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 ConnectYourCare, a Cigna Partner. See the sidebar for ConnectYourCare resources including a new mobile app.
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. You may allocate a maximum of $2,600 to your healthcare FSA and a maximum of $5000 to your dependent daycare FSA. Reminder: Any money left at the end of the 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 maximum $2,600 amount to each of your healthcare FSAs and a combined $5,000 to your dependent daycare FSAs. This includes spouses that both work at OU.
As required for all FSA providers, ConnectYourCare may request documentation from you to remain compliant with IRS regulations. Remember, keep your receipts and Explanations of Benefits from your providers for every claim you make to ConnectYourCare.
HSA Medical Insurance and Healthcare FSA
An employee who enrolls in the HSA medical insurance plan CANNOT also participate in the Healthcare FSA.