Flexible Spending Plan

The University will allow the FULL remaining amount in FSAs to roll over for 2021 to 2022 ONLY.

Changes to Dependent Care Flexible Spending Accounts (FSAs) During COVID-19:

If there is a significant change in cost to your dependent care services due to the COVID-19 outbreak, you are allowed to make adjustments to your contributions to your dependent care accounts. Situations may include:

  • Your child’s daycare closes, causing a loss of care and a loss of care expenses.
  • You are now working from home and can keep your children home instead of going to daycare.
  • Your child’s school closes and you need to enroll your child in daycare to allow you to continue to work. Your child's school or daycare reopens after the COVID-19 pandemic.

Keep in mind, you must request the change to your FSA within 30 days of the status change occurring.

When the daycares reopen, that event will also be considered a change in cost, and you will be able to adjust your dependent care accounts again.

If you would like to make a change to your dependent care account contributions, please go to the Benefits Express portal at benefitexpress.richmond.edu.

About FSAs

The University's Medical Reimbursement Account, administered by Flores, is available for qualifying medical, dental, and vision expenses incurred by you and your eligible dependents (cannot participate in this account if enrolled in the High Deductible Health Plan). You may also choose to participate in a Dependent Care FSA.

The money you save in a FSA can be used to pay for qualified benefits pre tax, rather than with after tax dollars. Therefore, you will pay less in taxes and have more spendable income for health care related costs.

  • The University will usually roll over up to $550 of unused funds for medical care FSAs.
  • The annual medical FSA limit will be $2,750 for taxable years beginning in 2021.

Participants in the medical FSA will receive a debit card, a convenient way to pay for medical expenses.

Flores Customer Service toll-free telephone number: 1.800.532.3327

Coverage

The following benefits qualify for pre-tax treatment:

  • Dependent Care Reimbursement: Covers eligible dependent care expenses up to a limit of $5,000 annually
  • Group Dental Plan Premiums: Covers premiums for dental coverage an employee selects which requires a payroll deduction
  • Group Medical Premiums: Covers premiums for health insurance coverage an employee selects which requires a payroll deduction
  • Medical Reimbursement: Covers eligible out of pocket medical expenses up to an annual limit of $2,750 for 2021
  • Short-Term Disability Plan Premiums: Covers premiums for income protection for lost time due to accident and sickness

Cost

Administrative fees are paid entirely by the University.

Enrollment

A full-time employee is eligible to participate beginning as early as his or her start date or the date the enrollment form is signed, whichever is later. In order to participate, an employee must submit a completed enrollment application to Human Resources within thirty-one (31) days of the hire date.

Unless a qualifying condition is met, enrollment in this plan cannot be changed during the calendar year in which the election is made.

The University has an open enrollment period each year. Current employees must re-enroll in this plan every year during open enrollment. If an application is received during open enrollment, then the plan will be effective on January 1 of the next calendar year.

Flores E-Receipt Mobile App

Flores has an easy mobile app to help employees keep receipts, as well as check their balance and manage their account. For more information, check out this video.