Flexible Spending Accounts



General Purpose FSA/ Dependent Care FSA
Limited Purpose FSA
Carryover


Flexible Spending Accounts (FSA) allow full-time employees to pay for additional qualified expenses before taxes are taken out of your pay. You may enroll within 31 days of becoming a benefits-eligible employee or during the annual College-designated open enrollment period in three types of Flexible Spending Accounts: The General Purpose Flexible Spending Account, Limited Purpose Flexible Spending Account and the Dependent Care Spending Account. For all accounts, you must estimate the amount of your unreimbursed expenses for the plan year. These estimates are deducted from your paychecks over the year on a pre-tax basis. You then submit receipts for eligible expenses to our third party administrator to receive reimbursement from your accounts.

If you have expenses, please do not let this intimidate you from participating. Simply look at expenses you know you will incur and estimate conservatively. Elections for Flexible Spending Accounts are irrevocable during the plan year unless a change is permitted under the terms of the Plan. See the permitted election change discussion under the Tax Saver Program above.

  • General Purpose Flexible Spending Account - $2,500 Limit
      
    • Associated with the Standard health insurance plan - Eligible expenses include, but are not limited to, out-of-pocket medical, dental, vision and hearing expenses, as well as prescription drugs, certain over-the-counter medications, medical insurance deductibles and insurance co-payments for you or any member of your immediate family, regardless of whether or not they are covered by an Ivy Tech insurance plan.
       
  • Limited Purpose Flexible Spending Account - $2,500 Limit
     
     
    • Associated with the Choice Plan with HSA health insurance plan - Eligible expenses include dental and vision expenses only, regardless of whether or not they are covered by an Ivy Tech insurance plan.
       
  • Dependent Care Flexible Spending Account - $5,000 Limit
     
     
Eligible dependent care expenses include care for children under age 13 that is necessary in order for you to work. With the exception of dependent care centers, childcare providers do not have to be licensed, but they must be claiming earnings for taxation purposes and provide you with a receipt. However, dependent care centers (providing care for more than six individuals) must comply with all applicable state and local laws, including applicable licensing requirements.