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Berea College

In order to be eligible for the General Purpose Flexible Spending Account, you can be on one of our PPO plans or no plan with us at all. If you on our HDHP, you&#8217;ll be eligible for the Limited Flexible Spending Account.

Am I eligible for the FSA?

The FSA follows a plan year of July to June. However, contribution limits are monitored on a calendar year basis (January to December).

What is the plan year for the FSA?

The IRS determines the annual contribution limit each year. Please refer to their website for the most up-to-date information.

What are the contribution limits?

No. You can only change the amount that you&#8217;re contributing during Open Enrollment or as a result of a Qualifying Event. To learn more, contact your Benefits Coordinator.

Can I change the amount I'm contributing at any time?

Yes. The General Purpose and Limited Flex Accounts only allow you to carry over up to $600 of unused money when a new plan year begins.

Do I lose any of the money year-to-year?

Any unused balance in your FSA will become unavailable when your benefits end which is generally at the end of the month of your last day worked.

What happens to my FSA if I stop working here?

You can use the money on yourself, a spouse and any tax dependents.

Who can I use FSA funds on?

You can use the General Purpose on qualified medical, dental, and vision expenses. The Limited Flex can be used only on qualified dental and vision expenses. The Dependent Care Account can only be used on daycare costs for children under 13 or disabled immediate family members.

What can I use FSA funds on?

The full amount that you elect for the General Purpose and Limited Flex become available upfront. The Dependent Care Account can only be used as the money accumulates from your paychecks.