Saint Louis University employees can contribute to a flexible spending account or a health savings account.
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 877-292-4040 (the number on the back of the FSA card), or after registering on their website at 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 their Workday inbox 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 Workday.
Employees can elect or change the benefit within 31 days of a life change such as marriage or dependent birth/adoption by submitting a change benefits event in Workday. 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 $2,750.
Participation in an FSA reduces your taxable income prior to assessment of Social Security and all other federal, state and local taxes.
Employees who elect the FSA will receive a payment card to use at the point of sale for out-of-pocket qualified medical 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 31), the remaining funds are available for use until March 15 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 April 30 to ConnectYourCare.
Please note: If you are moving from an FSA to an HSA under the QHDHP, the grace period does not apply. No funds can be remaining in the healthcare FSA as of December 31.
If claims are not reconciled prior to April 30, employees are required to refund the amount of the transaction.
Claims may be faxed to 443-681-4602.
Health Savings Account
A Health Savings Account is a personal savings account which allows participants to withhold money as a payroll deduction on a pre-tax basis for qualified medical expenses.
HSAs are only available to employees who are currently enrolled in a High Deductible Health Plan (HDHP) offered through Saint Louis University.
Before setting up your payroll deduction, you must have an online account set up via www.optumbank.com. If needed, Saint Louis University's Group Number is 712924.
Newly hired employees wishing to enroll and receive the employer contribution must set up their HSA account and submit their new hire elections via Workday within 31 days from their date of full time employment.
Enrollment into the plan may occur at any time during the plan year; however, the employer contribution will not be granted outside of the new hire or open enrollment period.
Employees wishing to contribute to their HSA Plan must re-enroll each year, but account balances will remain from year to year.
Enrollment (Payroll Deduction) Form
Employees wishing to create or make changes to their contributions throughout the plan year may submit an HSA contribution change event in Workday.
Contributions are subject to the IRS annual maximum amount of $3,550 for employee only coverage, and $7,100 for family coverage, less the employer contribution ($400 for employee only, $800 for family) to your HSA. There is no minimum amount to contribute to your HSA, and employees would still be eligible for the employer contribution for the plan year as long as it is elected during the new hire enrollment period, or during the annual open enrollment. When completing an election during the annual open enrollment period, employer contribution funds will become available effective January 1 of the following year.
In order to receive employer contribution funds as a newly hired employee or during the open enrollment period, please note that in addition to making a plan year election via the "New Hire Menu" or Open Enrollment, the creation of an Optum Healthbank account is required so that funds are deposited on schedule. Please refer to the HSA Optum Bank Online Enrollment to ensure that the opening of an HSA personal savings account is completed.