Flexible Spending Account
FLEXIBLE SPENDING ACCOUNTS:
CONEXIS
The Flexible Spending Accounts (FSA) allow the faculty/staff member to pay certain health care and dependent day care expenses with tax-free money. Each plan year the faculty/staff member can put money into an FSA through pretax payroll contributions. This money will be used to reimburse the participant for eligible out-of-pocket expenses incurred during the plan year. The University offers both a Health Care FSA and a Dependent Care FSA.
USE YOUR HEALTH CARE FSA TO PURCHASE OVER-THE-COUNTER (OTC) DRUGS Please keep all of your receipts and be aware that they must contain the following:
•Date of Purchase
•Name of Item, i.e. Nyquil or “Cold Medicine”
•Cost of the Item If your receipt contains only an ID number or merchandise code for the OTC product(s) purchased, the receipt is not considered valid, and would be rejected when submitted with your FSA claim form.
•Per IRS requirements, you may be required to obtain a doctor’s note on some “dual-purpose” OTC drugs. A partial list of OTC drugs is available on the CONEXIS Web site.
IS SALES TAX ON ELIGIBLE OTC PRODUCTS PURCHASED WITH YOUR HEALTH CARE FSA DOLLARS REIMUBURSEABLE?
Yes it is! And to ensure that you are fully reimbursed for the sales taxes you pay for eligible expenses, we suggest that you purchase your reimbursable OTC items separately from other purchases so the receipt accurately reflects the sales taxes paid for only those item(s). If your receipt includes both eligible and non-eligible expenses, you will have to calculate the applicable sales tax on your eligible health care FSA expenses. After calculating the applicable sales taxes, please include this amount on the receipt that you fax or mail to CONEXIS.
Quick Links
Protecting Your Privacy
Over the Counter List
FSA Quick Reference Guide
Using Your FSA for Dental Care Services
NEW Dependent Care Credit Regulations
CONEXIS Monthly Newsletter
CONEXIS Forms: