Hirsch Financial Services, Inc.
Location: 4 North Park Drive, Suite 500, Hunt Valley, MD 21030
Phone: 888.460.8005 or 410.771.1331
Fax: 888.510.4218 or 410.771.5533
Hirsch Financial Services Website: www.hfsbenefits.com
This benefit is available to all regular full-time faculty and staff. The subscriber number is the employee's Social Security number.
Authorized by the Internal Revenue Service (IRS), a Flexible Spending Account (FSA) is a tax-advantaged way to pay for certain medical and/or dependent care expenses. This added benefit allows you to pay for these expenses using pre-tax dollars. Therefore, your taxable income is lowered and may result in a higher take home pay.
There are two types of FSAs. First, the Health Care FSA helps you to pay for medically necessary expenses not covered or only partially covered by your health, dental, and/or vision insurance. Second, the Dependent Care FSA helps you to pay for certain dependent care expenses such as day care for a child or elderly adult. You may elect to participate in one or both of these accounts.
The minimum annual election for either (or both) accounts is $100, and the maximum annual election for either (or both) accounts is $5,000.
Specific limitations apply for both accounts. For more detailed information, refer to the plan document.
You can enroll in one or both accounts within 31 days of date of hire, within 31 days of a qualifying event (as defined in IRS regulations) as well as during the annual open enrollment. At the time of enrollment, you determine how much to contribute to each account. Please note that if you participate in both the Health Care FSA and the Dependent Care FSA, there will be two separate withholdings noted on your pay stub. These contributions will be deducted from your paycheck evenly over a calendar (taxable) year. You are encouraged to calculate reimbursable costs carefully. Any unused funds left in an account after the end of a calendar (taxable) year must be forfeited. This is an IRS regulation.
At the time of service, you have two options for payment and/or reimbursement:
This page is designed to summarize the University of Hartford's Flexible Spending Account Plan(s). It is not intended to be all inclusive. Where there are differences between the provisions of this website and more specific statements contained in University files (such as plan documents), those statements shall control.