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Flexible Spending Accounts (FSA)

A Flexible Spending Account (FSA) is a tax-advantaged savings reimbursement account that allows you to set aside money for eligible expenses on a pre-tax basis. There are three kinds of FSAs available to University of Rochester employees:

  • Health Care FSA
  • Limited Purpose FSA
  • Dependent Care FSA

Learn more about each of these options below.

FSA overview

Learn about your FSA plan’s specific eligibility, covered expenses, and contribution limits.

Lifetime Benefit Solutions will be your FSA administrator.

These instructions will guide you through the process of setting up an online account. More details on downloading the using the mobile app can be found here.

Eligibility

You are eligible to contribute to a Health Care FSA if you are a benefit-eligible employee that:

  • Waived health coverage; OR
  • Enrolled in the PPO Plan; OR
  • Enrolled in the HSA-Eligible Plan and are not contributing to an HSA (if you are contributing to an HSA, see Limited Purpose FSA below)
Covered Expenses

You may use your Health Care FSA to reimburse qualified out-of-pocket medical, dental, prescription, or vision expenses. A complete list of qualifying expenses can be found in IRS Publication 502.

The CARES (Coronavirus Aid Relief and Economic Security) Act, passed by Congress, has expanded covered expenses that you may use your FSA on. The act is retroactive as of 1/1/2020. Qualified expenses now include: over-the-counter medicine without needing a doctor’s prescription and all feminine hygiene products.

Contributions

The maximum amount you may contribute in 2021 is $2,750 (minimum election is $100). At the end of the year, employees are eligible to roll over a maximum of $550 of unused funds to the next year an election to contribute to a Health Care or Limited Purpose FSA is made during Open Enrollment for the following year (minimum election is $100). If an active election to contribute is not made at that time, unused funds from the previous year will be forfeited.

Learn more in this video overview.

Eligibility

You are eligible to contribute to a Limited Purpose FSA if you are a benefit-eligible employee that enrolled in the HSA-Eligible Plan and are contributing to an HSA.

Covered Expenses

You may use your Limited Purpose FSA to reimburse qualified out-of-pocket dental and vision expenses. Once the Tier 1 Plan deductible has been met, you may also use your Limited Purpose FSA for qualified medical and prescription expenses. A complete list of qualifying expenses can be found in IRS Publication 502.

The CARES (Coronavirus Aid Relief and Economic Security) Act, passed by Congress, has expanded covered expenses that you may use your FSA on. The act is retroactive as of 1/1/2020. Qualified expenses now include: over-the-counter medicine without needing a doctor’s prescription and all feminine hygiene products.

Contributions

The maximum amount you may contribute in 2021 is $2,750 (minimum election is $100). At the end of the year, employees are eligible to roll over a maximum of $550 of unused funds to the next year, if during Open Enrollment, an election to contribute to a Health Care or Limited Purpose FSA is made (minimum election is $100). If an active election to contribute is not made, unused funds from the previous year will be forfeited.

Learn more in this video overview.

Eligibility

You are eligible to contribute to a Dependent Care FSA if you are a benefit-eligible employee that:

  • Has a dependent child under age 13 that is claimed as tax-dependent; OR
  • Has a tax-dependent adult
Covered Expenses

You may use your Dependent Care FSA to reimburse qualified daycare expenses for eligible dependents. A complete list of qualifying expenses can be found in IRS Publication 503.

Contributions

The maximum amount you may contribute in 2021 is $5,000 for individuals or married couples filing jointly, or $2,500 for a married person filing separately. At the end of the year, any unused funds will be forfeited.

Learn more in this video overview.

There are a few options for using the savings in your FSA towards qualified medical expenses.

Automatic reimbursements

If you’re enrolled in a University Health Care Plan, you have the option to set up your Health Care or Limited Purpose FSA so that it processes reimbursements automatically when you incur a qualified expense. Set this up using your online account with Lifetime Benefit Solutions.

Manual reimbursements

If you did not enroll in health coverage through the University or you decide not to use the automatic reimbursement feature, you must submit a claim for each qualified expense that you would like to receive reimbursement for. You may either:

  1. Use your Lifetime Benefit Solutions online account to submit claims electronically; OR
  2. Use a paper form to submit claims.
Direct deposit

Use your online account or a paper form to set up direct deposit of reimbursements into your bank account with your vendor.

Lifetime Benefit Solutions direct deposit authorization form
Complete this form if you are setting up a direct deposit account for your FSA account

Lifetime Benefit Solutions FSA reimbursement request form
Complete this form if you are filing a claim for your eligible expense for your Health Care FSA or Limited Purpose FSA

Lifetime Benefit Solutions Dependent Care FSA reimbursement form
Complete this form if you are filing a claim for your eligible expense for your Dependent Care FSA

PayFlex FSA reimbursement form
Complete this form if you are filing a 2020 claim for your eligible expense for your Health Care or Dependent Care FSA

If you need additional forms, you can contact us or explore our employee benefit forms page.

You will automatically be enrolled with Lifetime Benefit Solutions (LBS) if you elected to enroll in an FSA plan during the Open Enrollment process. There is nothing additional you need to do to establish your FSA account. If you would like to access your account information, you can use the LBS member portal or mobile app. You can also contact LBS customer service team at 800-327-7130.

You are eligible to carryover any unused Health or Limited FSA amounts up to $550 per IRS Regulations. These amounts will be transferred to LBS after the close of 2020 claims run out period, scheduled to end April 30, 2021. Your carryover amount will automatically be transferred to LBS the week of May 10, 2021 and should be available in your new LBS account the week of May 24, 2021.

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