Child and Dependent Care FSA
Inspira Financial is the administrator for the University’s Child and Dependent Care Flexible Spending Account (FSA). The Child and Dependent Care FSA allows you to set aside “tax-free dollars” to pay for eligible day care expenses incurred for your dependent children (to age 13) or for other qualified dependents. This account does not reimburse for health care expenses. Employees may contribute up to a maximum of $5,000 ($2,500 if you and your spouse enroll in separate FSAs) for the plan year from January 1, 2024 through December 31, 2024 (the minimum contribution is $200). Funds are available as you contribute via payroll deduction.
If you wish to participate, you must re-enroll for the new plan year during this Open Enrollment period. Your current Child and Dependent Care FSA election, if applicable, will not rollover into the new plan year.
If you choose not to enroll in the Child and Dependent Care FSA for this plan year, you will not have another opportunity to do so until the following plan year, which begins on January 1, 2025 (unless you experience a “Qualifying Change in Family Status” during the plan year).
If you have funds remaining in your current Child and Dependent Care FSA account after December 31, 2023, they will be forfeited.
Please access Inspira Financial online to explore common eligible child and dependent care expenses (click “Individual” at the top of the page and then scroll down to “Dependent Care FSAs” to view expenses that are eligible and ineligible) and to verify your FSA account balance. You may also call Inspira Financial at 1 (800) 284-4885. The Inspira Financial representative will be able to identify you by your Social Security number.