Flexible Spending Account
To be eligible to participate in the Flexible Spending Plan atYoungstown State University, the employee must be included in one of the following groups:
- Faculty - fulltime
- YSU Police - fulltime
- Administrative - fulltime and parttime (.50)
- Administrative Excluded - fulltime and parttime (.50)
- Classified - fulltime and parttime (.50)
- Classified Excluded - fulltime and parttime (.50)
Newly hired employees may participate by completing an election form within 30 days of the employee’s date of hire. Once enrolled, the elections are fixed for the remainder of the plan year. Changes in family status allow employees to make midyear changes in coverage consistent with the family status change. Please contact the Human Resources department to determine if a family status changes qualifies under the Plan document and IRS regulations.
Elections for the healthcare and dependent care programs must be made annually during the annual open enrollment period. Elections do not roll over into subsequent years. IRS rules indicate that claims must be submitted by March 31 of the following year or funds will be forfeited.
Benefits You Receive
Flexible Spending Accounts (FSAs) allow you to set aside money to reimburse yourself for health and dependent care expenses. Estimate how much you’ll spend on health and/or dependent care during the year, and set the money aside in your FSAs at the beginning of the year. You’ll have funds to pay for expenses when they come up. And, you’ll lower your taxable income since contributions are taken pre-tax from your pay. Plan carefully: anything you don’t spend is forfeited at the end of the plan year.
Health Care Reimbursement FSA
This program lets Youngstown State University’s employees pay for certain IRS-approved medical care expenses not covered by their insurance plan with pre-tax dollars. Some examples include:
- Co-pays, deductibles and coinsurance for which the employee is responsible
- Hearing services, including hearing aids and batteries
- Vision services, including contact lenses, contact lens solution, eye examinations, and eyeglasses not already covered by the plan
- Dental expenses such as deductibles, coinsurance or services not covered by the plan
- Chiropractic services
The annual maximum amount you may contribute to the Health Care Reimbursement FSA is $2,650. Claims may be incurred from January 1 to March 15 of the following year using a 14 ½ month plan year.
Dependent Care FSA
The Dependent Care FSA lets Youngstown State University’s employees use pre-tax dollars towards qualified dependent care such as caring for children under the age 13 or caring for elders. The annual maximum amount you may contribute to the Dependent Care FSA is $5,000 (or $2,500 if married and filing separately) per calendar year. Examples include:
- The cost of child or adult dependent care
- The cost for an individual to provide care either in or out of your house
- Nursery schools and preschools (excluding kindergarten)
Health Savings Account
What is an HSA?
An HSA is an account that must be paired with a high-deductible health plan and can be used for qualified medical expenses, like a doctor's visit or prescription drugs. The money you put into an HSA rolls over from year to year.