Flexible Spending Accounts
University of Illinois employees are eligible to enroll in the State of Illinois Flexible Spending Accounts (FSAs). FSAs allow employees the opportunity to use pretax dollars for eligible medical and/or dependent care expenses.
Participation is voluntary and must occur at the beginning of employment, during the Benefit Choice period, or, when experiencing a qualifying event. Contributions can be made only through payroll deduction and cannot be changed unless one of the above circumstances occurs.
It is the employee's responsibility to file reimbursement claims by submitting the FSA Reimbursement Claim Form with the proper documentation to the ConnectYourCare (CYC).. Reimbursement claims may be submitted up to three months following the close of the plan year.
For FY2014, the MCAP has a grace period in effect that allows participants to incur expenses from July 1 through September 15, 2014 and submit claims for reimbursement from FY2014 remaining balances. After September 30, any amounts remaining in the FSA from the FY2014 plan year will be forfeited, according to IRS regulations.
Beginning with FY2015, eligible expenses must be incured during the plan year (July 1 through June 30). Any MCAP balance up to $500 remaining after September 30, 2015, will automatically be carried over to the next plan year's MCAP account. Even if you do not make an MCAP election for the next plan year, you are still eligible to use carried over funds. The carryover provision does not apply to Dependent Care Assistance Plan (DCAP) accounts.