Villanova University offers Flexible Spending Accounts (FSA) on a fiscal year basis. Open enrollment for this plan will run concurrently with the Medical open enrollment period.
The 2014 - 2015 plan year limit for the health care account is $2,500 and dependent care account is $5,000. In addition, a grace period has been added to the health care account that will provide employees with an additional 2 1/2 months to incur claims. Employees will be able to incur FSA claims until August 15 for the previous plan year and submit claims up until October 28 for reimbursement.The minimum amount which may be designated in either account is $200.
The Affordable Care Act that was passed as part of the health care reform initiative includes a new rule that requires a doctor’s prescription for the reimbursement of OTC medication. Due to this requirement, the Wage Works Health Care Card can no longer be used for OTC medication. Please take this into consideration as you calculate the amount that you will be contributing to the Health Care FSA.
The Child Care Subsidy Plan is an employer-funded Flexible Spending Account that provides a plan year benefit of up to $750 pre-tax dollars. Please note that if you enroll in the Child Care Subsidy Plan, the maximum plan-year Dependent Care contribution is $4,250.00, in accordance with IRS regulations on calendar year maximums.
If you need assistance or have questions, please contact Annette Lucidi at x9-4239.