Flexible Spending Account
Understanding Your Flexible Spending Account (FSA) Options
Employees have the option to open a Health Care FSA or a Dependent Care FSA administered by ASI.
- An FSA allows you to pay eligible out-of-pocket medical and dependent care expenses with pretax dollars, reducing your taxable wages and; therefore, decreasing your taxes.
- You specify the annual dollar amount of your earnings to be deposited to each account. This amount is deducted in equal payments over the plan year.
Use it Or Lose It
It is important to set aside only as much money in your Flexible Spending Accounts as you intend to use each plan year.
- Any monies not claimed by the employee within the specified period will be forfeited in accordance with the Internal Revenue Service Regulations.
- You have from January 1st through December 31st to use account funds.
- All the claims for medical and dependent care expenditures must be filed with ASI prior to March 31st following the end of the plan year for reimbursement.
Your reimbursement can be by:check
You can receive your reimburse by a check when you submit a claim.direct deposit
At your request, your FSA reimbursement may be deposited into your checking or savings account by enrolling in direct deposit. If you wish to start direct deposit after the Open Enrollment period, you will need to do so through ASI. The direct deposit request form is Available at asiflex.com
You may use a debit card feature that allows you to pay for your medical expenses directly from your FSA account. There is an annual fee for this card that will be deducted from your account.
You will receive an application in your enrollment packet that explains how the card works, where it will work, and when you will be prompted to show documentation to confirm what was paid for with the card.
File a Claim
You will need to fill out your claim form and attach copies of invoices for services you received. You can submit your claims four different ways:fax
Fax your claim and documentation, toll-free to ASI at 1.877.879.9038mail
Mail the claim form and documentation to:
PO Box 6044
- Submit your claims online (in PDF format) at https://my.asiflex.com.
- If you have not previously set up a user name and password , you will need your ASI-assigned PIN, along with your employee identification number.
- Go to the Google Play Store for Android devices or the Apple App Store and search for ASIFlex.
- Use your phone/tablet to review your account and file claims.
- Use the app to take a picture with your device’s camera.
Claims are processed within two business
days of receipt. However, processing time will depend upon the volume of the
Leaving the university mid-year
If you leave the university mid-year, you still have the option to keep your FSA. Learn more about FSA COBRA continuation of coverage.