Flexible Spending Account (FSA)

Plan Information

Provider: Rocky Mountain Reserve
Phone: 888-722-1223
Website: www.rockymountainreserve.com

Flexible spending accounts (FSAs) allow employees to use pre-tax dollars for healthcare or child/dependent care expenses not covered by insurance plans. The University offers three flexible spending account (FSA) options through Rocky Mountain Reserve:

• Health Care FSA
• Limited Purpose Health Care FSA
• Dependent Care FSA

Healthcare FSA

A healthcare FSA is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan or elsewhere. It’s a smart, simple way to save money while keeping you and your family healthy and protected. The IRS sets a limit on how much you can contribute to this account each year. For 2023, the contribution limit is $3,050.

Employees may rollover $610 at the end of the plan year to use in future years.

Limited Purpose FSA

A limited purpose FSA (LPFSA) is a flexible spending account that only reimburses you for eligible dental and vision expenses. An LPFSA is available to employees who are enrolled in a high deductible health plan (HDHP); you may enroll in both the LPFSA and the HSA. By establishing an LPFSA, you can save money on taxes by using your LPFSA dollars for your dental and vision expenses while preserving your HSA funds for other purposes, including simply saving those funds for the future. The IRS sets a limit on how much you can contribute to this account each year. For 2023, the contribution limit is $3,050.

Employees may rollover $610 at the end of the plan year to use in future years.

Dependent Care FSA

A dependent care FSA is a pre-tax benefit account used to pay for dependent care services, such as preschool, summer day camp, before or after school programs, and child or elder daycare. A Dependent Care FSA is a smart, simple way to save money while taking care of your loved ones so that you can continue to work. The IRS sets a limit on how much you can contribute to this account each year.  For 2023, the contribution limit is $5,000 if married and filing jointly or single as head of household OR $2,500 if married and filing separately. 

There is an added grace period for Dependent Care FSA allowing you to continue to use current dependent care funds to reimburse expenses incurred for 2 ½ months after the end of the benefits plan year.

More Information

• FSA Enrollment Guide
• RMR's FSA website
• What's Covered (For a list of eligible expenses,)