Flexible spending accounts
If you are a salaried full- or part-time Faculty member, University and Academic Professional, Postdoctoral Scholar employee, or Classified employee at VCU, you have the option to start a flexible spending account (FSA). An FSA is an IRS-approved, tax-favored account that allows you to stretch your eligible medical and/or dependent care dollars. Each pay period, a portion of your pre-tax salary is deposited into your FSA. You are then reimbursed from this account for your eligible expenses. This benefit allows you to save on income and social security taxes. Flexible spending accounts (FSAs) do not continue automatically from year to year. You must enroll for each FSA plan year. The FSA plan year starts July 1 of the current year through June 30 of the following year. Pre-tax deductions for each plan year are taken starting from July 16 of the current year through July 1 of the following year.
For information about flexible spending for the current plan year: