Administered by ASI Flex, a Health Care Flexible Spending Account (HCFSA) allows you to set aside pretax dollars to pay for qualifying medical, dental and vision expenses for you and your dependents.
IRS contribution limit:
- $2,650 per employee for the 2018-2019 plan year
- $2,700 per employee for the 2019-2020 plan year
- 2018-2019 plan year: You must incur qualifying expenses between July 1, 2018 and Sept. 15, 2019 and claim the money by Nov. 15, 2019.
- 2019-2020 plan year: You must incur qualifying expenses between July 1, 2019 and Sept. 15, 2020 and claim the money by Nov. 15, 2020.
- If you do not use all of your funds within the FSA, by the above deadlines, the remaining amount will be forfeited.
Limitations: You cannot participate in both an HCFSA and a Health Savings Account (HSA) at the same time.
- Health Care Flexible Spending Account (HCFSA) fact sheet
- Flexible Spending Account (FSA) Plan Document
- Find eligible expenses, claim forms and more
What is a Cafeteria Plan?
A cafeteria plan is a tax-savings benefits program designed to take advantage of Section 125 of the Internal Revenue Code. It allows you to pay certain qualified expenses on a pre-tax basis, reducing your taxable income. This includes CU's Premium-Only Plan and two Flexible Spending Accounts.