Flexible Spending Account
A Flexible Spending Account (FSA), makes it possible for you to pay for certain expenses on a pre-tax basis, which makes your money go farther.
All Health Plan participants may have some form of a Flexible Spending Account (FSA), but Basic Health participants may only have a Limited FSA for eligible dental and vision expenses.
To help UVA employees maximize their money for medical, pharmacy, dental, vision, and dependent-care expenses, the University has two options: Flexible Spending Accounts (FSAs) and Dependent Daycare Reimbursement Accounts. UVA FSAs, including Dependent Daycare Reimbursement Accounts, are managed by Chard Snyder. Any reimbursements you receive from Chard Snyder must be deposited directly into your personal checking or savings account.
FSA minimum and maximum contribution amounts (and other program details) remain the same for 2021 as they were for 2020.
2020 elections for FSAs will NOT carry over to 2021.
- If you want to keep your FSA open, you must re-elect in the FSA program for 2021 during Open Enrollment
- You must re-elect a dollar contribution for your FSA while in Open Enrollment in Workday
- If you do not re-elect the FSA during Open Enrollment, your benefit will be waived and will not carry over to 2021
- FSA 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 Open Enrollment or if you have a qualified life event.
- Listen to the HSA/FSA podcast or the Dependent Daycare FSAs podcast to learn more about these types of FSAs.