FSAs let you set aside pre-tax dollars for eligible expenses, lowering your taxable income. Tulane offers two types of FSAs, administered by HealthEquity: a Health Care FSA for medical expenses and a Dependent Care FSA for childcare or elder care. You may enroll in one, both, or neither; funds cannot be shared between accounts. Enrollment is required each year.
How FSAs Work
- Decide your annual contribution during Open Enrollment.
- Contributions are deducted from your paycheck before taxes in equal installments.
- Use your FSA card at the point of sale or submit a claim for reimbursement.
2025 Plan Maximum Contributions
| Account | 2025 Maximum Contribution | Examples of Covered Expenses |
|---|---|---|
| Health Care FSA | $3,300 | Copays, deductibles, orthodontia, eligible OTC medications, etc. |
| Dependent Care FSA | $5,000 | Day care, nursery school, elder care, etc. |
For comprehensive lists of eligible expenses, see IRS Publications 502 (medical/dental) and 503 (dependent care).
Important Reminders: Use It or Lose It
- Grace period: You may continue to incur expenses from January 1 through March 15 for the prior plan year.
- Submission deadline: Submit expenses for both Health Care and Dependent Care FSAs by April 30.
- Unspent funds after the grace period are forfeited. Calculate your election carefully. Annual re-enrollment is required.
Healthcare Items You Might Not Realize Are Eligible
- Sunscreen
- Heating and cooling pads
- First aid kits
- Shoe inserts and certain foot-care items
- Travel pillows
- Motion sickness bands
Always verify eligibility before purchase and save your receipts.
The Health Care FSA is not available if you are enrolled in the High Deductible Health Plan (HDHP). HRA and POS medical plan members are eligible to participate.
The debit card is only available for the Health Care FSA. If you become ineligible or are terminated, your card will be deactivated, and you must file reimbursement claims manually.
Expenses reimbursed through an FSA cannot also be claimed as deductions on your income tax return.
