Flexible Spending Accounts

SWAG视频 Flexible Spending Accounts

Sometimes called 鈥渇lexible reimbursement accounts,鈥 flexible spending accounts (FSA) allow you to set aside money to pay for certain kinds of medical, dental, and dependent-care expenses before taxes are assessed on that income. Creating an online account is a great way to help manage your FSA. To create your new account visit and click on 鈥渇irst time user鈥 to get started.

Contributions are made throughout the calendar year, and eligible expenses must be incurred within that calendar year or within the grace period. If you don鈥檛 use all eligible funds from your account the remaining amount is forfeited. Typically, you pay your bill first and submit your receipts to Flores for reimbursement.

The CARES Act (PDF), which took effect on March 27, 2020, now permits FSA and HSA reimbursement of over-the-counter products without the need of a prescription, including with menstrual products. See information about allowable over-the-counter expenses (PDF)

Eligibility

  • Full- or half-time faculty or professional staff.
  • Covers expenses for self, spouse, and dependent children.
  • Your contributions will stop the last day you physically worked in a benefits-eligible position. Employees whose benefits-eligible position ends during the plan year have until May 30 of the following year to submit expenses incurred through their last day physically worked in the benefits-eligible position for both dependent care expenses and medical expenses.
  • Please review the Summary Plan Description (PDF), the FSA Summary of Modifications (PDF), and the Wrap Summary Plan Description (PDF) for more eligibility and plan details and consult with Human Resources for specific situations.

Medical FSA

As an eligible employee, you can elect between a minimum of $250 and a maximum of $3,050 (2024) in a calendar year on a pre-tax basis for certain health care needs for yourself, your spouse, or your dependent children (up to the age of 26). Please note that you may not opt for a Medical FSA account if you are participating in an HSA medical plan. For more information, review the Health Care FSA Guide (PDF) and see a checklist on medical expenses that are FSA eligible (PDF).

Dependent Care FSA

Eligible employees can elect between a minimum of $250 and a maximum of $5,000 in a calendar year on a pre-tax basis for certain care needs of dependent children through the age of 12. For more information review the Dependent Care FSA Guide (PDF) and see a list of dependent care expenses that are FSA eligible (PDF).

Consult with your tax advisor regarding your limit.

  • $5,000 per plan year (single or married, filing jointly)
  • $2,500 per plan year (married, filing separately)

Grace Period

The SWAG视频 has added a time extension at the end of the plan year during which you may incur eligible expenses and be reimbursed from your FSA. We have a 2.5 month grace period after our plan year of January 1 through December 31.

This means that you have until March 15 to incur medical or dependent expenses and until May 30 to submit any claims incurred during the previous plan year or during the grace period.

Other FSA Resources

FSA FAQ

The following provides a summary of commonly asked questions, but you must consult your plan documents or a Human Resources representative for full details about eligible expenses, enrollment, and other information.

When is the typical plan year for flexible spending accounts?

The plan year runs from January 1 to December 31. However, SWAG视频 offers a 鈥済race period鈥 for individuals to incur expenses and submit claims after the end of the typical plan year.

When can I sign up to participate in a flexible spending account?

Flexible spending accounts work in the same way as health and dental insurances; you can sign up for a flexible spending account at your time of hire, during open enrollment, or when you have a qualifying event, such as marriage, birth or adoption of a child, change in eligibility for insurance, loss of other coverage, etc.

I elected $300 for my medical flexible spending account (FSA) last year, and I didn鈥檛 use it all or forgot to submit the claims for reimbursement. Can I get back the money I didn鈥檛 use or submit for reimbursement for the money I did use?

You have until March 15 of the next plan year to incur costs for the previous plan year (i.e.: until March 15, 2025 to incur cost against your 2024 deductions). You have until May 30 of the next plan year to submit for reimbursement all charges for the previous regular plan year or the grace period. If your charges or submission fall outside of these dates, or you do not use all your money, the remaining balance will be forfeited. 

Will my elected flexible spending amounts carry over from year to year or do I need to elect them annually?

You need to elect your medical and/or dependent care flexible spending account amounts annually during the open enrollment process. If you do not re-elect your benefits during open enrollment,  you will not have a flexible spending account for the following calendar year.

My child takes advantage of an after school program because I can鈥檛 leave work in time to pick them up after school. Can I elect FSA to cover the cost of the after school program?

Dependent Care Flexible Spending Accounts are available for childcare costs for children through the age of 12 (ends on their 13th birthday). Most after school programs qualify for reimbursement. To be sure, contact Flores (the administrator of SWAG视频鈥檚 plan) at (800) 532-3327.

My child is under 12 and going to an overnight summer camp instead of regular day care. This still allows me to work while they are away. Does this qualify for reimbursement?聽

Although this program allows you to be able to work, overnight programs are not eligible for dependent care flexible spending reimbursement. Most day camps, including sports camps, usually are. To be sure, contact Flores (the administrator of SWAG视频鈥檚 plan) at (800) 532-3327.