Flexible Spending Account Details

Two Flexible Spending Accounts (FSA's) are offered as a part of your group insurance plan - the Health Care Spending Account reimburses you for uninsured or non-covered medical, dental or eye care expenses and the Dependent Care Spending Account reimburses you for child and dependent care expenses required in order for you or your spouse to work. The monies taken for these accounts are pre-tax accounts must be used for expenses not reimbursed by other coverage. Monies not recovered through claims will be lost under the IRS rule Use It of Lose It.

The University of Akron has adopted IRS Notice 2005-42 which allows participants an additional 2 ½ months of claim incurrence for the health care spending account beyond the end of the calendar year. It does not eliminate the "Use It or Lose It" rule but will reduce participant forfeitures by allowing claims to be incurred up to March 15^th. 

The dollars do not roll forward but the account remains active for the additional 2 ½ month period. Accordingly the claim filing date has been extended until May 31st.

Maximum annual contributions are as follows:

Health Care Account $3,500 Dependent Care Account $2,500 or $5,000 if married, filing jointly on tax return

The University of Akron offers two Flexible Spending Accounts (FSA's) as part of your group plan. The FSA's are administered by:

FlexSave
2060 E. Ninth St.
Cleveland OH 44115-1355
1-800-525-9252

Here are the two accounts available:

• The Health Care Spending Account reimburses you for uninsured or non-covered medical, dental or eye care expenses; and
• The Dependent Care Spending Account reimburses you for child and dependent care expenses required for you or your spouse to work. The dollars taken for these accounts are pre-tax and must be used for expenses not reimbursed by other coverage.

EXTENDED PERIOD TO USE HEALTH ACCOUNT DOLLARS
The University of Akron has adopted IRS Notice 2005-42, which allows participants an additional 2½ months of claim incurrence for the health care spending account. This does not eliminate the "Use It or Lose It" rule, but it will reduce participant forfeitures by allowing claims to be incurred up to March 15, 2011, for the 2010 plan year. The 2010 dollars do not roll forward, but the account remains active for the additional 2½-month period. Accordingly, the claim filing date has been extended to May 31, 2011.

MAXIMUM CONTRIBUTIONS
Maximum annual contributions are as follows:

• Health Care Account: $3,500
• Dependent Care Account: $2,500 or $5,000 if married, filing jointly, on tax return

REIMBURSEMENT FOR OVER-THE-COUNTER MEDICINES
The Health Care Flexible Spending Account also allows reimbursement of the following over-the-counter medications and devices.

• Acetaminophen (pain reliever/fever reducers)
• Analgesic ointments (for treatment of poison ivy, poison oak, eczyma and other skin condition)
• Antacids
• Antihistamines
• Aspirins
• Birth control
• Cold medicines
• Cough drops
• Cough syrups
• Migraine medicines
• Heating pad
• Laxatives and diarrhea medication
• Thermometers

A receipt is required for these items. They can be generic or brand name.