Eligible employees may participate in this FULL Flexible Spending Account (FULL FSA) offered through Further, up to a maximum of $3,200 for the 2024 plan year. This account works in three ways – 1) you can use a debit card (linked to your FSA balance) to pay for expenses as you go. A debit card is the default method. 2) You can reimburse yourself by submitting claim forms to Further for qualified medical expenses for you and your dependents that are not paid for through other insurance plans (e.g. dental care, glasses and contacts, prescription co-payments, deductibles, etc.). 3) You can elect the crossover feature. Crossover is an automatic claim processing option and reimburses you without having to submit forms. Once you have exhausted your FSA balance it is your responsibility to pay for those expenses from a source other than your FSA. Crossover only works if you are enrolled in the St Olaf health insurance plan. Employees with an FTE of .50 or more may participate in the medical reimbursement account even if they don’t participate in the College health insurance.
Claim forms and provider receipts are required for reimbursement. There may be some situations where employees would find it more advantageous to take the tax credit on their income tax. Money set aside for this program is exempt from Social Security, Medicare, Federal income tax and State income tax. The elected amount cannot exceed 92% of pay. Employees should consult their tax advisor if they have questions in this area.
Despite the real savings that these accounts can generate, some care needs to be used in determining how much money to set aside. Balances below $640 will be carried over at the conclusion of the plan year. Employees are not allowed to discontinue or change the amount contributed during the plan year except under very limited circumstances*.
Once employees elect coverage, they are required to keep the coverage for the entire plan year, unless they experience a qualifying event* or certain types of status changes. Changes to benefits must be made within 30 calendar days of any qualifying event or certain types of status changes, with few exceptions (e.g., retirement plan and Health Savings Account elections). For more information about qualifying events and status changes, please contact Human Resources or click here.