Benefited Virginia Tech employees have the opportunity to take advantage of the savings that come from Flexible Spending Accounts (FSA). Employees are not required to participate in Virginia Tech’s health insurance plan to take advantage of the Flexible Spending Accounts.

These accounts allow employees to set aside money each pay period that can be used throughout the plan year (July 1–June 30) to pre-fund anticipated, eligible medical services, medical supplies, and dependent care expenses normally not covered by insurance. The funds are deducted from paychecks before federal and state taxes are calculated, creating a cost savings for employees.

FSAs are administered by Anthem. The company charges a $3.65 per month administrative fee per employee.

Health

A Health FSA is an IRS tax-favored account employees can use to pay for eligible medical expenses not covered by insurance or another plan. Employees must enroll in this plan each year during open enrollment. The plan year runs July 1 through June 30; however, enrollment in the health insurance through Virginia Tech is not a prerequisite to enroll in a Health FSA.

  • A Health FSA can be used to pay for the out-of-pocket medical, dental, and vision care expenses not covered by health benefits plan.
  • The minimum payroll deduction is $10 per pay period. The maximum is $2,600 per year.
  • This is a use it or lose it plan. Leftover balances at the end of the plan year are forfeited.
  • Funds are available in one lump sum at the beginning of the plan year.
  • Account holders receive debit cards from Anthem that can be used to pay for these expenses.

Dependent Care

A Dependent Care FSA is an IRS tax-favored account employees can use to pay for child care or dependent adult care expenses. Employees must enroll in this plan each year during open enrollment. The plan year runs July 1 through June 30.

  • Employees can use a Dependent Care FSA to pay expenses for the care of their child(ren), disabled spouse, elderly parent(s), or other dependents who are physically and/or mentally incapable of self-care so that they (and their spouse) can work or actively seek work.
  • The minimum payroll deduction is $10 per pay period. The maximum is $5,000 per year.
  • This is a use it or lose it plan. Leftover balances at the end of the plan year are forfeited.
  • Dependent Care FSA funds are only available as they are deducted from each paycheck.

Enrollment

Every year, employees are eligible to make changes to their flex account election and/or enroll for a July 1 effective date. The annual Open Enrollment period is announced by the state every April. Outside of this open enrollment period, employees can only enroll or change their flex account within 60 days of a qualifying mid-year event.

Forms

Contact

North End Center, Suite 2300 (0318)
300 Turner Street NW
Blacksburg, VA 24061

Hours
8 a.m.-5 p.m.

Phone
540-231-9331
540-231-3830 (fax)

Email
hrservicecenter@vt.edu

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Qualifying Mid-Year Events

Certain qualifying mid-year events permit or require specific election changes with supporting documentation.

Examples of mid-year events: