Flexible Spending

Flexible Spending Icon

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.

As part of the CARES Act, over-the-counter (OTC) medications have been reinstated as an eligible expense under the health care flexible spending account, retroactive to January 1, 2020. While retailers update their system to allow FSA debit cards to be used for OTC medication, you may still seek reimbursement directly with McGriff Insurance Services by logging into your account or by submitting a claim form.

  • 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 Icon

Maximum Contribution

Health Care FSA:
Up to $2,750 per faculty or staff member for the plan period January 1 – December 31, 2021.

Dependent Care FSA: 
Up to $5,000 per household for the plan period January 1 – December 31, 2021.

Carryover Icon


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.


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

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