Flexible Spending Accounts
If you work at least 0.75 FTE or greater, and have an assignment for at least six months, you are eligible to participate in the OSU Flexible Spending Account (FSA) or Dependent Care Account (DCA) plan. As a participant, you may contribute some of your paycheck to pay for eligible medical expenses and eligible daycare expenses.
Your annual election is divided among the number of paychecks you have in the plan year and the amount is deducted from each check prior to being taxed. You can expect a tax savings on your paycheck by participating in a FSA or DCA plan.
FSA key points to remember:
- The FSA is a pre-funded account. Meaning your annual election is available the first of the month following your elections. However, your annual election is divided among the number of paychecks you have in the plan year and the amount is deducted from each check prior to being taxed.
- A maximum of $640 of unused funds will carryover from 2024 to 2025. A maximum of $660 of unused funds will carryover from 2025 to 2026.
- IRS guidelines state a household cannot have both an HSA and an FSA in the same calendar year.
- To learn more about eligible expenses and how to use your FSA, please visit Chard Snyder-How FSA Works.
DCA key points to remember:
- The DCA account is used to pay for eligible dependent daycare expenses. Eligible dependents are under age 13. May also be used for daycare for a spouse or dependent who for mental or physical reasons are unable to take care of themselves. For a full listing of eligible daycare services, please visit Chard Snyder-How DCA Works.
- The DCA is not a pre-funded account. Your funds are available to use after they have been deposited into your DCA account each month.
- The DCA is a use it or lose it plan with no rollover option.
If you have a Qualifying Life Event, you may be eligible to make changes to your FSA and/or DCA accounts. Please refer to Benefits Overview to learn more about Qualifying Life Events.
For the 2024 tax year, the maximum employee contribution to a FSA is $3,200.
For the 2024 tax year, the maximum per household contribution to a DCA is $5,000.
For the 2025 tax year, the maximum employee contribution to a FSA is $3,300.
For the 2025 tax year, the maximum per household contribution to a DCA is $5,000.
Information
Find forms, tax-savings calculators, frequently asked questions, and account management tools at the Chard Snyder website.
Chard Snyder (website)
Chard Snyder-Forms (website)
Chard Snyder-How FSA Works (website)
Chard Snyder-How DCA Works (website)