3.7 Flexible Spending Accounts Plan (Southflex)
SouthFlex is the University鈥檚 flexible spending accounts plan available to benefits eligible employees. A flexible spending account allows the use of pre-tax dollars to pay for qualified dependent/childcare expenses and eligible healthcare expenses, including dental expenses, which are not reimbursed by 麻豆相关报道Health & Dental Plan or any other insurance plan. A flexible spending account also increases your disposable income by reducing the amount of taxes you pay.
It is important to note that you may only enroll within 30 days of obtaining eligibility or during the annual open enrollment for the following plan year.
There are two types of flexible spending accounts:
- Health Flexible Spending Account
- Dependent Care Flexible Spending Account
The Internal Revenue Service (IRS) requires that FSA funds only be used for qualified expenses. You may be required to provide documentation that an expense is qualified.
Please note that funds remaining in the account(s) after final expenses for the year have been submitted will be forfeited. Southflex allows a grace period when funds remaining in a Health FSA at the end of a plan year will carry over to cover eligible expenses incurred through the 15th day of the third month after the plan year ends. Any unused amounts from the prior plan year that are not used to reimburse expenses by the end of the grace period remain subject to the 鈥渦se it or lose it rule鈥� and must be forfeited.
Refer to SouthFlex - Flexible Spending Account Plans at southalabama.edu/hr for more information on the Flexible Spending Accounts. You may also contact your Human Resources Office for further information.