Flexible spending account

Health care flexible spending account and limited health care flexible spending account 
An FSA allows you to use pre-tax dollars for health care expenses not covered by your insurance. It reduces your taxable income, which saves you money. Eligible health care expenses can be reimbursed by submitting claims and supporting documentation to the claims administrator, ASIFlex. Some health care expenses can be paid at the point of service with an ASIFlex-issued debit card. More information on the debit card and documentation requirements can be found on the ASIFlex Debit Card website.

New enrollment is required each year during the annual open enrollment period for the next calendar plan year, January to December. If you elect a limited health care flexible spending account, reimbursement is restricted to dental and vision expenses.

Contribution limits for plan year 2024

• You may contribute up to $3,050 to pay uninsured, eligible healthcare expenses for both you and your tax-qualified dependents each calendar year, January to December.
• If you and your spouse both work and a plan is offered by both employers, you can each contribute $3,050.
• Your contributions cannot exceed $3,050 for the calendar year. If you contributed to another employer’s FSA during the calendar year, you will need to take those contributions into consideration when selecting a contribution amount with ASU.

Use-it-or-lose-it-rule

Any unused balance, up to $610, remaining in the participant’s FSA at the end of the 2024 plan year will be carried over to the 2025 plan year for reimbursement of medical care expenses incurred during the subsequent plan year.

Participants should estimate their expenses carefully using ASIFlex’s tax savings calculator. Claims must be submitted by April 30 each year for FSA-eligible expenses incurred in the previous calendar year. 

Changes for 2025 plan year

• Contribution limit is increasing to $3,200. 
• Any unused balance, up to $640 will be carried over from the 2025 to the 2026 plan year.

Employment ineligibility or separation

If you become ineligible during the plan year, your deductions and participation will cease. Your last deduction will be withheld from the paycheck issued for the pay period in which you became ineligible. Claims for eligible expenses incurred during the plan year must be submitted by April 30, following the end of the plan year.

FSA resources 

• ASIFlex debit card information.
• Account balance and availability, ASIFlex.
• FSA claim form.
• FSA Plan Document.
• FSA Plan Participant Information.