Flexible Spending Accounts
Participating in a Flexible Spending Account (FSA) is a convenient way to pay for healthcare or dependent care expenses with pre-tax funds. Each year, you must elect the annual amount you want to contribute to one or both accounts Your contributions will be deducted pre-tax each pay reducing your taxable income.
Health Care
- You can contribute up to $3,050 for eligible medical, dental and vision expenses for 2024 and $3,200 for 2025.
- Your account is pre-funded with the annual pledge amount you elected each year.
- Unused funds up to $640 can be rolled over year-to-year.
Dependent Day Care
- You can contribute up to $5,000 per household for eligible child or elder care services.
- Funds are available once deposited to your account.
- Your 2024 funds can be used for expenses incurred through March 15, 2025.
ASI Flex Debit Card
A debit card will not be automatically sent out, you must request a debit card from the FSA administrator ASIFlex. Visit the ASIFlex web site for more information.
Rules to keep in mind
FSAs offer significant tax advantages, but are subject to IRS regulations:
- You can only change your contribution amount if you experience a qualifying event.
- Each account functions separately. You cannot transfer funds from one account to another.
- Claims must be filed no later than April 30th of the following plan year.
- The IRS has a strict ‘Use-It or Lose-It” rule – Unused funds will be forfeited.
- Keep your receipts! You may be required to submit receipts to show claims eligibility.
For more plan details review the FSA Plan Description
Still have questions??
Contact the Benefits Team at nauhrbenefits@nau.edu or call (928) 523-2223