Flexible Spending Accounts (FSAs)

The university offers two types of Flexible Spending Accounts (FSA): a Health Care Account and a Dependent Day Care Account. These accounts are managed by Optum Financial (formerly ConnectYourCare). Reminder: Any money left at the end of the FSA period cannot be refunded in accordance with federal law.

If your spouse's employer offers flexible spending accounts, you and your spouse may both allocate the IRS maximum amount to each of your Health Care FSAs and a combined IRS maximum amount to your Dependent Day Care FSAs. This includes spouses who both work for OU.

2024 FSA Plan information

If you want to continue your FSA in 2024you must re-enroll during open enrollment, which is October 16- November 10, 2023.

Maximum Contributions
The maximum contribution for the Health Care FSA for 2024 is $3,200. The maximum for the Dependent Care FSA is $5,000. 

Documentation Requirements
As required for all FSA providers, Optum Financial (formerly ConnectYourCare) may request documentation from you to remain in compliance with IRS regulations. Remember, keep your receipts and Explanations of Benefits from your providers for every claim you make to Optum Financial.

Deadlines Remain the Same 
You may incur health care FSA expenses until March 31 of the following year and dependent day care expenses until December 31 of the plan year. You have until April 15 to submit eligible claims to Optum Financial.

HSA Medical Insurance and Health Care FSA
An employee who enrolls in the HSA medical insurance plan CANNOT also participate in the Health Care FSA.

Understanding an FSA

Health care and dependent day care reimbursement accounts can decrease the amount of taxes you pay on your income by allowing you to set aside pre-taxed income for eligible expenses. An FSA is authorized by the IRS and available through your employer.

  • 2024 Limits: You may allocate a maximum of $3,200 to your Health Care FSA and a maximum of $5,000 to your Dependent Day Care FSA. 
  • Reimbursements: As you incur health care or dependent day care expenses throughout the year, you may submit a claim for those expenses to get reimbursed with tax-free dollars from your FSA account. A debit card is available for health care expenses.
  • A Health Care FSA account reimburses you for out-of-pocket expenses, meaning those expenses that are not covered by your medical, dental, prescription, or vision programs. These expenses include deductibles, co-pays, coinsurance, and certain over-the-counter (OTC) expenses.
  • A Dependent Day Care FSA account reimburses you for expenses you incur to allow you and, if married, your spouse to work. These expenses include day care, before-and-after school programs, nursery school or preschool, summer day camp, and even adult day care.
  • Eligible Items: When you use either one or both of these accounts, you reduce your taxable income so you pay less in income taxes. Take a look at eligible expense items for either a health care or a dependent day care account.
  • Deadline Reminders: You may incur health care FSA expenses until March 31 of the following year and dependent care expenses until December 31 of the plan year. You have until April 15 to submit eligible claims. Reminder: Any money left at the end of the FSA period cannot be refunded in accordance with federal law.

Already have an FSA?

If you want to continue your FSAs for the upcoming plan year, you must re-enroll in each of them each year during annual benefits enrollment. For 2024, you may allocate a maximum of $3,200 to your Health Care FSA and a maximum of $5,000 to your Dependent Day Care FSA. 

Healthcare FSA Debit Card

The Health Care FSA a debit card that electronically accesses your health care account to pay for eligible expenses when you check out at a store or medical provider.

  • Participants who use the FSA debit card take advantage of four key benefits:
    • Immediate payment of your expenses from your health care account;
    • Increases your personal cash flow;
    • No claim filing because the expense is approved at the point of sale;
    • Ease of use of your pre-tax funds.
  • Where can you use it? You can use the card at qualifying merchant locations wherever Visa® is accepted. Qualified merchants include physician and dental offices, vision providers, and merchants who have implemented an inventory information approval system (IIAS).
  • Online Claims on the Optum Financial website makes filing non-debit card claims fast and easy.
  • Direct Deposit is encouraged for reimbursement of non-debit card claims including reimbursements for dependent day care. New Optum Financial direct deposit authorization forms will be provided to FSA participants after benefits enrollment.

About Your Health Care FSA