Flexible Spending Account (FSA)
Arkansas State University offers flexible spending accounts to benefits eligible employees. The plan is administered through ConnectYourCare (CYC). You may check your account and submit expenses online at https://www.connectyourcare.com.
Once enrolled you will receive a CYC card. You may use your CYC card to pay eligible expenses at IRS approved vendors. You may use your CYC card anywhere that accepts credit cards for reimbursement balances that have been credited to your card. Active employees enrolled in the medical FSA plan have until 75 days after the end of the plan year to incur expenses (March 15) and until March 31 to submit. Employees who retire or terminate during the year do not have a grace period. Their last day of work is the last day they can incur expenses, and they have 60 days to submit expenses.
Flexible spending accounts give you the opportunity to tax-shelter income that you can use to pay for qualified health care or childcare expenses. The money you tax shelter is not included in your federal, state or FICA wages.
- Health Care: Tax shelter between $240 and $2,750 per employee for eligible out-of‐pocket health care expenses.
- Dependent Day Care: Tax shelter between $240 and $5,000 per household of annual childcare (daycare) costs.
You may enroll within your first 31 days of employment for the current calendar year. Current employees who wish to participate must enroll during the open enrollment period each fall for the next calendar year. Any funds not claimed during the grace period are forfeited.
Health Savings Accounts
Health Savings Account (HSA)
A health savings account is available to employees enrolled in the Health Savings Plan. The HSA is administered through ConnectYourCare. You may check your account and submit expenses online at connectyourcare.com.
To be eligible for the HSA, you must be enrolled in the Health Savings Plan.
Here’s how the Health Savings Account works:
- Once enrolled in the Health Savings Plan, you will be eligible to open a Health Savings Account.
- You’ll receive a debit card to pay for your eligible health care expenses along with detailed information about the account.
- You can have pre-tax contributions deducted from your paycheck and deposited into your HSA.
- Money in your HSA is yours - if you don’t use your entire balance during the year, it will roll over to the next year.
IRS Maximum Limits:
- Up to $3,600 individual coverage*
- Up to $7,200 family coverage*
- Age 55 or older:
- Maximum contribution increases by $1,000 (considered a “catch-up” contribution)