Flexible Spending Accounts (FSA) - HealthEquity/Wageworks

FLEXIBLE SPENDING ACCOUNTS (FSA)

Flexible Spending Accounts allow you to put aside a portion of your pay to reimburse yourself on a pre-tax basis for healthcare and/or dependent/elder care expenses.  If an employee wishes to take advantage of a FSA each year, they must renew the account during the open enrollment period.

Employees can enroll in both Flexible Spending Accounts: health and/or dependent child/elder care. Dollars deposited in these accounts are kept separate and cannot be transferred from one account to the other. Both accounts are administered by HealthEquity/Wageworks.

IMPORTANTUSNH HR has extended the Flexible Spending Account (FSA) grace period deadlines to 12 months for Health Care & Dependent Care. 
This means, you can continue to use your 2020 FSA contributions to pay for eligible expenses up to December 31, 2021. Claims for both categories must be submitted by March 31, 2022Have questions or need assistance?  Email HR.Benefits@unh.edu or call (603) 862-0504.

New information for plan year 2020 & 2021 ONLY
 

Do you need a FSA change?  During plan year 2021 only, you can make changes to previously elected 2021 FSA contributions.  NOTE:  Any election change will not take effect until HR verifies with the vendor the amount that has already been processed and reimbursed from your existing FSA.

Health Care FSA:  Submit receipts for qualifying expenses incurred from January 1, 2020 through December 31, 2021.  Deadline to submit claims - March 31, 2022.

Dependent Care FSA:  Submit receipts for qualifying expenses incurred from January 1, 2020 through December 31, 2021.  Deadline to submit - March 31, 2022. 

If you have a Dependent Care FSA, you can submit claims for dependents up to age 14 through March 31, 2022. Afterwards, claims will only be accepted for dependents up to age 13.

Health Care FSA

This account can be used to pay eligible medical, vision, and dental expenses including deductibles and co-payments not covered under any other plan. Additional highlights of the plan are listed below:

  • You may use your FSA money on yourself or your federally eligible dependents, regardless if you or they are participating in any other University benefit plan.
  • Important deadline: There is a “use it or lose it” rule, funds must be used during the applicable plan year timeframe or they are forfeited.
  • Under government regulations, unused dollars after the deadlines will be forfeited.
  • Maximum contribution amount for 2021: $2,750.00
  • For a list of eligible expenses, please visit www.wageworks.com
  • Minimum per pay deposit: $1.00, Maximum annual Deposit: $2,750.00
  • Once an FSA election has been made it cannot be changed. The employee is committed to that decision for the plan year. The only exception is when the employee has a qualifying Change in Status.

Dependent Care FSA

This account is for the purpose of paying for eligible dependent/elder care expenses (such as child or parental care) that enables you to work.

  • Pay for dependent care expenses for child(ren) under age 13 or an elderly dependent so that you (and your spouse, if you are married) can work, look for work or go to school full time.
  • Important deadline: There is a “use it or lose it” rule, therefore funds not used during the current tax year through December 31st  are forfeited.
  • Under government regulations, unused dollars after the deadlines will be forfeited
  • Maximum contribution amount for 2021: $5,000.  If you are married and you and your spouse both participate in a Dependent Care FSA, you are limited to a combined deposit of $5,000, if you file a joint tax return, or deposits of $2,500 each, if you file separately.
Dependent care expenses are eligible for reimbursement if they meet the following criteria:

For a full list of eligible expenses, please visit www.wageworks.com

  • The annual amount submitted for reimbursement does not exceed the lesser of your income or your spouse’s income
  • The expenses are necessary to enable you to work
  • Your dependent is under age 13 or is physically or mentally incapable of caring for him/herself
  • Your dependent is eligible to be claimed as a dependent on your Federal Income Tax Return
  • Your dependent resides in your home for at least eight(8) hours per day
  • Your payments are not made to a person you claim as a dependent
  • If the services are provided by a dependent care center that provides care for more than six individuals (other than a resident of the facility), the center must comply with all state and local laws

NOTE: When filing Federal Income Tax Return you will be required to supply the name, address and taxpayer identification number of the dependent care provider.