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  • Benefits – FAQs Flexible Spending Accounts

Flexible Spending Account FAQs


General

What is a Flexible Spending Account (FSA) Accordion Closed

A Flexible Spending Account (FSA) is a special account you put money into that you use to pay for eligible out-of-pocket health care or dependent\daycare costs. You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.

Does NAU contribute or match my FSA? Accordion Closed

No, NAU does not contribute or match your FSA contributions.

How do I find out what expenses I can pay from my FSA? Accordion Closed

You can review a list on eligible expenses on the ASIFLEX website.

Can I change my contribution amount during the year? Accordion Closed

No, you are not able to change your contribution throughout the year unless you have a Qualified Life Event such as the birth of a child or marriage.


Health Care FSA

Can I have a Health Care Savings Account (HSA) and a Health Care Flexible Spending Account (FSA)? Accordion Closed

If you are contributing to an HSA you can only enroll in a Limited Purchase Health Care FSA. Funds can only be used for eligible dental and vision benefits.

How much can I contribute each year to my Health Care FSA? Accordion Closed

  1. For 2023 you can contribute up to $3,050.

When are the funds available for use in my Health Care FSA? Accordion Closed

The funds are available to use after your first contribution. You will make contributions over the course of the year, but funds are available right away.

How do I get a Debit Card for the Health Care FSA? Accordion Closed

You must request a debit card from the FSA administrator ASIFlex directly. Visit the ASIFlex website for more information.

How am I reimbursed for eligible Health care expenses if I do not have the debit card? Accordion Closed

You can use your account through the ASI portal www.asiflex.com to submit a claim with your itemized receipts.

What if I do not use all the funds in my Health Care FSA by the end of the year? Accordion Closed

The IRS has a strict ‘Use-It or Lose-It” rule for FSAs.

  • The Health Care FSA allows you to rollover up to the IRS maximum, $610 for 2023.
  • Unused funds over the rollover maximum will be forfeited.
  • You have until April 30th to submit claims incurred in the previous plan year.


Dependent Care FSA

How much can I contribute each year to my Dependent\Day Care FSA? Accordion Closed

For 2023 you can contribute up to $5,000 per family for the Dependent\Day Care FSA

What if I do not use all the funds in my Dependent\Day Care FSA by the end of the year? Accordion Closed

The IRS has a strict ‘Use-It or Lose-It” rule for FSAs, but the Dependent\Daycare FSA does have a grace premium.

  • You can submit claims incurred up to March 15th following the end of the plan year.
  • You have until April 30th to submit claims incurred in the previous plan year.

Does the Dependent\Day Care FSA have an age limit for children in Day Care? Accordion Closed

Yes, expenses for children under the age of 13.  Also, older dependents who are incapable of self-care are covered under the Dependent\Day Care FSA are covered.  Contact ASI if you

Still have questions??

Review additional FAQs on other Benefit plans or contact the Benefits Team at nauhrbenefits@nau.edu or call (928) 523-2223.

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Phone
(928) 523-2223