Flexible Spending Accounts
Eligible 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, before taxes, that can be used to pay for qualified health care and dependent care expenses. Employees choose the amount based on anticipated eligible expenses, and the money is deducted from paychecks in equal amounts and placed in the FSA. The plan year begins on July 1 of each year and ends on June 30. Eligible expenses for the plan year must be incurred by June 30.
The FSA is different than the HRA (health reimbursement arrangement) that is associated with Cova HealthAware. It is also different than an HSA (health savings account). Learn more about the three different types of accounts.
FSAs are administered by Inspira Financial (formerly Payflex). The company charges a $2.10 per month administrative fee per employee.
Every year, employees are eligible to enroll or make changes to FSA elections with a July 1 effective date. The annual open enrollment period is announced by the Commonwealth of Virginia every April, and usually falls during the first two weeks in May. Outside of the open enrollment period, employees can only enroll or change their FSA within 60 days of a qualifying event. Please note that not all qualifying events allow all types of FSA changes.
Employees must re-enroll in the Flexible Spending Accounts each plan year to continue participation.
Please refer to the FSA Sourcebook for additional information regarding Flexible Spending Accounts.
Health FSA
A Health FSA allows employees to set aside funds on a pre-tax basis to use for eligible out-of-pocket health care expenses. Employees must enroll in the FSA each year during open enrollment. The plan year runs July 1 through June 30. Enrollment in a health insurance plan through Virginia Tech is not a prerequisite to enroll in a Health FSA.
- The maximum amount for the 2023-2024 plan year is $3,050 per year.
- This is a "use it or lose it" plan. Leftover balances at the end of the plan year are forfeited.
- All funds are available to use at the beginning of the coverage period.
- Account holders receive debit cards from Payflex that can be used to pay for these expenses.
Find out if a medical expense is eligible.
Activating Your Inspira Financial Debit Card
When you receive your Inspira Financial debit card in the mail, it must be activated before using. You will need to call Inspira Financial at 855-516-8595. You will be asked for your employee ID number; this is your state ID number, not your VT ID number. To find your state ID number, you can visit HokieSpa, click on Hokie Team, then click on Employment Information. Your Cardinal ID will show; this number (without the first and last two zeros) is your state ID.
You can also visit the Inspira Financial website to manage your account. The member ID to create your account on this website is the same as the state ID.
Dependent Care FSA
A Dependent Care FSA allows employees to set aside funds on a pre-tax basis to pay for eligible dependent care expenses throughout the coverage period. Employees must enroll in the plan each year during open enrollment. The plan year runs July 1 through June 30.
- The maximum amount 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.