Flexible Spending Accounts
Healthcare and Dependent Care FSA Mid-Year Election Changes
From Sept. 1 to Sept. 15, you will have the opportunity to enroll, or make changes to, your 2021 Healthcare and Dependent Care FSA. This means you may do one of the following:
- Newly enroll for the benefit
- Increase your annual election amount
- Decrease your annual election amount*
- Stop contributions for the rest of the year*
*NOTE: Election changes cannot be lower than what has already been reimbursed for the plan year. For example, if you currently have an annual election amount of $1,000 and have incurred, submitted, and been reimbursed for $1,000, you will not be allowed to decrease your annual election amount or stop your contributions for the remainder of the year.
New for the 2021 FSA mid-year election changes:
- Employees will have the ability to submit claims for Healthcare FSA and Dependent Care FSA expenditures that were incurred retroactively to Jan. 1, 2021. Note: Employees hired after Jan. 1, 2021, will be able to submit claims from the time of enrollment into the FSA plan.
- Employees can now increase their Dependent Care FSA annual election up to $10,500. Subsidy amounts are not changing.
- Your own contribution combined with the subsidy cannot exceed the $10,500.
- Revised FSA election deductions will be reflected in the Sept. 22 paycheck for those paid on a semi-monthly basis and in the Sept. 26 paycheck for those paid on a monthly basis.
Log into USFWorks to initiate changes.
Review the Special Enrollment FAQ for answers to frequently asked questions.
Please review the Mid-Year Elections Job Aids for detailed instructions:
The University offers two optional flexible spending accounts (FSAs) to help you pay for eligible health and/or dependent care expenses using pre-tax dollars deducted from your paycheck. Your contributions for both plans are deducted before federal, state and Social Security taxes are withdrawn, saving you money on taxes.
Dependent Care flexible spending accounts can be used for adult or child day care expenses. The maximum annual contribution is $10,500 per household ($5,250 if married and filing separately) in 2021.
BASIC manages FSA accounts for USF employees. All FSA claims for medical and dependent care should be submitted to BASIC via fax at (800) 584-4591 or email at email@example.com.
For more information, including reimbursement forms, direct deposit forms, and welcome packets, please refer to the PDFs listed on the HR Forms web page under the heading Flexible Spending Accounts.
Please note: BASIC sends automated emails from the following email address, firstname.lastname@example.org. If at any time you do not feel comfortable logging into your account via the provided link within an automated email, you can go directly to the website at www.basicpacific.com to view their Quarterly Statements.
Phone: (800) 574-5448
Fax: (800) 584-4591