USNH offers two Flexible Spending Accounts (FSAs) administered by Health Equity/WageWorks. With Flexible Spending Accounts (FSAs), you can put aside a portion of your pay, before taxes, to reimburse yourself on a pre-tax basis for health care and/or dependent/elder day care expenses. If you enroll in a medical plan with a Health Savings Account, you cannot elect a Healthcare FSA.
You can contribute pre-tax money to a Healthcare FSA (unless you’re enrolled in the Open Access Plus HSA Plan) to pay for eligible health care expenses, such as your medical and dental plan deductibles, copays, and coinsurance.
- You may use your FSA money on yourself or your federally eligible dependents, regardless if you or they are participating in any other University benefit plan.
- Important deadline: There is a “use it or lose it” rule, funds must be used during the applicable plan year timeframe or they are forfeited.
- Under government regulations, unused dollars after the deadlines will be forfeited.
- Once an FSA election has been made it cannot be changed. The employee is committed to that decision for the plan year. The only exception is when the employee has a qualifying Change in Status.
For a list of eligible expenses, please visit www.wageworks.com
You can contribute pre-tax money to pay for qualified dependent day care expenses, such as preschool, before- or after-school programs, or child/elder care for eligible dependents, that allow you and your spouse to work or that allow you to work and your spouse to attend school full time.
- Pay for dependent care expenses for child(ren) under age 13 or an elderly dependent so that you (and your spouse, if you are married) can work, look for work or go to school full time.
- Important deadline: There is a “use it or lose it” rule, therefore funds not used during the current tax year through December 31st are forfeited.
- Under government regulations, unused dollars after the deadlines will be forfeited
Dependent care expenses are eligible for reimbursement if they meet the following criteria:
- The annual amount submitted for reimbursement does not exceed the lesser of your income or your spouse’s income
- The expenses are necessary to enable you to work
- Your dependent is under age 13 or is physically or mentally incapable of caring for him/herself
- Your dependent is eligible to be claimed as a dependent on your Federal Income Tax Return
- Your dependent resides in your home for at least eight(8) hours per day
- Your payments are not made to a person you claim as a dependent
- If the services are provided by a dependent care center that provides care for more than six individuals (other than a resident of the facility), the center must comply with all state and local laws
For a list of eligible expenses, please visit www.wageworks.com
NOTE: When filing Federal Income Tax Return you will be required to supply the name, address and taxpayer identification number of the dependent care provider.
Health Savings Account (HSA)
If you meet eligibility guidelines and enroll in the Open Access Plus Health Savings Account (HSA) Plan, you can open an HSA to help pay for eligible qualified health care expenses, tax-free! USNH makes an annual contribution to your HSA and you can contribute your own money, tax-free. You can use your account to pay for eligible medical expenses, like copays, coinsurance, your annual deductible, and eligible prescription, dental, vision, and hearing expenses. You may also choose to save your money for future expenses. The money in your account grows tax-free from investment returns, and you’re not taxed on withdrawals for eligible expenses. You can take your HSA money with you if you leave USNH or retire. To be eligible for an HSA, you must be enrolled in the Open Access Plus HSA Plan and not be enrolled in any other health insurance or in Medicare Part A or Part B.
