Common use of Health Care Flexible Spending Account Clause in Contracts

Health Care Flexible Spending Account. Faculty Members may elect to have a specified amount withheld on a pre-tax basis from each paycheck, up to the annual maximum allowed by the plan, to be used for reimbursement of eligible expenses which are not covered by insurance. Eligible expenses are those permitted by federal tax law. Funds which are withheld must be reimbursed for expenses incurred in the calendar year in which they are withheld, or, under current IRS rules, the unused funds will be forfeited by the individual.

Health Care Flexible Spending Account. Faculty Members may elect to have a specified amount withheld on a pre-tax basis from each paycheck, up to the annual maximum allowed by the plan, to be used for reimbursement of eligible expenses which are not covered by insurance. Eligible expenses are those permitted by federal tax law. Funds which are withheld must be reimbursed for expenses incurred in the calendar year in which they are withheld, or, under current IRS rules, the unused funds will be forfeited by the individual.not