Flexible Spending
You may use Flexible Spending Accounts (FSAs) to set aside money through pre-tax payroll deductions to cover qualified health care and dependent care expenses.
Wake Forest University offers two types of (FSAs):
- Health Care FSA: Used for eligible health care expenses that are not covered by the medical, dental, and vision plans.
- Dependent Care FSA: Used for eligible dependent care expenses, such as child care and adult daycare.
You must re-elect FSAs each year or they will automatically terminate. Download the Flexible Spending mobile app.
Maximum Contribution
Health Care FSA:
Up to $3,050 per faculty or staff member for the plan period January 1 – December 31, 2024.
Dependent Care FSA:
Up to $5,000 per household for the plan period January 1 – December 31, 2024.
Carryover
Health Care FSA:
Automatically carry over up to $610 of unused funds into the next plan year.
Dependent Care FSA:
No carry over; unused funds will be forfeited at the end of the plan year.
Enrolling or Making Changes
- During Annual Benefits Enrollment, you may elect the amount* you forecast for eligible health care and dependent care expenses for the coming plan year.
- McGriff will send you a Benefit Access VISA® Debit Card to use for eligible expenses.
- Re-elect the FSAs each year if you choose, as they will not renew automatically.
*This amount is divided into equal increments and withheld on a pre-tax basis from each monthly or bi-weekly pay during the plan year. Health care expenses: The annual election is available after the first payroll contribution. Dependent care expenses: Only the amount that has been deducted year-to-date from a paycheck can be reimbursed.
2024 Benefits Guidebook
The 2024 Benefits Guidebook for Faculty and Staff outlines benefits specific to the Jan. 1 through Dec. 31, 2024 plan year. The information included in the guidebook is intended as a benefit summary only.
Wake Forest University Human Resources
P.O. Box 7424, Winston-Salem, NC 27109
askHR@wfu.edu | P 336.758.4700 | F 336.758.6127