Flexible Spending Accounts (FSA)

The University of Alaska provides a Health Care Flexible Spending Account (HC FSA) and a Dependent Care Flexible Spending Account (DC FSA) that eligible employees can enroll in. The HC FSA is for medical expenses while the DC FSA is for daycare expenses for children under the age of 13. Both accounts allow you to set aside pre-tax dollars. 

New benefit-eligible employees are eligible to enroll in an FSA within the first 30 days of hire. FSA's will be effective on the 31st day after hire. 

You may enroll in both FSAs with any UA Choice Health Plan. You may also enroll in both FSAs if you have coverage outside of the university. 

You may not have a Health Savings Account (HSA) and a HC FSA. You may have a DC FSA along with your HSA as long as you are otherwise eligible for an HSA. 

Benefit-eligible employees working at least 20 hours per week may enroll in either or both FSAs.

Employees can enroll or change their FSA elections within 30 days of a life event or during annual open enrollment. 

More information on life events can be found on our qualifying life events website.

Sikuliaq employees have special enrollment requirements. Please check with your HR Coordinator.

Temporary employees are not eligible to participate in either FSA. 

New benefit-eligible employees are eligible to enroll in an FSA within the first 30 days of hire. FSA's will be effective on the 31st day after hire. 

You may enroll in both FSAs with any UA Choice Health Plan. You may also enroll in both FSAs if you have coverage outside of the university. 

You may not have a Health Savings Account (HSA) and a HC FSA. You may have a DC FSA along with your HSA as long as you are otherwise eligible for an HSA. 

 

How to Enroll

  1. Attend a Benefits Overview (held on the 1st and 3rd Wednesday of the month). Register to attend by contacting your HR Coordinator. 
  2.  Submit your New Employee Health Care Form within 30 days of hire.
    • A form must be submitted within 30 days of hire, even if you are opting out.
    • If no form is submitted, you will be defaulted into the HDHP for employee only.
    • If enrolling dependents, you must provide supporting documentation at the time of enrollment.

Current employees can update their FSAs in three ways:

1. During annual open enrollment (mid-April each year);
2. Within 30 days of a qualifying life event; or
3. Adding a newborn within 60 days of birth.

The most common qualifying life events include change in marital status, birth/adoption, or gain/loss of other coverage. For more information about qualifying life events please visit the qualifying life events page.

FSAs are only elected for the current plan year. Every elected FSA will terminate on June 30 of the current plan year. To elect an FSA for the next plan year beginning on July 1, a form must be submitted during open enrollment each April. If a form is not submitted during open enrollment, the FSAs will automatically terminate on June 30 and will not be renewed for the following year. 

 

How to Make Changes

  1. Complete the Life Event Changes Form to update your benefits within the appropriate timeline.
    • If you are enrolling dependents for the first time, you must provide supporting documentation at time of enrollment. ‚Äč

Sikuliaq employees have special enrollment requirements. Please check with your HR Coordinator.

Temporary employees are not eligible to participate in either FSA. 

FSA accounts allow you to:

  • Set aside a portion of your income pre-tax
  • Request tax-free withdrawals from your account to reimburse yourself when you experience a qualified expense 

The university's FSAs are managed by ASIFlex. Visit ASIFlex's website to:

  • Access resources, videos, and useful links to IRS-related publications and account details
  • Understand qualified medical and/or dependent care expenses
  • Submit receipts for reimbursement against the account
  • Request a debit card (debit cards are not automatically generated and must be requested by the employee)

To learn all about the FSAs with ASIFlex, watch this ASIFlex background video for all of the features, or read the Quick Guide for a more information on using your account. 

A Heath Care FSA (HC FSA)

  • Helps you pay for your medical, dental, and vision out-of-pocket expenses.
  • Will provide the full goal amount you elect on your first day of eligibility in this plan. This means if you elect a $1,000 HC FSA, the full $1,000 is available on your first day of eligibility - even if you have not contributed the full $1,000 when you use the funds. Funds will be collected via payroll deduction over the plan year to cover the $1,000 HC FSA. 

The maximum contribution for FY23 is $2,850.

Unused Funds

  • There is a 90 day run out period for your remaining funds after the end of the plan year. You must submit your FSA expenses no later than September 30 for expenses incurred during the previous plan year (July 1 through June 30). 
  • Unused funds will not rollover to future years and will be forfeited at the end of the plan year (each June 30).

A Dependent Care FSA (DC FSA)

  • Helps you pay for employment-related day care expenses for a dependent.
  • Funds are only available as they are deposited to your account. The university remits deposits once a month, at month-end. This means that you will only be able to refund up to the amount currently available in your DC FSA. This works different than the HC FSA.  

The maximum contribution for FY23 is $5,000.

Unused Funds

  • There is a 90 day run out period for your remaining funds after the end of the plan year. You must submit your FSA expenses no later than September 30 for expenses incurred during the previous plan year (July 1 through June 30). 
  • Unused funds will not rollover to future years and will be forfeited at the end of the plan year (each June 30).