Open Enrollment – Flexible Spending Accounts (FSA) - Human Resources at Ohio State
November 1-14, 2019
Health Care and Dependent Care Flexible Spending Accounts (FSA)
Flexible Spending Accounts (FSAs) are available to set aside pre-tax dollars that can be used to reimburse eligible health or dependent care expenses. An FSA puts more money in your pocket by reducing your taxable income.
When enrolling, you determine how much money you want to contribute to each account for the plan year. The funds are then withheld from your pay and reduce your taxable income. As you incur eligible health care expenses, you can use your health care debit card to pay for them, where applicable, or you can submit claims and be reimbursed from either your health care or dependent care account, based on the type of expense you submit.
Health Care FSA Information
If you want to participate in a Health Care FSA in 2020, you must enroll during Open Enrollment.
With a Health Care FSA, you set aside pre-tax dollars from your pay to be used for eligible health care expenses that you, your spouse or your eligible dependents incur. Your contributions can range from $100 to $2,700 per year, and the funds that you contribute do not roll over from year to year. However, if you still have a balance in your FSA account at the end of 2020, there is a grace period through March 15, 2021 that provides an additional opportunity for you to incur eligible expenses and use your funds to avoid losing them.
You can use both a Health Care FSA and a Health Reimbursement Account (HRA), but they are different accounts. It is important to understand the differences and the rules for utilizing both accounts. A comparison chart is in the last accordion on the main Health Care FSA page.
You must incur eligible health care expenses between January 1, 2020 and March 15, 2021 to be reimbursed from amounts you contribute to your Health Care FSA in 2020. You will forfeit any funds that are not reimbursed from your FSA by March 31, 2021.
- 2020 FSA Specific Plan Details (SPD)
- Learn more about how Health Care FSAs work
- Comprehensive list of eligible and ineligible expenses
Your Health Care Debit Card offers easy access to the funds in your Health Care FSA and eliminates the need to file a claim for reimbursement.
Your Health Care Debit Card remains active for three years. You will not receive a new debit card unless you newly enroll in a Health Care FSA for 2020. Retain your card each year if you continue re-enrolling in a Health Care FSA or have HRA credits. Current cardholders are encouraged to verify the expiration date on their current card and expect to receive a replacement card approximately one month prior to expiration date.
Your myBenefitsMentor resources (in Employee Self Service) can help you estimate your 2020 out-of-pocket health care costs so you can plan for an appropriate amount of expenses to be covered by your Health Care FSA contributions and take advantage of the tax benefits it provides.
Dependent Care FSA Information
If you want to participate in a Dependent Care FSA in 2020, you must enroll during Open Enrollment.
A Dependent Care FSA allows you to set aside pre-tax dollars from your pay that can be used to reimburse expenses that you incur for the care of eligible dependents to enable you and your spouse to be gainfully employed. Your contributions can range from $250 to $5,000 per year per household.
Eligible dependent care expenses must be incurred for the care of a dependent who lives with you and may include childcare for children under age 13 or adult day care for parents (does not include long-term care expenses).
A Dependent Care FSA cannot be used for your dependents’ health care expenses. Enroll in a Health Care FSA instead for these types of expenses.
You must incur eligible expenses between January 1, 2020 and March 15, 2021 to be reimbursed from amounts you contribute to your Dependent Care FSA in 2020. You will forfeit any funds that are not reimbursed from your FSA by March 31, 2021.