The Internal Revenue Service (IRS) has announced that the Health Care Flexible Spending Account (FSA) contribution limit will increase from $2,600 in 2017 to $2,650 for 2018. The current $5,000 Dependent Care FSA limit will remain the same for 2018.
Our 2018 Open Enrollment period which occurs between November 1st and November 15th is your annual opportunity to enroll in this benefit plan. For more information, check out the Health Care FSA details, below.
Health Care FSA Frequently Asked Questions
What is a Health Care FSA?
A Health Care FSA is a way for you to set aside contributions from your paycheck on a pre-tax basis to plan for eligible out-of-pocket medical, dental, and vision care expenses for you and your tax dependents. You may enroll in this benefit plan whether or not you are enrolled in a Tufts University health plan.
Why would I use a Health Care FSA?
To save money on eligible health care expenses, like copayments and deductibles, you may pay throughout the year. You don't pay taxes on the amount you elect, so you save an amount equal to the taxes you would have paid on the money you set aside.
How much can I elect for a Health Care FSA?
You can elect to contribute up to $2,650 for calendar year 2018. The annual minimum amount to participate is $50.
How does the Health Care FSA work?
If you want to participate for 2018, you need to enroll during Open Enrollment (November 1-15, 2017). Once enrolled, will receive an EBPA Benefits Debit card to use for eligible expenses from January 1, 2018 through December 31, 2018. In addition, you will have until April 30, 2019 to submit eligible expenses incurred during 2018. If you have any unused Health Care FSA funds, the plan allows you to carry over up to $500 into the next calendar year. Any unused funds in your account in excess of $500 after April 30, 2019 will be forfeited.
Who can enroll?
Benefit-eligible Faculty and Staff, Postdoctoral Scholars, and International employees are eligible. Also, you must have a social security number and pay FICA taxes to enroll in this benefit.
How do I enroll?
Enroll online via eServe during Open Enrollment (November 1-15, 2017).
If I am already participating in an FSA for 2017, do I need to do anything to participate in 2018?
Yes! In order to participate in the FSAs each year, you must make an active election via eServe during Open Enrollment. If you are enrolled for 2017, your FSA enrollment automatically terminates on 12/31/17.