Flexible Spending Accounts
All regular employees of Andrews University working a minimum of 20 hours per week. Participation is optional.
Employee contributes before-tax dollars and is reimbursed for eligible expenses on a tax-free basis.
Starts at the beginning of the benefit plan year. For new employees, starts at eligibility date for benefits. Current Flexible Spending Account contributions do not carry over to the new benefit plan year. In order to have a Flexible Spending Account for the new benefit plan year, you must enroll during the Open Enrollment period.
Flexible Spending Accounts allow you to set aside dollars from your salary, before paying taxes, to pay for certain out-of-pocket health and dependent care expenses. Tax savings result because you do not have to pay income or FICA taxes on the amount withheld from your paycheck or the reimbursement amount. You choose the amount to be deducted from your gross pay by projecting your health care and dependent care expenses for the Plan Year.
Through automatic payroll deductions, this amount is deposited into your flexible spending account. Please use the benefits card to pay for eligible expenses. After paying for qualified expenses, you submit the FSA claim form along with receipts to the plan administrator, PhysiciansCare (ASR Corp.). Each three months you will receive a statement showing the status of your account. The PhysiciansCare (ASR) website is secure and can provide you with detailed information on your flexible spending account(s). The plan administrator will reimburse you up to the amount of your account balance.
Note: It is very important that you make careful, conservative decisions on how much money to deposit in FSAs. The IRS dictates that any money left in your FSA(s) at the end of the plan year must be forfeited; by law, it cannot be returned to you. The plan year for your flexible spending account is from July 1 to June 30, not the calendar year.
Two Types of FSAs Available for You
Health Care Spending Account
You may set aside up to $3,000 annually in a Health Care Spending Account to pay for qualified medical, prescription drug, dental and vision care expenses. The health care expenses may be for you, your spouse, or your dependents (as long as you claim them as dependents on your tax return.)
Dependent Care Spending Account
You may set aside up to $5,000 annually in a Dependent Care Spending Account if you meet at least one of the following qualifications:
The Flex Debit Card Verification form and Flex Reimbursement form are available when you log in at www.andrews.edu/go/mybenefits. If you have any questions, please call Corporate Benefit Strategies (CBS) at 1.866.365.2413 ext. 108.
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