Flexible Spending Accounts
2014 Flexible Spending Account Program Changes
The names of the 2013 Flexible Spending Accounts, the Medical Reimbursement and Dependent Care, have changed to the Full FSA and Dependent Daycare Reimbursement Account. In addition, the Limited FSA option has been added available only to those enrolled in Basic Health.
The Flexible Spending Account Program allows you to pay for certain expenses on a pre-tax basis. This means that your money goes farther. For example, if you put aside $5,000 for day care expenses in a Dependent Daycare Reimbursement account, you get to spend the whole $5,000 on day care. If you take the $5,000 in pay, you will only have roughly $3,500 left after taxes to spend on day care!
For most individuals whose adjusted gross income is greater than $25,000, this program may be more beneficial than the federal dependent care tax credit – consult a tax professional for an assessment of your personal situation. The Full FSA (FSA Medical Reimbursement) account can also help offset the cost of out-of-pocket health care expenses such as copayments, deductibles, coinsurance, and certain over-the-counter medications.
Chard Snyder is the administrator for your Flexible Spending Account program. Features of the program include:
A pre-paid benefits debit card that will provide you an easy, automatic way to pay for qualified health care/benefit expenses at the point of purchase (example copays while at the doctor office, prescriptions picked up at the local pharmacy ) The pre-paid card lets you electronically access the pre-tax amounts set aside in your accounts. Please be aware that when using the Benny card, especially for payments made after the date of service, Chard Snyder may request documentation from you regarding the services provided and the name of the provider. If this documentation is requested, the participant must provide this information to Chard Snyder or the Benny card will be temporarily turned off until this audit verification has occurred. Please keep your Benny card in a safe place and keep from year to year as a replacement card will cost members $10.
Full array of web services including online enrollment, claims submission, account balances, and claims history and detail.
Tri-weekly reimbursement of approved claims. Beginning January 1, 2014, daily reimbursement of approved claims.
When submitting a paper claim form you will be reimbursed through direct deposit to your bank account. Paper checks will not be mailed to you. Therefore you will need to set up your direct deposit information with Chard-Snyder. Go to my account login and set up your account.
Note: Direct deposit of paper claims is mandatory. If you are a new enrollee, you can enter your direct deposit information on your personal Chard-Snyder account beginning January 1, 2014.
To learn more about Chard Snyder and your Flexible Sending Account program, you can watch a short 3 minute video.
2014 Full FSA (Medical Reimbursement)
Full-time and part-time salaried employees working at least 20 hours per week are eligible to participate in the Full FSA program. You must enroll online through Benefits@ within 60 days of your hire date or during open enrollment. This account allows the participant to set aside pretax dollars to pay for medical, dental, and vision care, or other eligible expenses that are not covered by the health insurance plan. In addition to claiming out-of-pocket expenses for the participant, expenses for eligible dependents such as spouses, dependent children and other persons considered to be an eligible dependent for Federal income tax purposes may be included. The maximum amount that you may place in this account is $2,500 per plan year. The minimum contribution is $240 per year.
Note: You may not participate in the Full Flexible Spending Account if you or your spouse is participating in a HSA with the Basic Health Plan.
2014 Limited FSA
If you are participating in the Basic Health Plan with a Health Savings Account (HSA) you may pay your vision and dental expenses through a Limited FSA. This allows you to maximize your tax-free contributions between the two plans. You can contribute $2,500 annually to a Limited FSA. The minimum contribution is $240. You must participate in a HSA to participate in the Limited FSA.
You will have receive a single Benny Card to use for both your HSA and FSA. When you use it to pay appropriate eligible expenses, the Merchant Category Code will identify the type of expense and will determine which account should pay the expense. Dental and vision eligible expenses will be paid from the LMT until that account balance is zero. Any remaining eligible expenses of this type will then be paid from the HSA.
Find out more from Chard-Snyder's Detail's on a Limited FSA.
2014 Dependent Daycare Reimbursement Account (Dependent Care)
Full-time and part-time salaried employees are eligible to enroll in the dependent care reimbursement account, as of the first day of the month following the date of hire or during a subsequent open enrollment period. This account allows the participant to set aside pretax dollars to pay for eligible dependent care expenses, such as childcare. In order to participate in a Dependent Daycare Reimbursement Account, you must meet at least one of the following qualifications:
Single parent who works full-time
You and your spouse both work, and your spouse's annual income is greater than the amount you are claiming for dependent care
Your spouse is enrolled full-time at an institution of higher learning (If your spouse is a full-time student at least five months a year or is disabled, federal law limits the maximum amount you may contribute on a pretax basis to $3,000 for one dependent and $5,000 for two or more dependents)
Your spouse is medically disabled and cannot care for your dependents (If your spouse is a full-time student at least five months a year or is disabled, federal law limits the maximum amount you may contribute on a pretax basis to $3,000 for one dependent and $5,000 for two or more dependents)
If divorced, you must have custody and be claiming the child as a dependent on your tax return
Money must be in the account before you can be reimbursed. The maximum amount you may place in your account is $2,500 during a plan year if you are married and filing tax returns separately from your spouse. If you are single, or married and filing jointly, the maximum is $5,000. The minimum contribution is $240 per year.
Participation in FSA Accounts must be renewed every year during the annual open enrollment period. Generally, you may not change the amount of money set aside until the next annual enrollment period. However, the IRS will allow you to make changes during the Plan Year due to a qualifying event. The change must, however, be a result of one of these events and must be consistent with the status change (i.e. can add dollars to FSA if add dependents/can decrease if decrease dependents). Qualifying events (or family status changes) include:
a marital status change due to marriage, divorce, or death of a spouse
birth, adoption, or death of a child
employee obtaining permanent custody of a child
termination or commencement of employment by the employee, spouse, or dependent
employee or employee's spouse taking or returning from an unpaid leave of absence
change in employment status for employee or spouse
dependent satisfying or ceasing to satisfy the requirements for unmarried dependents
and significant change in coverage or costs or a change in daycare provider
Status change requests must be done through Benefits@ within sixty (60) days of the family status change. You may be required to show documentation which must be turned into the UHR Benefits Division.
The 2013 Summary Plan Description for UVa’s Flexible Spending Account Program details the plan benefits and rules.
Flexible Spending Accounts Summary Information
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Chard Snyder Customer Service - 1.888.302.9805
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