VCU Health System offers two types of flexible spending accounts (FSAs) — a dependent care FSA and a
health care FSA. Both FSAs are administered by Inspira Financial.
Important Reminders about Flexible Spending Accounts:
- FSA plans have a “use-it-or-lose-it” rule, which means that if you have any funds left in your account at the end of the plan year you will lose them. However, VCU Health’s plan allows a 45-day grace period. For example, the 2024 plan year for our FSAs runs from January 1, 2024 through December 31, 2024. For 2024, all FSA eligible expenses must be incurred by March 15, 2025, and submitted for reimbursement by March 31, 2025. Keep this in mind when you are deciding your contribution amount for 2025.
- If you participate in a FSA, you must re-enroll each year.
- For 2025, the deadlines to incur expenses is March 15, 2026 and submitted for reimbursement by March 31, 2026.