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Want to save on upcoming health and child care costs?

Directing your money into a Flexible Spending Account lowers your taxable income

If you know you’ll spend money on your health and care for your dependents, an FSA might help you save. You can sign up for or change an FSA each year during benefits open enrollment, or within 30 days of starting employment at UK.

How an FSA helps you save money

You receive your paycheck with income taxes taken out. A flexible spending account allows you to set aside a portion of your paycheck tax free in a dedicated account. 

For example, if you’re taxed at 30% and you choose to direct $1,000 from your paycheck into your FSA instead of your bank account, you’ll save $300 on taxes.

Contact ASI Flex

ASI Flex manages our FSA benefit. They have details on contribution amounts and eligible purchases.

www.asiflex.com
asi@asiflex.com
1 (800) 659-3035

You’ll save only if you have known upcoming expenses considered FSA-eligible

As a first step, see if the types of purchases you plan to make are FSA-eligible. FSAs cover child care, elder care, health care services and items.

25%
Average tax savings on each dollar DEPOSITED
+5
More dependent care categories
80+
Health SERVICES AND items are eligible

Flexible spending accounts will save you money on these expenses and more

The full list of eligible expenses is available from our FSA benefits manager, ASI Flex and these are common eligible purchases.

Health care

  • Acupuncture
  • Birth control pills
  • Chiropractic care
  • Contact lenses and related materials
  • Crutches
  • Fertility treatment
  • Laser eye surgery
  • Over-the-counter (OTC) health items
  • Dental care including cleanings, fillings and crowns
  • Eyeglasses
  • Prescription sunglasses
  • Hearing aids

Child and dependent care

Three most common categories:

  1. Care for a child under age 13 at a daycare, camp, nursery school or a private sitter
  2. Elder care for an incapacitated adult who lives with you at least eight hours a day
  3. Expenses for pre-school and after-school child care (costs billed as tuition are not eligible)

Three types of FSAs and how they work

Choose one or more FSA based on what you’ll buy and your insurance

After you review the eligible expenses and estimate your savings, you’ll know whether an FSA makes sense for you in the year ahead. If you’re ready to start or continue an FSA, here’s an overview of the three account types you could select.

All three FSA options are managed by ASI Flex and have a $250 minimum deposit, but each has different eligible expenses and deposit limits. You can participate in more than one if you’d like.

FSA for dependent care

Deposit up to $10,500 per household to spend on eligible child care and elder care expenses each year.

All eligible expenses

More important information

FSA for health care

Deposit up to $2,750 to spend on eligible medical expenses each year.

All eligible expenses

Limited health FSA with Saver health insurance

Because Saver insurance includes a health savings account (HSA), the optional health FSA is limited to eligible expenses in the dental and vision categories. Deposit up to $2,750.

Only dental and vision expenses on this list

All three FSAs run on our fiscal year July 1 - June 30

Your deposit goes on a debit card valid for the year

FSAs are designed for you to spend the funds you saved within the same fiscal year by June 30.

No funds will roll over for dependent care, but up to $500 will roll over for the health care and limited purpose FSAs.

Every year, it’s up to you to make a new deposit or not

You will not be automatically re-enrolled in your FSA each year. If you choose to continue, you’ll need to enroll during benefits open enrollment and select the exact amount you wish to deposit.

We’ll share updates about deposit limits every year during open enrollment.

Changes for COVID-19

Through June 30, 2021

  • You can change how much you contribute to your FSA for any reason at any time using this form.

Through June 30, 2022

  • No limits on carrying over your unused funds in June into the next fiscal year.
  • Age limit for child care expenses increased from age 13 to 14.

Next benefits open enrollment: April 28 - May 14, 2021

You can enroll or make changes every year during benefits open enrollment on myUK.

Check enrollment in myUK

1. Go to myUK on the Employee Self Service tab
2. Click Benefits and payment option
3. Click Participation Overview to see all your current coverage and enrollments

Check your FSA balance

Deadline to spend: June 30, 2022

Any remaining balance in your ASI Flex account will expire on June 30, 2022.

Updates

May 12, 2020 FSA grace period extended through 2020 plus more relief

Your unused funds will be available through December, next year’s health care rollover amount will increase and there are newly eligible expenses.

May 7, 2020 New limited purpose flexible spending account for Saver health insurance members

Starting July 1, 2020, you can have the HSA that comes with Saver insurance plus a limited-purpose health FSA

Financial well-being benefits

Flexible spending accounts are available to most regular (non-STEPS) employees. If your status is less than full time, review our eligibility details.

Contact our office

Monday-Friday from 7:30 a.m. to 5 p.m.
(859) 257-9519 option 3
benefits@email.uky.edu
112 Scovell Hall