Flexible Spending Accounts
Dependent daycare flexible spending accounts (DCFSA) and health care flexible spending accounts (HCFSA) are an excellent way to set aside money on a pre-federal, state and social security tax basis, to pay for qualified dependent day care and/or out-of-pocket health care related expenses (premiums excluded). FSA dollars must be used for qualified dependents and/or health care expenses incurred during each calendar year. Qualified dependents do not have to be on your health plans to be eligible for the flexible spending account expenditures.
Dependent Day Care Flexible Spending Account
This plan benefits employees with dependent children under age 13, an incapacitated spouse, or dependent adult who lives with the employee at least 8 hours a day. With this account, you are reimbursed with pre-tax payroll contributions for qualified child and/or dependent adult care expenses. Services must be incurred and contributions must be in the account before reimbursements are made. There is a $5,000 family maximum limit.
If enrolled in the NC State University Childcare Center, please review additional information on Taxation of Childcare Benefits.
Health Care Flexible Spending Account (HCFSA)
Setting aside pre-tax payroll contributions for the Health Care FSA is an excellent way to pay for qualified out of pocket health care related expenses not covered by dental, medical and/or vision insurance plans (premiums excluded). Employees have access to the total amount elected for the calendar year as of January 1 and reimbursement for qualified expenses may occur prior to payroll contributions. The HCFSA account may be used for employee and qualified dependent expenses. A debit card is available for use with the HCFSA.
Monthly Contribution Limits
Dependent Day Care Flexible Spending Account: Minimum of $120/year; maximum of $5,000 per year. If both you and your spouse can contribute to this or a similar plan, the maximum family contribution is $5,000 per calendar year.
Health Care Flexible Spending Account: Minimum of $120/year; maximum of $2500/year maximum.
Regular (non-temp) SHRA/EHRA employees who work 20 hours per week (.5 FTE) or greater are eligible to enroll in the this plan.
Employees must enroll within 30 days of their hire date or within 30 days of a qualified life event. Waiting periods may apply outside of the newly hired initial 30-day eligibility period.
Coverage begins the first of the month following your hire/start date. You will be allowed to carry over unused balances for an additional 2 1/2 months. This means if you have money left in your HCFSA or DCFSA on December 31, you may continue to be reimbursed using your current year contributions for eligible out-of-pocket costs you incur through March 15 of the next year, unless you terminate from the plan prior to December 31. You will have until April 30 of the next year to submit your claims for reimbursement.
If your employment terminates, coverage ends on the last day of employment.
Enrollment is done through the State Health Plan/NCFlex online enrollment system. Eligible employees can access this online system by going go to the MyPack Portal and logging in. Once logged in, click on FOR FACULTY & STAFF at the top in the black bar. In the center of the page, you will see Employee Self Service. Click on "Enroll in Benefits", accept the campus Shibboleth ID notice (only during the first time you log in) and you will be logged in to the online enrollment system.
Coverage changes are done through the State Health Plan/NCFlex online enrollment system with qualifying life events. Such events are defined as birth, death, divorce, now eligible for other coverage, loss of other coverage, adoption, etc. Coverage changes are effective the first day of the month following the date of the life event. Eligible employees can access this online system by going go to the MyPack Portal and logging in.
Once logged in, click on FOR FACULTY & STAFF at the top in the black bar. In the center of the page, you will see Employee Self Service. Click on "Enroll in Benefits", accept the campus Shibboleth ID notice (only during the first time you log in) and you will be logged in to the online enrollment system. Changes made in the online enrollment system by the 10th of the month should be reflected in the next payroll.