Flexible Spending Account
A Flexible Spending Account (FSA) is a program that is governed by rules set forth by the Internal Revenue Service. This program allows employees to set aside money each month from gross pay (before taxes are deducted) to be used for some non- reimbursed medical expenses (i.e. deductibles, coinsurance, some over-the-counter medications, and others) and for qualified dependent-care expenses (i.e. child or adult care).
Employees may be reimbursed for their own medical expenses as well as expenses for spouses and dependent children. Please note employees may enroll in the FSA whether or not they participate in FDU’s medical plan.
Please review the Summary Plan Description to learn about the grace period to incur and submit claims for the prior plan year. Any money remaining in an account after the grace period will be forfeited in accordance with IRS regulations.
Regular full-time employees are eligible to enroll within the first 31 days of full-time employment. Employees are also eligible to enroll within the first 31 days of a life event occurrence (i.e. marriage, divorce, birth or adoption of a child). Please see attached plan document for more information.
Please visit the benefits onboarding website for annual FSA limits.