Have you considered participating in the Flexible Spending Accounts (FSA) Plan? If you are a benefits-eligible employee, you are eligible to participate. It’s a simple way to save money using tax-free dollars for eligible medical and/or dependent care expenses. Reduce your taxable income when you contribute to this plan.
How Could I Save Money?
You save in income tax with every dollar you set aside in this benefit plan. See the graphic, on the right, for an example of the potential savings.
Why Should I Participate and How Much Can I Set Aside?
You can use tax-free dollars to pay for eligible expenses including:
- Health care expenses – doctor’s visit co-pays and out-of-pocket expenses, eye glasses, hearing aids, physical therapy, prescription medicine, and more. The annual minimum contribution is $240 up to a maximum of $2,550.
- Dependent care expenses – may cover child and elder day care, before- and after-school care expenses, summer day camp, nursery school, pre-school costs and more. The annual minimum contribution is $240 up to a maximum of $5,000.
When Can I Enroll?
Enroll this May during the annual "Benefit Choice" open enrollment period.
How Do I Learn More?
View this video to learn about this tax-saving University benefit!
Questions?
Contact University Payroll and Benefits (UPB) with any questions.
- Email: benefits@uillinois.edu
- Urbana: 217-333-3111
- Chicago: 312-996-6471
- Springfield: 217-206-7144 or 217-206-7211
Additional Resources
See Medical Care Assistance Plan (MCAP) and Dependent Care Assistance Plan (DCAP)
View a list of eligible MCAP expenses
View a list of eligible DCAP expenses
