UVA offers several benefits savings accounts. Depending on employee type and health plan enrollment, you may have the option to enroll in a Flexible Spending Account, limited Flexible Spending Account, Health Savings Account, or Dependent Daycare Reimbursement Flexible Spending Account. If you are University Staff, you may have access to a Supplemental Benefit Credit. Below are brief descriptions of these accounts. Click on the links in each description for detailed information including eligibility, costs, and allowable contributions.
Flexible Spending Accounts (FSAs)
The Flexible Spending Accounts and The Limited Flexible Spending Accounts set aside pretax income for certain medical costs. The Dependent Daycare Reimbursement Flexible Spending Accounts set aside pretax income for dependent / child daycare expenses.
These funds must be used by the end of the calendar year. However, UVA has a grace period of 2 1/2 months. This allows you to spend FSA money through March 15 of the following year. After the grace period ends, you will lose any remaining money in your FSA account. You may only start, stop, or change FSA elections during Annual Enrollment or if you have a qualified life event.
HSAs allow you to save money from your pretax earnings to use for qualified medical, dental, and vision expenses. You can use an HSA with a high deductible health plan like the UVA Basic Health option. Once you have an HSA account, you can keep it forever. However, if you switch out of the Basic Health Plan or if you terminate employment at UVA, you will incur a $4 monthly administration fee to keep the account open.
The Supplemental Benefit Credit provides an annual offset to some benefits deductions. University Staff who are full- or part-time, benefits-eligible, with an annualized salary of $42,000 / year or less may have access to a $450 annual supplemental benefit credit.
Salaried employees with the Medical Center Retirement Plan (MCRP) receive core benefits (retirement, disability protection, and life insurance) at no cost. In addition, Medical Center salaried employees receive flex dollars to purchase optional benefits.
Flex dollars are paid in addition to salary
They are tailored to you based on age, salary, and hours worked
If the benefits selected cost less than the flex dollars provided, the difference is added to your paycheck; if they cost more, the difference is deducted from your paycheck
This benefit option is not available to employees currently participating in a Virginia Retirement System (VRS) program.
Full-Time Employee Credit Rate
The following are credit rates for each age range:
18-34 years, rate of .00246
For part-time employees, the credit rate for all ages is .00221
Annual Salary x Credit Rate = Annual Flex Credit
Annual Flex Credit / 24 pay periods = Flex Credit per pay period amount