Capital University To Present an Evening with Dennis Lehane
Capital University Celebrates First Albert Schweitzer Fellow, Tracy Hoag
Capital University Celebrates the Class of 2014 During 164th Commencement May 3
Summer Creative Arts Camps for Teens July 21-25
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Flexible Spending Accounts are provided by Custom Design Benefits. The accounts allow employees to set aside tax-free money to reimburse themselves for eligible expenses that are paid out of pocket. There are two types of accounts in which employees may participate, Health Care Reimbursement and Dependent Care Reimbursement Accounts. IRS regulations specify that if individuals do not use all of their money during the calendar year it will be forfeited. Capital University has adopted an IRS amendment that allows participants to continue to utilize leftover monies for up to two and a half months after the end of the plan year.
Active three-quarter time or greater employees are eligible to enroll in either account and participation in the program is optional. In general, the employee’s current spouse or domestic partner, children, stepchildren, and foster children are all eligible dependents.
New employees must enroll within the first 31 days of employment. After the initial enrollment period, employees are permitted to make changes within 31 days of a qualifying event, such as marriage, the birth or adoption of a child, or the loss of coverage. Otherwise, employees must wait until open enrollment to add or make changes to their coverage.
Employees select an annual election that is divided among the number of pay periods for the calendar year. Annual election amounts start at $250 for the Health Care Reimbursement Account and $500 for the Dependent Care Reimbursement Account. The annual limits are $2,500 for Health Care Reimbursement and $5,000 for Dependent Care. The election amount selected by the employee is deducted from his/her paycheck and is exempt from Federal, State, and FICA/Medicare Taxes.
Participants in the High Deductible Health Plan are not permitted to enroll simultaneously in a traditional Health Care Reimbursement Account. A “limited use” account, however, may be established. See the Human Resources Office for more details.
FSA Enrollment Form (PDF)Eligible/Ineligible FSA Expenses (PDF)Custom Design Benefits Website
Custom Design Benefits Apps Claim Form (PDF)Direct Deposit Form (PDF)Summary Plan Description (PDF - employee login required)
Capital University is a private four-year undergraduate institution and graduate school located in the Columbus, Ohio, neighborhood of Bexley. Copyright © 2014 Capital University