Flexible Spending Accounts (FSAs)

The university offers two types of Flexible Spending Accounts (FSA): a Health Care Account and a Dependent Day Care Account. These accounts will be managed by ConnectYourCare, a BlueCross partner, starting January 1, 2016. If you want to continue your FSAs for the upcoming plan year, you must re-enroll in each of them each year during annual benefits enrollment. You may allocate a maximum of $2,600 to your healthcare FSA and a maximum of $5000 to your dependent daycare FSA. Reminder: Any money left at the end of the FSA period cannot be refunded in accordance with federal law.

If your spouse's employer offers flexible spending accounts, you and your spouse may both allocate the maximum $2,600 amount to each of your healthcare FSAs and a combined $5,000 to your dependent daycare FSAs. This includes spouses that both work for OU.

Plan Year 2017

No Changes in 2017

There are no changes for Flexible Spending Accounts (FSA) in 2017. ConnectYourCare remains OU's FSA administrator. ConnectYourCare offers convenient phone apps and online planning tools. Visit the ConnectYourCare website to learn more.

Current FSA Participants

Documentation Requirements
As required for all FSA providers, ConnectYourCare may request documentation from you to remain in compliant with IRS regulations. Remember, keep your receipts and Explanations of Benefits from your providers for every claim you make to ConnectYourCare.

Deadlines Remain the Same 
You may incur healthcare FSA expenses until March 15th of the following year and dependent daycare expenses until December 31st of the plan year. You have until April 15 to submit eligible claims to ConnectYourCare.

HSA Medical Insurance and Healthcare FSA

An employee who enrolls in the HSA medical insurance plan CANNOT also participate in the Healthcare FSA. 

Understanding an FSA

Healthcare and dependent day care reimbursement accounts can decrease the amount of taxes you pay on your income by allowing you to set aside pre-taxed income for eligible expenses. An FSA is authorized by the IRS and available through your employer.

  • Limits: You may allocate a maximum of $2,550 to your healthcare FSA and a maximum of $5,000 to your dependent daycare FSA.
  • Reimbursements: As you incur healthcare or dependent daycare expenses throughout the year, you may submit a claim for those expenses to get reimbursed with tax-free dollars from your FSA account. A debit card is available for healthcare expenses.
  • A healthcare FSA account reimburses you for out-of-pocket expenses, meaning those expenses that are not covered by your medical, dental, prescription or vision programs. These expenses include deductibles, co-pays, coinsurance and certain over-the-counter (OTC) expenses.
  • A dependent daycare FSA account reimburses you for expenses you incur to allow you and, if married, your spouse to work. These expenses include day care, before-and-after school programs, nursery school or preschool, summer day camp and even adult daycare.
  • Eligible Items: When you use either one or both of these accounts, you reduce your taxable income so you pay less in income taxes. Take a look at eligible expense items for either a healthcare or a dependent daycare account.
  • Deadline Reminders: You may incur healthcare FSA expenses until March 15th of the following year and dependent care expenses until December 31st of the plan year. You have until April 15 to submit eligible claims. Reminder: Any money left at the end of the FSA period cannot be refunded in accordance with federal law.

If you want to continue your FSAs for the upcoming plan year, you must re-enroll in each of them each year during annual benefits enrollment. You may allocate a maximum of $2,550 to your healthcare FSA and a maximum of $5,000 to your dependent daycare FSA.

The healthcare FSA a debit card that electronically accesses your healthcare account to pay for eligible expenses when you check out at a store or medical provider.
  • Participants who use the FSA debit card take advantage of four key benefits:
    • Immediate payment of your expenses from your healthcare account;
    • Increases your personal cash flow;
    • No claim filing because the expense is approved at the point of sale;
    • Ease of use of your pre-tax funds.
  • Where can you use it? You can use the card at qualifying merchant locations wherever MasterCard® is accepted. Qualified merchants include physician and dental offices, vision providers and merchants who have implemented an inventory information approval system (IIAS).
  • Online Claims on the ConnectYourCare website makes filing non-debit card claims fast and easy.
  • Direct Deposit is encouraged for reimbursement of non-debit card claims including reimbursements for dependent daycare. New ConnectYourCare direct deposit authorization forms will be provided to FSA participants after benefits enrollment.