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Flex Spending

Flex Spending-Medical

(Open Access Plan Only)

Employees may set aside money from their paychecks, pre-tax, for reimbursement for qualified medical expenses. The medical Flexible Spending Account (FSA) reimburses eligible expenses incurred by the employee or dependents which are not paid by an existing health care plan such as co-pays and deductibles. Please remember that if you do not use the full amount in your account by the end of the calendar year, you lose all but $500 in the health care account in accordance with Federal law. For more information, check out the Medical Flex Spending FAQs (PDF).

The medical FSA may reimburse eligible expenses for a spouse and dependents as long as they are claimed on the federal tax return, regardless of who is covered on the employee's medical insurance.

Flex Spending-Dependent Care

(Day Care)

Employees may set aside money from their paychecks, pre-tax, for reimbursement for qualified day-care expenses provided for dependents so that the employee (and spouse, if the employee is married) can work. Care must be for a dependent child under age 13 or a dependent of any age that lives with the employee that is incapable of self-care. In accordance with Federal law, you will lose the unused balance in the childcare account if you do not use the full amount by the end of the calendar year.  For more information, check out the Dependent Care FAQs (PDF).

Limited Purpose Flex Spending-Medical

(High Deductible Plan Only)

If you wish to enroll in a Medical FSA plan and are enrolled in the High Deductible Plan with a Health Savings Account, your Medical FSA plan will be limited to dental, vision, eligible Over-the-Counter and post-deductible medical expenses. This is called a Limited Purpose FSA. This means you may not submit FSA claims for reimbursement of medical expenses until you have reached your annual deductible in the health plan. For employees on the High Deductible plan, review information on the Health Savings Account as an alternative to Flex Spending.

Should you wish to utilize a Limited Purpose FSA, please refer to the FAQs (PDF) prior to enrolling.

Eligibility

  • All regular full-time employees, effective the first of the month after 30 days of continuous service
  • All regular part-time employees (budgeted for at least 1,000 hours/year), effective the first of the month after 30 days of continuous service

Note: Eligibility for specific claim reimbursements is dependent upon medical plan election and member age.

Employees are not required to participate in a flex spending account. If opting in, the minimum and maximum contributions are below.

2017 MEDICAL Flex Spending Contribution Limits

Minimum Annual Contribution
Bi-weekly $5/pay period
Monthly $10/pay period
Maximum Annual Contribution
$2,550 per year (IRS Maximum)

2017 DEPENDENT CARE Flex Spending Limits

Maximum Annual Contribution
$5,000 per family (IRS Maximum)

Vendor Information

Flores and Associates
Visit the Flores and Associates website.
1-800-532-3327

Plan Administrator: Davidson College

FAQs

  • What is the deadline for submitting bills for reimbursement for last year's medical or dependent care expenses?  Expenses must be submitted to Flores by February 28.
  • Does money left in my Flex Spending account roll over to next year?   Dependent Care Flex Spending does NOT roll over.  Medical Flex Spending rolls over a maximum of $500 a year.

Documents and Forms

General

Dependent Care

Medical Spending Account