Flexible Spending Accounts
Flexible spending accounts* enable employees to pay for eligible health (medical, dental and vision) and/or dependent care expenses with pretax dollars, thereby reducing their tax burden.
How It Works
Employees elect a portion of their salary pay into the flexible spending accounts via pretax payroll deductions withheld throughout the calendar year. These dollars are held in an FSA account and are not subject to federal, state or Social Security taxes. Reimbursements are made as employees incur out-of-pocket expenses for qualifying health and/or dependent care services.The amount you elect to set aside will be deducted in equal amounts from your paychecks though the end of the plan year.
Brandeis University flexible spending accounts are managed by a third-party administrator, HealthEquity/WageWorks. You can contact HealthEquity/WageWorks at 1-877-924-3967.
Enrollment
Eligible employees enroll through their Workday new hire benefit task within 31 days from their start date, within 31 days of when you first become eligible for the plan. If you do not enroll when you first become eligible for the plan, you may enroll during the annual open enrollment period (usually held in November) for the Plan Year beginning January 1.
Once you have completed your enrollment in a flexible spending plan in Workday and your election has been approved by the benefits unit, you will need to set up an account with HealthEquity/WageWorks. Your online account will enable you to submit claims for reimbursement and check account balances and claims in process.
- Coverage begins 1st day of month that coincides or follows date of hire, new eligibility or January 1 of the plan year following election during open enrollment
- Eligible expenses only incurred on or after your effective date
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Grace Period – incur expenses through March 15, 2025 for plan year 2024
Contribution Limits
- Health Care- Annual Limit = $3,200 for 2024 calendar year
- Individual Maximum - employee and spouse may each contribute up to max (employer allowed)
- Dependent Care - Annual Limit = $5,000 for 2024 calendar year
- Family Maxixmum - Married filing jointly $5,000, Married filing individual $2,500 each
Using Funds
Health Care FSA |
Dependent Care FSA |
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Coverage End
Coverage ends last day of employment or eligibility end date or on grace period end date (March 15th) if you do not renew during open enrollment for the following year.
Forfeiture of Contributions
The IRS requires that any funds not used by the end of the grace period must be forfeited. Because of this "use it or lose it" forfeiture requirement, it is essential that you estimate your expected dependent care expenses carefully.
Deadline to Submit Claims
You have four months (April 30th) following the end of a plan year (December 31st) to submit claims for expenses incurred during the plan year or through the end of the grace period (March 15th following end of a plan year) for reimbursement.
Helpful Links for Employees
HealthEquity/WageWorks support center
Flexible Spending Account management