Flexible Spending Accounts

Image: Wageworks app on mobile phoneWageWorks is the administrator for Syracuse University’s Flexible Spending Accounts (FSA). Learn about FSAs – including the EZ Receipts app that allows you to file claims right from your smart phone or other mobile device – by checking out some of the videos, tools and information posted on the links below. (Note: The resources cover various FSA programs, some of which use a “health care card” for expenses. SU’s program does not use one, so disregard any “card” references).

Visit wageworks.com or call WageWorks toll-free at 877.924.3967 for more information.

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How Does it Work?

Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars for eligible health care and dependent care expenses. The advantage of an FSA is that you do not pay any federal, state, or social security (FICA) taxes on the money you contribute to it.  The taxes you save and the effect on your paycheck depend on your personal situation (e.g., your household income, tax bracket, and the amount you contribute to each account).

To start using an FSA, you must decide how much you want to contribute during the coming year, and you must make your election during Open Enrollment. Once you make your election, you cannot change the amount unless you have a specific change in your family status, such as marriage, divorce, birth or adoption of a child, or change in employment status. The amount you indicate will be divided over the number of paychecks you receive in the year and deducted in equal installments from each check.

FSAs are regulated by IRS rules that you need to be aware of:

  • You must use the money in your Flexible Spending Account (FSA) for eligible expenses incurred during the plan year. Expenses are considered “incurred” when the service is provided, not when you are billed or pay for the service.
  • The IRS now allows you to carry over into the next year up to $500 in unused funds in your health care FSA; anything over $500 left in the account at year’s end is forfeited.
  • You are NOT permitted to carry over funds from a dependent care FSA; any balance remaining at year’s end is forfeited.

For these reasons, it is important to estimate your health care and/or dependent care expenses carefully before electing your contribution amount for the year. Each benefit plan year runs from January 1 to December 31.

Types of Flexible Spending Accounts

Video Tutorials

Helpful Tips

Interactive FSA Tax Savings Calculators

Important FSA Forms

Questions? Contact WageWorks at 877.924.3967 or the HR Service Center at 443-4042 or e-mail hrservice@syr.edu.

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Every effort has been made to ensure that the information contained within this website is accurate. However, the benefits are governed by legal documents (which, in certain circumstances, may include insurance contracts). If there is any difference between the information in this website and the official documents, the official documents will control. As is the case with all of Syracuse University’s employee benefit plans, the University reserves the right to modify or terminate these benefits at any time.