Employee Paid

Overview

A Flexible Spending Account (FSA) is an IRS-approved, tax-exempt account that saves you money on eligible, out-of-pocket medical, dental and vision expenses, such as copays and deductibles. The money that you choose to deposit each pay period into your flexible spending account is deducted from your gross pay before taxes are calculated. These funds are exempt from federal income, Social Security and Medicare taxes. Then, as you incur eligible expenses, you may request withdrawals from your account to reimburse yourself.

Your FSA dollars can be reimbursed for over-the-counter antacids, pain relievers, cold medications and allergy medications.

Eligibility

CWU Employees who are eligible for regular medical/dental insurance benefits and have an appointment for at least 9-months of the year are eligible for the FSA plan. You can be reimbursed for the expenses of your spouse and dependent children, even if they are not covered on your insurance.

Note

These plans are not without risk. Under IRS rules, the money set-aside in an FSA, but not spent within the calendar year, cannot be carried forward to future years or refunded, and is effectively lost. The tax savings can be significant, but to avoid forfeitures, it is important not to set aside more than will be spent in a single calendar year.

Enrollment

The annual open enrollment period is the month of November, for participation the following calendar year. New employees can enroll within the first 30 days of employment. Additionally, if you have a change in family status you may be eligible to enroll or change your deductions amount.