Flexible Spending Accounts

Benefits Open Enrollment 2019: October 31-November 14

The annual Benefits Open Enrollment period is your chance to review your benefit options and choose the ones that best meet your needs, including electing a Health or Dependent Care Flexible Spending Account (FSA) for the year ahead. If you want an FSA for 2019, you must make an active election during Open Enrollment by going to PeopleSoft Self Service (which will be live on October 31).

To learn about all the 2019 benefits changes, your choices and new options, visit Open Enrollment 2019.

Flexible Spending Accounts (FSAs)

An FSA allows you to pay predictable, eligible health care expenses or expenses related to the care of a dependent child or adult with pre-tax dollars, lowering your taxable income and saving you money. 

  • When electing an FSA, estimate your expenses carefully because any money not used by the annual deadline will be forfeited.
     
  • Benefit Strategies administers the FSA program for Harvard.
     
  • If you elect an FSA, Benefit Strategies will provide you with a debit card to pay expenses. Remember: save your receipts.
     
  • You have until March 31 to submit claims for the prior year.

FSA options

Health FSA
With the Health FSA, you can pay for eligible medical, dental, and vision care expenses for you and your eligible dependents. For 2018, you can contribute $120 to $2,650 per calendar year on a tax-free basis.

Note: HUSPMGU members who are enrolled in a Harvard-sponsored medical plan for 2018 receive a $275 contribution from Harvard to a Health FSA.

Limited Purpose FSA
This FSA lets you pay for out-of-pocket dental and vision care expenses only, and is for those who are enrolled in a high-deductible health plan only. For 2018, you can contribute $120 to $2,650 per calendar year on a tax-free basis.

Dependent Care FSA
This FSA lets you pay for eligible expenses for the care of a dependent child up to age 13 or a dependent adult. You may contribute up to $5,000, based on IRS guidelines.   

For additional details, including information on paying for expenses and filing claims, please refer to the FSA/HSA Overview.

Health Savings Account (HSA)

If you’re enrolled in the Harvard High Deductible Health Plan (HDHP) and meet other eligibility requirement, you may contribute to an HSA to cover out of pocket medical expenses today – or save for future expenses.

New for 2019: If you currently have a Health Savings Account (HSA), your HSA elections will continue, so you do not need to re-enroll, and you will automatically receive the Harvard tax-free contribution to this account - $500 for individual coverage, $1,000 for family coverage. The HSA is only available to faculty and staff enrolled in Harvard’s high deductible health plan (HDHP). You may enroll in a new HSA or change your current election during Open Enrollment (or at any time during the year).

  • Harvard will make a tax-free contribution to your HSA, in addition to any pre-tax contributions you make (up to annual maximums).
     
  • Unspent funds roll over from year to year and the money remains yours even when you leave the University.
     
  • Benefits Strategies administers this benefit for Harvard.
  • If you elect an HSA, Benefit Strategies will provide you with a debit card to pay expenses. 

For additional details, including information on paying for expenses and filing claims and HSA contribution limits, please refer to the FSA/HSA Overview.