Flexible Spending Accounts
The University of Chicago Flexible Spending Plan offers Benefits-Eligible Employees the opportunity to pay certain health care and dependent care expenses with tax-free dollars. To comply with IRS requirements, documentation will be required to substantiate expenses eligible for reimbursement under a Health Care FSA and a Dependent Care FSA. In addition, receipts and related documentation will be required for purchases made with your HealthEquity(WageWorks) debit card.
The Plan has two kinds of Flexible Spending Accounts:
- The Health Care FSA offers you the opportunity to pay for certain health care expenses for yourself and your dependents as long as these expenses are not covered by your medical, dental or vision plans.
- The Dependent Care FSA offers you the opportunity to pay for certain eligible day care expenses for a dependent child or adult relative while you or your spouse work, or while your spouse is a full-time student or disabled.
You contribute tax-free dollars to your FSAs through payroll deductions. When you have an eligible medical, vision, dental or dependent care expense, you are reimbursed from the appropriate FSA.