Date to be reviewed:
|Director of Human Resources|
Wheeling Jesuit University has provided an IRS 125 Plan Flexible Spending Arrangement (FSA) for all benefits eligible employees to use to pay for out of pocket expenses with pre-tax dollars for approved health care and dependent care services.
2.0 POLICY STATEMENT
2.1 Policy Statement
The University will provide all full-time and part-time, benefits-eligible, employees’ access to an IRS Section 125 Health Care Flexible Spending Account (“flex spending account”).
- “Section 125 Plan” – A plan established per IRS guidelines; a pre-tax payroll deduction, approved by the employee, authorizing the University to deduct, from the employee’s pay check, amounts the employee must pay out of pocket for uncovered medical, dental, vision and dependent care expenses incurred within the benefit year.
- “Benefit Year” – The University’s self-defined benefit year begins on March 1 and ends on the last day of February in the subsequent calendar year.
2.3 Authorized Amounts
- Employees may authorize the University to deduct from their pay check up to $5000 for uncovered health care expenses (medical, dental or vision expenses not covered by insurance).
- Employees may authorize the University to deduct from their pay check the following amounts for dependent care (daycare): $5000 for a married couple filing jointly, $5000 for a single parent, $2,500 for a married person filing separately.
- An employee may deduct for both up to a total of $10,000. Beginning in 2013, the amount an employee may deduct for uncovered health care expenses will be reduced by law to $2500; however, the employee will be permitted to continue to deduct $5000 for dependent care.
- All authorized deductions are made pre-tax and deposited into an account in the employee’s name, lowering the employee’s taxable income by the amount deducted.
- Employees may use the money in their flex spending account to pay for uncovered expenses such as physician’s office visit co-pays, uncovered prescription drug costs, etc. Any questions regarding covered expenses should be directed toward Human Resources.
- Employees must use the money in their flex spending account to cover expenses incurred within the benefit year. Money deducted and placed into the account but unused within the benefit year is lost and may not be reclaimed by the employee.
- Employee’s may submit receipts to cover expenses at any time during the benefit year and up to sixty (60) calendar days beyond the end of the benefit year (April 29th) provided the receipts refer to expenses incurred within the benefit year.
- Receipts to claim money from the employee’s flex spending account must be submitted through Human Resources and per Human Resource procedures. Once verified, checks will be issued directly to the employee in the amount requested provided the employee’s receipts do not exceed the total amount of money which the employee has authorized the University to deduct from his / her cumulative paychecks for the benefit year.
- Employees are permitted to submit for reimbursement up to the maximum amount of the flex spending account balance even if those funds have not yet been contributed to the flex spending account as long as they are incurred within the benefit year.
- Changes to the employee’s total contribution to the flex spending account must be made during open enrollment unless a qualifying event occurs during the benefit year (birth of child, etc). The employee must adjust the total contribution within thirty (30) days of the qualifying event. All changes to the employees flex spending account must be initiated through Human Resources.
The Director of Human Resources, in conjunction with the Controller, has the authority to change or modify this policy at any time with or without notice, and in compliance with the Plan and IRS guidelines, with the approval of the Board of Directors through the University President.
- Benefits Package for Administrators
- Benefits Package for Faculty
- Benefits Package for Staff