Flexible Spending

About Flexible Spending and Health Savings Accounts

  • Maximum election amount for Healthcare FSA = $2,600 and Dependent Care FSA = $5,000. (effective 1/1/17)
  • Healthcare FSA programs participants can roll over up to $500 of unused funds at the end of the plan year.
  • Over-The-Counter medications are not eligible for reimbursement through a Healthcare FSA without a prescription. (effective 1/1/11)
  • HMO Blue New England $1000 Deductible and Blue Care Elect $1000 Deductible health plan participants will automatically be enrolled in an HRA, funded by the college as needed.
  • Blue Care Elect Saver $1500 health plan participants will automatically be enrolled in an HSA, funded by the college. Employee contributions to the HSA and a Limited Use FSA are optional.

Terms & Regulations

  • FSA – flexible spending account (employee contributions only)
    • Healthcare FSA – flexible spending account for medical expenses (formerly know as MERA – medical expense reimbursement account)
    • Limited Use FSA –  flexible spending account for vision and dental expenses, used in conjunction with a health savings account (HSA)
    • Dependent Care FSA – flexible spending account for work-related dependent care expenses
  • HSA – health savings account (employee and employer contributions)
  • HRA – health reimbursement arrangement (employer contributions only)
  • Qualified Medical Expenses – as designated by the IRS, these include medical, dental, vision and prescription expenses.

HealthEquity

HealthEquity is the College’s flexible vendor for 2017.

PayFlex

PayFlex was the College’s flexible vendor through 2016.

  • You will be able to continue using your PayFlex card until 12/31/16.
  • You will have until 3/31/17 to submit claims to PayFlex for 2016.
  • To review your account at Pay Flex
  • You can rollover (medical only) balances of $10 – $500 to HealthEquity in 2017.
  • Rollover balances will be updated with HealthEquity in mid-April 2017.
  • Accounts will automatically be created in mid-April through HealthEquity for those with rollover balances of $10-$500.