Flexible Spending Accounts

FSAs enable you to pay for certain expenses on a pre-tax basis, making your money go farther. For example, setting aside $5,000 in a Dependent Daycare Reimbursement account enables you to spend the whole $5,000 on daycare. Receiving the $5,000 in pay would leave roughly $3,500 after taxes for daycare expenses.

Learn More at Chard Snyder’s Video Library

Pre-Tax FAQs How Does it Work?

During Open Enrollment, you may enroll in:

  • Full Flexible Spending Account (FSA)
  • or Limited Flexible Spending Account (LMT) - For Basic Health Plan members only

And/Or

  • Dependent Daycare Reimbursement Account - For children under the age of 13

Chard Snyder


Additional Account Info

  • Eligibility: Active, benefit-eligible employees are able to have FSA accounts.

  • Direct deposit of paper claims is mandatory. If you are a new enrollee, you must provide direct deposit information to Chard Snyder for reimbursement of all non-Benny Card transactions.

  • Contribution minimums have decreased to $120.

Full Flexible Spending Account (FSA)

  • Available for Choice and Value Plan participants

  • Helps offset out-of-pocket health care expenses, such as co-payments, deductibles, coinsurance, and certain over-the-counter medications

Limited Flexible Spending Account (LMT)

  • Available for Basic Plan participants

  • Helps offset out-of-pocket dental and vision care expenses - may be used in combination with a Health Savings Account (HSA)

Dependent Daycare Reimbursement Account

  • Funds available after they have been put into your account (meaning the amount increases as additional contributions come from your paychecks)

  • May be more beneficial than the federal dependent care tax credit for most individuals whose adjusted gross income is greater than $25,000 (consult a tax professional for an assessment of your personal situation)

Program Highlights

Questions? Contact the HR Service Team at AskHR@virginia.edu or 434.982.0123.