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 FSA reimburses health, dental and vision care expenses.
- The Limited Purpose FSA reimburses health (post-deductible), dental and vision care expenses.
- The Dependent Day Care FSA reimburses dependent day 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 are no longer offered as of June 1, 2018. Employees enrolled prior to June 1, 2018 may continue to use the funds in their parking and/or transit accounts until exhausted or they become ineligible for the plan(s). These accounts, also known as “commuter benefits,” are designed to reimburse eligible parking and or/ transit expenses with money that was set aside from earnings that was not subject to federal income or Social Security taxes. If you pay for University parking through payroll deduction, your parking costs are not eligible for reimbursement by the parking account.
What are the main differences between an FSA and HSA?
The Flexible Spending 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: 12/06/2018
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.