The Health Care Flexible Spending Account allows employees to contribute pre-tax dollars to an account maintained by Augusta University. Contributed funds are used to cover qualified health or dental expenses. The maximum contribution per year is $2,600. Any unused balance at the end of the plan year will remain with Augusta University. You must re-elect this plan each year for participation the following year.
Important Reminder:
The Dependent Care Flexible Spending Account provides employees who have regular dependent care expenses such as baby-sitting and day care, the opportunity to contribute pre-tax dollars to a special account maintained for them by Augusta University from which they will be reimbursed for such expenses. Depending upon the satisfaction of certain requirements, an employee may contribute up to $5,000 per year from his/her paycheck to the Dependent Care Flexible Spending Account for 2 or more eligible dependents. This amount will be deducted before taxes are computed, thereby allowing your taxes to be calculated on a lower income amount. The net effect is a reduced tax liability.
There are several IRS regulations with which the employee must comply in the use of the Dependent Care Flexible Spending Account. Please refer to IRS Publication 502 for more information on covered expenses.
Elections or changes during open enrollment will be effective January 1st of the following year. Any unused balance will remain with Augusta University. You must re-elect this plan each year for participation the following year.
A Limited Purpose Medical FSA works with a qualified high deductible health plan (HDHP) and Health Savings Account (HSA). A limited FSA only allows reimbursement for vision and dental expenses. The maximum contribution per year is $2,600. Any unused balance at the end of the plan year will remain with Augusta University. You must re-elect this plan each year for participation the following year.
Note: The administration of our Flexible Spending Accounts (FSA) will be handled by US Bank for Plan Year 2017.
The Debit Card can be used for health care expenses and services as well as dependent care services. In some cases you will still be required to provide backup documentation. However, you will not need to submit documentation to US Bank for any purchases made at retailers that are IIAS compliant.
