Benefit Savings Accounts

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. 

Health Savings Accounts (HSAs)

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.

Supplement Benefit Credit

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.