Flexible Spending Accounts
Marymount University offers full-time, regular employees the option to enroll in flexible spending accounts (FSA). There are two types of flexible spending accounts available, a health care account and a dependent day care account. Both accounts allow you to set aside money for eligible expenses on a pretax basis.
Eligible health care expenses include deductibles, co-pays, co-insurance and certain over-the-counter (OTC) items that are not covered by your medical, dental, prescription, or vision programs. For more information on the eligible expenses, see – TASC’s Guide to Deductible Medical Expenses.
Eligible dependent day care expenses include day care, before and after school programs, nursery school or preschool, summer day camp, and even adult day care. A dependent day care account reimburses you for expenses that allow you and your spouse, if married, to work while your dependents are being cared for.
As you incur health care and/or dependent day care expenses, you may submit a claim for those expenses to get reimbursed with tax-free dollars from your medical flexible spending account. You may submit a claim for reimbursement by:
Completing a form online
With your smartphone using the downloadable mobile app
Fax/mail to the TASC address on the paper claim form
By enrolling in a health care FSA and/or dependent day care FSA, you will pay less in income taxes because your contributions are deducted from your pay on a pretax basis. An FSA truly is your key to tax savings! View a listing of health care or dependent day care eligible expenses.
Special Plan Rules
You may only enroll in a Flexible Spending Account (FSA) during your first 30 days of employment or during open enrollment. For new employees this enrollment covers the pay periods from the start of your payroll deductions through the end of the year. For employees enrolling during open enrollment, your enrollment starts January 1 and continues through the end of the calendar year, if you leave Marymount, or if you have a life event change that offers you to change your FSA elections.
Any Amount(s) left in your dependent care flexible spending account at the end of the plan year will be forfeited. Any amount over $500 left in your medical flexible spending account at the end of the plan year will be forfeited. There is a 90-day “grace period” after the end of the year from which you can submit your receipts for reimbursement. However your receipts will still have to be dated for expenses incurred during your active plan year.
If you haven’t enrolled in the health plan, you can still participate in a Flexible Spending Account. If you or your family members are covered by health insurance elsewhere, you can still claim qualifying out-of-pocket health care expenses under the Flexible Spending Account.
Remember that your expenses must be incurred during your period of coverage. Expenses are considered as having been incurred when you are provided with the health care or dependent day care and not when you are formally billed, charged for, or pay for the care.
The TASC™ Card is similar to a debit card because it electronically accesses your health care account to pay for eligible expenses. You can use the card at qualified merchant locations where Visa® is accepted. The TASC™ Card is accepted at health care merchants as well as non-health care merchants who have implemented an inventory information approval system (IIAS).
As you incur eligible health care expenses, you simply present your TASC™ Card for payment. The system will then validate that your coverage is active and that you have available funds to cover the transaction.
How does termination of employment affect my flexible spending account?
Your eligibility period to incur expenses ends on the date you terminate employment; however, you can continue to file claims for qualified expenses incurred prior to your termination date until the end of the year. Upon termination, your card will be permanently inactivated.