This webpage is meant to be your one-stop destination for the help and guidance you may need to navigate the Flexible Spending Account (FSA) program here at the University of Iowa. If you are unable to find the answer to your question(s), please reach out to our dedicated FSA team at email@example.com.
What is a Flexible Spending Account (FSA)?
A Flexible Spending Account or also commonly known as FSA is an account for eligible employees who can set aside pre-tax dollars in an account to use for reimbursement of eligible expenses. By participating in an FSA, you lower your taxable income as contributions are made on a tax-free basis.
Please note that if you have any left-over benefit credits, a Health Care FSA account will be set up for you automatically.
Common FSA Definitions
Plan Year means the period from January 1 of any calendar year through December 31 of the same year.
An Explanation of Benefits (EOB) is a statement from your health insurance plan (Wellmark Blue Cross and Blue Shield of Iowa) describing what costs the plan will cover for medical care or products you've received. The EOB is generated when your provider submits a claim for the services you received. The EOB is NOT a bill.
Depending on how you have requested your delivery of EOBs or notices from Wellmark, you may receive an email to notify you that one is available or you may receive a physical paper copy sent to your home address.
If you cannot find a copy of the EOB you need to complete your FSA reimbursement request, you may log on to your online MyWellmark account and download a copy of the specific EOB you need.
IRS Maximum is the maximum allowable amount regulated by the IRS that can be withheld from an employee's pay pre-tax. This maximum changes from year to year.
Contribution is the amount of money that an employee delegates to be deposited into their Flexible Spending Account (FSA) and loaded into their Employee Self Service online FSA account balance.
The contribution amount is usually designated at the time of new hire benefits enrollment or when you re-enroll in the FSA program for the following plan year during the University of Iowa Annual Benefits Open Enrollment period every November.
A qualifying life event is an event that allows an employee to make additions or changes to their FSA enrollments, elections, and dependent elections. Commonly marriage, birth of a child, sig