A Flexible Spending Account (FSA) allows eligible employees to pay for eligible out-of-pocket health care and dependent care expenses with pre-tax dollars. By using pre-tax dollars to pay for health care and dependent care expenses, an FSA gives the employee an immediate discount on these expenses equal to the taxes otherwise paid on that money. Administered by our third-party vendor, Inspira Financial, the University offers two types of FSA options:
The Health Care Flexible Spending Account, which can be used to pay for qualified medical, dental, prescription drug, or hearing care costs for employees and their eligible dependents;
The Dependent Care Flexible Spending Account, which can be used to pay for eligible dependent care expenses such as child care for dependent children up to age 13 (if the expenses incurred are the result of the employee and spouse working), in addition to eligible elder care expenses.
In accordance with IRS regulations, any unused FSA contributions must be forfeited by the end of the plan grace period (75 days immediately following the close of the plan year, i.e., March 15). Meaning, you cannot rollover these monies from year to year. Participation in any FSA is completely voluntary. To participate, employees must enroll in the FSA accounts within 31 days of their date of hire and/or each year during the benefits open enrollment period.
Please contact the Office of Human Resources, Benefits Department, for additional questions at benefits@hofstra.edu or 516-463-6526.
Resources
FSA Plans
- View a list of eligible expenses under the Health Care FSA Plan
- Save Smarter with an FSA
- Health Care FSA Claim Substantiation
- View a list of eligible expenses under the Dependent Care FSA Plan
- Quick Reference Guide to Your Dependent Care FSA Plan