent adult

Please Note: Federal non-discrimination guidelines require the University to test the Dependent Care FSA to ensure that highly compensated employees, as defined under IRS guidelines, do not disproportionately contribute to the Dependent Care FSA. Highly compensated employees may have their FSA maximum contribution amount reduced if the test results do not meet federal guidelines.

Covered Expenses

You may use your Dependent Care FSA to reimburse qualified daycare expenses for eligible dependents. A complete list of qualifying expenses can be found in IRS Publication 503.

2024 Contributions

The maximum amount you may contribute in 2024 is $5,000 for individuals or married couples filing jointly, or $2,500 for a married person filing separately. Please note that Dependent Care FSA funds are not eligible to roll over.

Your current FSA election will not automatically roll over to the following year, so you’ll need to elect your annual contribution amount during Open Enrollment. You may not change your annual contribution amount after it has been elected unless you experience a corresponding qualifying event during the year.

If you do not make an active election for a Dependent Care FSA during Open Enrollment, then any unused funds from the current plan year will be forfeited. You will have 120 days beginning January 1st of the current plan year to submit any remaining claims for qualified services incurred in the previous plan year.

There are a few options for using the savings in your FSA towards qualified medical expenses.

Automatic reimbursements

If you’re enrolled in a University Health Care Plan, you have the option to set up your Health Care or Limited Purpose FSA so that it processes reimbursements automatically when you incur a qualified expense. Set this up using your online account with Lifetime Benefit Solutions.

Manual reimbursements

If you did not enroll in health coverage through the University or you decide not to use the automatic reimbursement feature, you must submit a claim for each qualified expense that you would like to receive reimbursement for. You may either:

1. Use your Lifetime Benefit Solutions online account to submit claims electronically; OR
2. Use a paper form to submit claims.

Direct deposit

Use your online account or a paper form to set up direct deposit of reimbursements into your bank account with your vendor.

Lifetime Benefit Solutions direct deposit authorization form
Complete this form if you are setting up a direct deposit account for your FSA account

Lifetime Benefit Solutions FSA reimbursement request form
Complete this form if you are filing a claim for your eligible expense for your Health Care FSA or Limited Purpose FSA

Lifetime Benefit Solutions Dependent Care FSA reimbursement form
Complete this form if you are filing a claim for your eligible expense for your Dependent Care FSA

If you need additional forms, you can contact us or explore our employee benefit forms page.