The Flexible Spending Account allows you to pay for medical and dependent care expenses with pre-tax income.
Employees must work 20 hours a week or more (equivalent to a 0.50 or greater FTE) and be an appointed faculty member of the University of Wisconsin School of Medicine and Public Health with a title of Professor, Associate Professor, Assistant Professor, Clinical Professor, Clinical Associate Professor, Clinical Assistance Professor, Professor (Clinical Health Sciences), Associate Professor (CHS), Assistance Professor (CHS), Instructor (CHS) (Terminal Appointment), Visiting Professor, Visiting Associate Professor, or Visiting Assistant Professor to be eligible for UWMF’s Health Care Flexible Spending Account.
Health Care FSA
- The maximum annual contribution for medical expenses is $2,600 for UWMF; the minimum annual contribution is $100
- This account covers medically necessary expenses not covered by health insurance such as, deductibles and co-insurance, office or prescription co-pays, major dental expenses, glasses or contacts and refractive surgery
- If enrolled in a High Deductible Health Plan (HDHP), you are not eligible for the Healthcare FSA
- You may use funds before the contribution is actually made
- New for 2018 benefit year: The plan will allow you to carryover a maximum of $500 into the 2019 benefit year (the Grace Period allowing you full access to your amounts in the plan until March 15th no longer applies)
Premiums are based on your contribution election. Typically the annual contribution is divided between all remaining payrolls in the calendar year.
Enrollment in the Healthcare Flexible Spending Account (HCFSA) requires submission of the Discovery Benefits enrollment form within 30 days of the date of hire. Coverage will be effective on the first of the month on or after submission of your enrollment.
An annual enrollment period is offered for the FSA for Physicians through UWMF. Physicians must re-enroll for the flexible spending accounts each year during the Open Enrollment period in October/November.
Information on the annual enrollment period for UWSMPH is separate regarding benefits with UWSMPH.
Qualified Family Status Change
Changes may be made to your FSA if a qualifying life event occurs. To make changes, please review Life Events (Physicians) page for information on what changes you can make due to a Qualifying Life Event, how to obtain the applications, and when the change is effective. Completed applications must be submitted to Human Resources within 30 days of the qualifying life event.
A qualifying life event includes marriage, birth or adoption of a child, a death, divorce, termination of employment, or for dependent care only, a change in childcare providers.