Flexible Spending Account Plan

The Flexible Spending Account (FSA) Plan allows you to set aside pre-tax contributions, which are deducted from your paychecks, to pay for eligible out-of-pocket expenses incurred by you or your eligible dependents. For complete information about the FSA Plan, please refer to the participant summary document (.pdf).

Health Care FSA:

The 2022 maximum annual contribution will be $2,850 (was $2,750 in 2021).

  • You may choose a calendar year contribution between $100 and $2,850.
  • Contributions to this account can be used to pay for health care expenses which are incurred by you or your eligible dependents in calendar year 2022 and are not covered or only partially covered by a health care, prescription drug, dental, or vision care plan.
  • Eligible expenses include, but are not limited to, deductibles, medical and prescription drug copays, prescription eyeglasses, and certain over-the-counter medications.
  • You may not use funds in your health care flexible spending account to pay for a domestic partner’s health care expenses.

Dependent Care FSA:

  • You may choose a calendar year contribution between $100 and $5,000 (maximum per year, per household) or up to $2,500 maximum if you are married, you file a tax return separately from your spouse, and you each elect to contribute to a dependent care FSA.
  • Contributions to this account can be used to pay for eligible child care expenses for qualified dependent children who are under the age of 13, which are incurred in calendar year 2022 so that you (or you and your spouse) can work, look for employment, or go to school on a full-time basis. You may also contribute to cover day care expenses for dependents of any age who are mentally or physically incapable of self-care and whom you claim as a dependent on your federal income tax return.
  • To receive reimbursement for services provided by a babysitter, child care center, or an adult care center, the services must have been incurred while you are  working, and you are required to provide the babysitter or child/adult care center’s Employer Tax ID Number or Social Security Number.
  • Overnight or sleep-away camp expenses as well as educational fees/tuition for your dependent child, are not eligible for reimbursement.

? Under IRS regulations, FIT’s Dependent Care FSA is subject to annual non-discrimination participation testing to ensure that the plan does not disproportionately favor Highly Compensated Employees (HCE) as defined by the IRS. For purposes of testing, a participant who earned more than the IRS annual income limit in the preceding year (income limit of $130,000 in 2021 for testing which will be conducted in 2022) is considered an HCE.  If, after testing, the plan is found to be discriminatory, 2022 participants who are considered HCEs will be notified of a reduction in the amount that they may contribute to the Dependent Care FSA in 2022.

Important Information:

  • Health Care FSA and Dependent Care FSA contributions cannot be combined or transferred between accounts.  Be sure you are electing the correct type of flexible spending account.
  • Under the IRS “Use It or Lose It” rule, if you do not use all the money contributed to your 2022 FSA(s) for expenses incurred between January 1, 2022, and December 31, 2022, you will forfeit the unused balance.  The unused balance cannot be carried over to the next calendar year.

Additional information about eligible expenses and the plan details are found in the Flexible Spending Account webpage and in the Flexible Benefit Administrators section of the Benefits Forms and Information webpage.  

? What you need to do by Friday, November 12, 2021

You must make a new election to participate in the FSA Plan each year. Your 2021 election will NOT carry forward into 2022.  To enroll in the plan for calendar year 2022, please visit the Flexible Benefit Administrators (FBA) website and follow these instructions (.pdf)If you already have an online FBA account and you do not remember your FBA username or require password assistance, call FBA at (800) 437-3539.

If you do not enroll during the Annual Benefits Open Enrollment Period, you will not participate in the Flexible Spending Account Plan in 2022 unless you have a qualified change in family satus in 2022 and enroll in the FSA Plan.