Flexible Spending Accounts
A Flexible Spending Account (FSA) is a savings account that allows you to use pre-tax dollars to pay for out-of-pocket prescriptions, medical, dental, vision or dependent care expenses.
There are two FSA account options:
- Healthcare FSA allows you to use pre-tax money to pay for essential health care services that are not covered, or are partially covered by your medical and dental insurance plans. It also reimburses many other expenses and services that are not covered by insurance, such as over-the-counter medications, massage therapy, chiropractic work and many more.
- Dependent care FSA creates a tax break for childcare or elder care expenses that make it possible for you to work or attend school full-time.
Here are two great advantages to enrolling:
- You can pay for your eligible expenses with pre-tax dollars
- You will lower the taxes taken out of your pay
Our FSA benefit is administered by the third party, Allegiance.
Flexible Spending Accounts are available to any employee who qualifies for the full benefit package -
faculty member with at least a .50 full-time equivalent (FTE)
staff member who works at least 20 hours per week (.53 FTE)
Please visit our benefit eligibility page to read more.
An FSA is fully funded by the employee. Deductions occur in the month in which the benefit becomes active - for example if you benefit starts on April 1st, your first deduction will appear on your April 30th payroll.
Healthcare FSA Annual Limits: The maximum contribution limit for the health care FSA is limited by the IRS. The plan year maximum limit for an individual contribution is $2,550. The plan year maximum limit for a household contribution is $5,100.
Dependent Care FSA Annual Limits: The maximum contribution limit for the dependent care FSA is limited by the IRS. The plan year maximum limit for an individual contribution is $5,000. The plan year maximum limit for a household contribution is $5,000.
FAQ & Tips
When can I sign up and when is it effective?
Within 31 days of your initial date of hire. The account goes into effect the first day of the month following your enrollment.
During Open Enrollment. The account becomes effective the first day of April. You must actively re-enroll in the FSA program each year to take advantage of the tax savings.
How do I get reimbursed for my purchases?
Submit a paper form with receipts and be reimbursed by check or by direct deposit.
Submit receipts online and be reimbursed by check or by direct deposit.
Use an Allegiance debit card. No need to be reimbursed, although a receipt may be necessary.
Group Number: 503711
Hours: 7am to 5pm
P.O. Box 2930
Tualatin, OR 97062