Flexible Spending Accounts
Your Spending Account (YSA) is the plan administrator for your Flexible Spending Account (FSA) through Yale. With an FSA, you are able to pay for certain health care and dependent care out-of-pocket expenses with pre-tax dollars. You may participate in the Health Care (Medical/Dental/Vision) Expense Reimbursement Account and/or the Dependent Care Expense Reimbursement Account. Claims should be submitted to YSA as per the instructions on the YSA site, accessed by logging into the University portal (www.yale.edu/portal), clicking My Benefits, and then clicking on one of the Spending Account links on the My Benefits homepage.
What to do next
You must decide how much you want to contribute to each account based on your anticipated expenses for the year. Your contributions will be deducted from your paycheck before taxes are calculated.
For 2013, you can contribute up to a maximum of $2,500 to the Health Care (Medical/Dental/ Vision) Expense Reimbursement Account (down from $12,000 in 2012 as per the Affordable Care Act) and up to $5,000 to a separate Dependent Care Expense Reimbursement Account.
Submit your claim for reimbursement
When you incur an eligible expense, submit the appropriate claim form and the money will be reimbursed from your account. The money you contribute to the accounts and the reimbursements you receive from your accounts are never taxed. Claims should be submitted to YSA as per the instructions on the YSA site, accessed by logging into the University portal (www.yale.edu/portal), clicking My Benefits, and then clicking on one of the Spending Account links on the My Benefits homepage.
Grace Period Extension
The grace period allows participants with remaining FSA account balances at the end of the calendar year to have an additional 2-1/2 months, until March 15 of the following year to incur additional eligible expenses and use the prior year's funds to pay for these expenses. The deadline for submitting these expenses is April 30.
How to monitor your balances and submitted claims
Both your account balances and submitted claims appear on the YSA homepage, accessed by logging into the University portal (www.yale.edu/portal), clicking My Benefits, and then clicking Access in the My Spending Accounts box on the left side of the screen.
How does the automatic transfer of claims for Flexible Spending Accounts work?
When you enrolled in an FSA, you have the option to choose automatic reimbursement of claims. By enrolling in this feature, you authorize Yale to allow both the medical and dental carriers to submit your co-pays, deductible and coinsure information directly to YSA for reimbursement from your Medical/Dental/Vision Reimbursement FSA.
When choosing this option, consider the following:
- You can opt in or out of this feature at any time during the calendar year by contacting Employee Services at 203-432-5552.
- Spousal and dependent claims information will also be transmitted each month. However, if you have a dependent child between the ages of 19 and 25 enrolled in the Yale Health Plan, claims will not be transmitted automatically and you will need to file claims directly with YSA.
- Over the counter medications and vision expenses must be submitted to YSA directly.
- Do not submit claims for out-of-network medical expenses directly to YSA. These types of expenses will be sent to YSA via the automatic reimbursement of claims process (if selected).
- Do not select this feature if you have a secondary insurance program.
- Do not select this feature if you are covering a civil union partner under your health insurance or if you are enrolled in a Health Savings Account as part of a high-deductible health insurance plan.
- Reimbursements can be delayed up to 60 days due to when the provider submits the claim to the carrier.