Flexible Spending Account
A Flexible Spending Account (FSA) is an Internal Revenue Service (IRS) regulated benefit that allows employees to use pre-tax dollars to pay for out-of-pocket qualified medical expenses. Each plan year, employees can choose how much to contribute via payroll deduction to the FSA, and have access to the funds throughout the year through ConnectYourCare. Contributions made to a Flexible Spending Account are "use it or lose it".
Saint Louis University's FSA administrator ConnectYourCare is available to assist employees by calling 888-339-3819 (the number on the back of the FSA card), or after registering on their website www.connectyourcare.com.
The Flexible Spending Account Overview contains valuable information regarding specific advantages of the benefit, accessing funds and additional rules and regulations.
New employees wishing to enroll must complete their elections using the New Hire Menu found in Banner Self Service within 31 days of their full time date of hire. Otherwise, enrollment during the plan year is permitted during the annual Open Enrollment period each November also using Banner Self-Service.
Employees can elect or change the benefit within 31 days of a life change such as marriage or dependent birth/adoption by using an enrollment form. Only during Open Enrollment and qualified life changes can employees make changes to their FSA benefit.
Per IRS mandates, employees wishing to participate in the Flexible Spending Plan on an annual basis must re-enroll each year during Open Enrollment.
Contributions are subject to the annual minimum amount of $130 and the IRS maximum amount of $2,650.
Participation in an FSA reduces your taxable income prior to assessment of Social Security and all other federal, state and local taxes.
Using the FSA
Employees who elect the FSA will receive a payment card to use at the point of sale (see the FSA Enrollment Guide above for more details) for out-of-pocket qualified medical expenses.
FSA Eligible Expenses
Employees may also submit reimbursement requests (claims) and substantiation documents if eligible expenses are incurred using personal funds. It is encouraged for employees to register at www.connectyourcare.com for this process as well as to review balances and all existing claims.
Employees may take advantage of SLU's 75-day plan year extension. Should employees have a remaining balance of FSA funds at end of the traditional plan year (December 31st), the remaining funds are available for use until March 15th of the following year.
Employees will also have up to ninety days after the end of the plan year (December 31st) to submit reimbursement claims of eligible expenses incurred until the plan year extension before remaining balances are forfeited. All claims must be submitted no later than March 31st to ConnectYourCare.
If claims are not reconciled prior to March 31st, employees are required to refund the amount of the transaction.