The University provides eligible faculty and staff members with the ability to save tax dollars by funding a flexible spending account (FSA). FSAs are cash reimbursement vehicles that allow employees to eliminate the payment of federal, social security, medicare, and (in the case of Health Care accounts) Pennsylvania state income taxes on the funds committed to the accounts. There are two types of funds available:
- A Health Care FSA offers reimbursement for the cost of deductibles, coinsurances, and co-payments from any medical, dental, or vision charges; for balance billing costs; and for other eligible expenses that are not covered by insurance.
- A Dependent Care FSA offers reimbursement for the costs of caring for covered dependent children and other dependents who cannot be left alone while the employee and/or spouse is working or attending school full time.
The Internal Revenue Service determines what supplies and services are eligible for reimbursement under FSAs.
FSA administration is provided by Ceridian Benefits, Inc