Exceptions to the regulations governing this Program cannot be granted by the University. Tax law changes may affect this Program. IRS identifies qualifying medical expenses in Publication 502, which is available from any IRS office. Examples of qualified medical expenses are listed in the FSA Plans booklet. The money an employee sets aside for the FSA Program will be subtracted from his or her gross pay before income and Social Security taxes are calculated, thus reducing taxable income.
Employees choose how much to contribute.
The annual contribution amount chosen is equally divided into pay-period deductions. To be reimbursed for eligible expenses, the employee must submit claims to the University's FSA administrator. Since individual circumstances vary, participation in an FSA Program does not always mean tax savings. Employees must decide for themselves if the Program is advantageous to them. The Employee Benefits Office can assist an employee in evaluating the benefit of participation.