Contribution Limit for 2019
Please note: The Y.E.S. system states that the Health Care and Limited Puprose FSA limit for 2019 will be $2,700 in anticipation of approval by the Federal government. If it is not approved, and you elected $2,700, your contribution will be reduced to the maximum allowable amount.
Flexible Spending Accounts (FSA)
A Flexible Spending Account (FSA) is an account eligible employees use to put pre-tax money into throughout the year. You choose how much money to contribute to your FSA, within limits, and you choose what qualified expenses to spend your FSA funds on — an FSA is flexible that way.
Healthcare and Dependent Care Flexible Spending Accounts (FSA) allow you to set aside pretax dollars to pay:
- Healthcare expenses
- Out-of-pocket child care expenses for dependents under the age of 13.
Here's How it Works
Step 1. Decide Your Amount for the Year
You determine how much you want to set aside pre-tax for medical, dental and vision expenses up to the IRS limit for that year. The funds you set aside in a year can only be used for qualified expenses incurred in that year -- funds do not carry over and are lost if not used. To make it easy, you can estimate your costs with this calculator.
Step 2. Fully Funded Up Front
The full amount you choose for the year is deposited into your FSA account up front. Your pre-tax payroll contributions are deposited to the FSA throughout the year, saving money on taxes.
Step 3. Use the Funds All Year
Since the account is fully funded up front, you can immeditely begin to use the funds at the start of the plan year (or, for new hires, when your plan goes into effect) to pay for eligible medical expenses such as deductibles, doctor visits, prescription drugs, glasses and more. Request a VISA debit card to have the convenience of paying right at doctor’s office or pharmacy. The debit card is valid until the "good thru" date on the front.
FSA Types & Contribution Amounts
There are three types of FSA Accounts. You specify the annual dollar amount of your earnings to be deposited to each account.
- Healthcare FSA - Minimum: $130 / Maximum: $2,650 (2018), $2,700 (2019, pending Federal annoucement)
Pays for qualified medical, dental, and vision expenses, including insurance copays and deductibles. EPO and PPO participants only.
- Limited Purpose FSA - Minimum: $130 / Maximum: $2,650 (2018), $2,700 (2019, pending Federal annoucement)
Pairs with a health savings account to help you pay for dental and vision expenses. (HSA participants only.)
- Dependent Care FSA - Minimum: $260 / Maximum: $5,000 ($2,500 if married & filing separately)
Pays for the care of a dependent child or adult so that you can work. (IRS regulations may require ADOA to reduce your contribution due to IRS non-discrimation test requirements. The Dependent Care FSA for Highly Compensated Employee contribution is limited to $1,600 in 2018. (A Highly Compensated Employee is defined by the IRS as having earned $120,000 or more in 2017.)
Must be completed annually during:
- New Hire Enrollment
- Open Enrollment
You must re-enroll for the account(s) each year.
Summary Plan Description
ASI Flex - FSA Administrator
Our FSA Administrator is ASI.
ASIFlex FSA Debit Card
This optional card has many benefits
- Your debit card will be pre-loaded with the entire amount of the deductions you selected for the plan year.
- This makes it much more convenient to use your FSA contributions.
- The ASIFlex Debit Card is a limited-use benefit card that will allow you to pay the merchant or healthcare provider directly from your health FSA account.
- The card is accepted at healthcare and retail providers that accept VISA. At the point-of-sale, simply present your card for payment.
- The advantage of the card is that you do not have to pay with cash or personal credit card.
- The merchant will process the transaction; then the card company will then report the transaction to ASIFlex.
- Use of the debit card is not paperless, and documentation is required in many cases.
- Only provide documentation to ASIFlex upon request.
- ASIFlex will notify you if documentation is required.
Sign Up for an ASI Flex VISA Debit
- You must be enrolled in an FSA to apply for a debit card.
- To enroll in the optional debit card program, visit asiflex.com, then click on Programs > Debit Card.
University Faculty and Staff: Please see your HR website for your flexible spending account options.