Flexible Spending

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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 day care.

You must re-elect FSAs each year or they will automatically terminate.


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Provider

Stanley, Hunt, Dupree and Rhine (SHDR)

(800) 930-2441

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Maximum Contribution

Health Care FSA:
Up to $1,325 per faculty or staff member for the shortened plan period July 1 – December 31, 2018.

Dependent Care FSA: 
Up to $2,500 per household for the shortened plan period July 1 – December 31, 2018.

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Carryover

Health Care FSA:
Automatically carry over up to $500 of unused funds into the next plan year.

Dependent Care FSA: 
No carryover; unused funds will be forfeited at the end of the plan year.


Enrolling or Making Changes

  1. During Annual Benefits Enrollment, you may elect the amount* you forecast for eligible health care and dependent care expenses for the coming plan year.
  2. SHDR will send you a Benefit Access VISA® Debit Card to use for eligible expenses.
  3. 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.


Guidebook

Wake Forest University Human Resources
2598 Reynolda Rd, Winston-Salem, NC 27106  |  P.O. Box 7424
AskHR@wfu.edu   |  P (336) 758-4700 |  F (336) 758-6127

Se habla español.

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