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Home > Faculty & Staff > Human Resources > Benefits > Flexible Reimbursement Accounts

Flexible Reimbursement Accounts

health benefits

These accounts allow employees to set aside money each pay period that can be used throughout the plan year (July 1 – June 30) to pre-fund anticipated, eligible medical services, medical supplies and dependent care expenses normally not covered by insurance.

The funds are deducted from paychecks before federal and state taxes are calculated, creating a cost savings for employees. Two reimbursement account options available -- Medical and Dependent Care.

You do not have to elect health coverage to be eligible for a flexible spending account. If you fail to enroll during your initial enrollment period, you may enroll during open enrollment. You must enroll during open enrollment each year to maintain participation.

Medical Reimbursement Account

  • You can receive a tax benefit on non-reimbursable medical expenses for yourself or your qualified dependents.
  • Some examples include: deductibles, optical expenses, co-payments, out of network fees, and dental expenses in excess of plan coverage caps.

Minimum Deposit Per Pay Period: $10
Maximum Annual Deposit: $2,500 (as of July 1, 2013)

Dependent Care Account

  • You can receive a tax advantage on expenses incurred for care of a child under the age of 13 or an older dependent under the IRS definition.
  • You must elect dependent care within 30 calendar days of your start date.
  • If you fail to do so, there is an open enrollment period in late spring of each year.
  • You must re-enroll each year to maintain this account

Minimum Deposit Per Pay Period: $10
Maximum Annual Deposit: generally $5,000, but varies with tax status