Health Care FSA
Inspira Financial is the administrator for the University’s Health Care Flexible Spending Account (FSA). The Health Care FSA will reimburse you with “tax-free dollars” for eligible, unreimbursed medical and dental expenses (i.e. medical co-payments, prescription co-payments). Employees may contribute up to a maximum of $3,200 for the new plan year from January 1, 2024 through December 31, 2024 (the minimum contribution is $200 for this plan year).
If you wish to participate, you must re-enroll for the new plan year during this Open Enrollment period. Your current Health Care FSA election, if applicable, will not rollover into the new plan year. Please access the Inspira Financial website to explore common eligible health care expenses (click “Individual” at the top of the page and then scroll down to “Common Eligible Health Care Expenses” to view expenses that are eligible, ineligible, or require LOMN (Letter of Medical Necessity) prior to purchase). Please review Inspira Financial (PayFlex) Quick Reference Guide (PDF), which will help you easily manage your reimbursement account online.
If you choose not to enroll in the Health 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).
Inspira Financial Health Care FSA Debit Card
Inspira Financial issues its own proprietary branded MasterCard debit card, which has the capacity for its payment processing system to work with participating IIAS merchants to electronically substantiate over-the-counter flexible spending account (FSA) eligible items.
Although the merchant will be paid directly from the funds in your FSA, YOU STILL MUST KEEP itemized merchant receipts and Inspira Financial Debit Card receipts for purchases made using your debit card. Inspira Financial may audit, as required by the IRS, and notify you directly via your Pace email account if these receipts are requested. You will have 31 days in which to submit receipts to substantiate the charges that are in question and to avoid suspension of your Inspira Financial Debit Card privileges. It is customary for Inspira Financial to request receipts that do not match our current medical co-payment design and for purchases that are made at retailers that offer convenience products or services other than pharmaceutical.
Health Care Flexible Spending Account Grace Period
If you have funds remaining in your Inspira Financial Health Care FSA account, from the plan year that began on January 1, 2023 and will end on December 31, 2023, you have until March 15, 2024 to use these funds or they will be forfeited. Health Care FSA funds, elected for the January 1, 2023 – December 31, 2023 plan year, must be used by March 15, 2024 or they will be forfeited.
Please access Inspira Financial online 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.
*If you are enrolling in the Consumer Core HDHP/Health Savings Account (HSA) option for the new plan year, you are not eligible to enroll in this (full-purpose) Health Care Flexible Spending Account.