How the Flexible Spending Accounts Work

Eligibility

You are eligible to participate in the Flexible Spending Accounts if you are a regular employee of the University and your annual base salary is $10,000 or more.

If you are a temporary employee at Boston University and your annual base salary is $10,000 or more, you are eligible to participate in the Flexible Spending Accounts.

How the Program Works

Here is the process for setting aside your contributions to the flexible spending accounts:

• Estimate what your uninsured medical and/or dependent care expenses will be for the coming year, and designate that amount at Employee Self Service at BUworks Central. You should estimate conservatively because amounts not used for eligible expenses during a year must be forfeited (this is an IRS rule).
• The amount you elect to contribute will come out of your paycheck in equal installments for the number of pay periods you designate.
• The portion of your salary that goes into an account will not count as taxable income, so you have immediate tax savings.
• When you have an eligible expense, you file a claim to get reimbursed. You are responsible for paying providers; reimbursement checks will be made out in your name.
• Under federal law, if you make contributions to a flexible spending account which are not used to pay for eligible expenses incurred during that plan year, you will forfeit the unused balance at the end of the plan year.
• Also, expenses incurred before your participation commences or after you cease participation cannot be reimbursed.