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.
- The FSA is a use it or lose it plan. If you have not utilized your annual election amount at the end of the calendar year. You can roll over up to $550 into the next benefit year.
- IRS guidelines state that a household can not have both a HSA and a 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. 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 current tax year, the maximum employee contribution to a FSA is $2,750.
For current tax year, the maximum per household contribution to a DCA is $5,000.
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)