Flexible Spending Accounts for 2012
HealthEquity is the administrator of the University’s administrator for flexible spending accounts. By registering on HealthEquity’s website, employees can:
- View balance of flexible spending accounts
- Submit and substantiate FSA claims
- Request additional debit cards
- Securely contact HealthEquity customer service
- Access the Prescription Drug Pricing Tool and Out of Pocket Estimator
Employees may also contact HealthEquity by calling 877-694-3939.
This is a list of FSA eligible items
This form can be submitted to HealthEquity to setup Direct Deposit for FSA or HRA Reimbursements.
Complete this form to appeal an FSA or HRA claim processed by HealthEquity.
9. FSA FAQ's
About Flexible Spending Accounts
The University offers two types of flexible spending accounts:
The Health Care Spending Account reimburses you for uninsured or non-covered medical, dental or eye care expenses. Employees can contribute a maximum of $5,000 annually into a health care flexible spending account. Participants will receive a MasterCard debit card for easy FSA withdrawals for eligible items.
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. Employees can contribute a maximum of $2,500 or $5,000 if married and filing jointly on tax returns.
Effective January 1, 2011, over-the-counter (OTC) drugs cannot be purchased with FSA dollars unless the OTC drug is prescribed by a doctor.
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 beyond the end of the calendar year. It 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, 2013. The dollars do not roll forward but the account remains active for the additional 2½ month period.
The last day to withdraw money from your 2012 FSA account is May 31, 2013.
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 “Use It or Lose It ” IRS rule.