UW System employees can establish the following accounts to reimburse certain expenses:
Flexible Spending Accounts (FSA)
Flexible Spending Accounts are spending accounts that are designed to reimburse eligible expenses with money set aside from your earnings that is not subject to federal income or Social Security taxes.
- The Health Care and Limited Purpose FSA reimburses health, dental and vision care expenses.
- The Dependent Day Care FSA reimburses dependent care expenses that allow you and your spouse to work.
A Health Savings Account is a savings account that is designed to reimburse eligible healthcare expenses with money set aside from your earnings that is not subject to federal income or Social Security taxes. The HSA is only available if you are enrolled in the High Deductible Health Plan (HDHP) or Access HDHP plan design.
Parking and Transit Accounts, also known as “commuter benefits” are designed to reimburse eligible parking and or/ transit expenses with money set aside from earnings that is not subject to federal income or Social Security taxes. If you pay for University parking through payroll deduction, your parking costs are not eligible to be reimbursed by the Parking Account.
The parking and transit accounts will no longer be offered effective June 1, 2018. This means that future payroll deductions for parking and transit accounts will not be taken; however, employees that were enrolled prior to June 1, 2018 may continue to use funds withheld until exhausted or they become ineligible for the plan(s).
What are differences between an FSA and HSA?
The Flexible Savings Account (FSA) is a spending account, while the Health Savings Account (HSA) is a savings account. With an FSA, you expect to spend the money you have set aside within the year it is set aside, while with an HSA you may save the money until you need it — even if you do not need the funds until well into the future. Another key difference is the FSA features a “use it or lose it” rule; this rule does not apply to the HSA.
last updated: 05/23/2018
Every effort has been made to ensure this information is current and correct. This page does not guarantee enrollment or the ability to make changes to your benefits.