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Flexible Spending Accounts

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FSA Overview

Flexible Spending Accounts (FSAs) enable you to set aside some of your pay, on a pre-tax basis, into an account to pay for eligible health care or dependent care expenses. "Pre-tax" means you do not pay federal income or FICA taxes on the amount of money you put in the FSA. You save money by paying less tax. For reimbursement from your FSA account(s), you submit a claim form and required documentation to the spending account administrator, Benefit Express.

There are two types of Flexible Spending Accounts at Vanderbilt:

  • Health FSA reimburses items such as eyeglasses, co-payments, prescriptions and over-the-counter drugs — any eligible health care expenses that are not covered by a benefit plan. The annual election minimums and maximums are $104 to $2,500 per employee. If both spouses work, both can claim $2,500 - for a total household limit of $5,000.
  • Dependent Care FSA reimburses the cost of day care expenses for your children (under the age of 13) or other eligible dependents. The day care must be used as a means to allow you and/or your spouse to be gainfully employed. You can contribute up to a family maximum of $5,000 (for married couples filing jointly) or a minimum of $104 each calendar year to a Dependent Care FSA.

The money contributed to your FSA account must be used during the calendar year; it does not carry over from year to year. Money not used will be forfeited. Please plan your election amount carefully.

How to Submit a Claim

Benefit Express is Vanderbilt’s FSA and HRA vendor. There are three ways to submit a claim:

  1. Online using the Benefit Express website. Log in with your VUnetID and ePassword and then click on "View My Reimbursement Account."
  2. Fax a receipt to 1.253.793.3766
  3. Email a Reimbursement Request Form, with receipts, to help@mybenefitexpress.com

How to Enroll

For New Employees

If you want to enroll in an FSA, you must enroll within three months of your hire date. Then your FSA start date will be the first day of the month after three months of eligible employment. You can file and be reimbursed for claims for eligible services received on or after your FSA start date. Payroll deductions begin upon the first paycheck after eligibility. For example, if you were hired on July 10, your payroll deductions would start with your November paycheck. The amount you elect will be deducted evenly from each paycheck for that year, beginning with the first paycheck after three months of employment.

For Current Employees
To continue an FSA each calendar year, you must request FSA enrollment during the benefits Open Enrollment period each fall. The FSA start date will be January 1 of the next calendar year. You can file and be reimbursed for claims for eligible services received on or after your FSA start date. Payroll deductions begin upon the first paycheck after eligibility.

Resources

Benefit Express

IRS Information

Contact Information

Benefit Express
help@mybenefitexpress.com
Customer Service: 1.877.837.5017


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