Health Spending Accounts

The Health Spending Accounts options are listed below.

Flexible Spending Accounts (FSA)

Administered by Flores

A Flexible Spending Account (FSA) is an account that you set up to deposit pre-tax dollars into to cover eligible expenses. This allows you to save on your expenses by the amount of taxes that you pay. The College offers a Medical Spending Account for eligible medical expenses and/or a Dependent Care Spending Account for eligible child and adult care expenses. This is an annual account. All money deposited in this account must be used for eligible expenses for the calendar year. Unused balances will be forfeited by the individual and revert to the health plan to cover costs.

For 2025, the maximum allowable FSA election for Health Spending is $3,300. Dependent Care FSA maximum is $5,000.

Dependent Care Flexible Spending Account

Employees who enroll in the Dependent Care Flexible Spending Account can have their dependent care costs automatically deposited into their banking institution based on direct deposit information provided to Flores.

Limited Purpose (LP) Flexible Spending Account

Employees who enroll in the either of the HSA eligible health plans may still enroll in a “Limited Purpose” Medical Flexible Spending Account. This account is also managed by Flores. IRS rules require that the Limited Purpose Medical FSA is available for Vision, Dental and Preventive Care expenses only.

Health Savings Account (HSA)

Administered by Flores.

An HSA or Health Savings Account is an account that you set up in which you can deposit pre-tax dollars. This account can cover qualified health care expenses. Unlike the FSA, this is your personal account and can be used after you leave the College. This account must be paired with a Qualified High Deductible Health Plan (QHDHP).

Employees can contribute to this account on a pre-tax basis. The IRS sets annual maximums for contributions to these accounts. For 2025 the maximums are as follows: