Overview
Universities of Wisconsin employees may contribute to Flexible Spending Accounts (FSA) and/or a Health Savings Account (HSA).
With a FSA, plan to spend the money set aside. With an HSA, you may spend or save the money. Another key difference is the FSA contains a “use it or lose it” rule, which does not apply to the HSA. For other key differences, review the Comparison – HSA vs FSA (available in the Forms & Resources section below).
If you do not enroll in an FSA or HSA during your initial 30-day enrollment period, you may enroll during the Annual Benefits Enrollment (ABE) period or if you have a qualifying life event (see Life Events in the left hand menu for more information).
Optum is the plan administrator for the Spending & Savings Accounts.
Not sure if any of these accounts make sense for you? Click on the links below to read more about each account.
Plans
- Flexible Spending Accounts (FSA) – includes Health Care FSA, Limited Purpose FSA, and Dependent Day Care
- Health Savings Accounts (HSA)
- Parking & Transit Accounts
Eligibility
Review the eligibility for each account by clicking on the above links.
Payment Card
If you enroll in a Health Care FSA, Limited Purpose FSA, Health Savings Account, and/or Parking Account, you will receive a payment card from Optum, the administrator for these accounts. If you enroll in multiple accounts (for example: Limited Purpose FSA and Health Savings Account), you will be issued a single payment card to use for both accounts.
There is not a payment card issued for the Dependent Day Care or Transit Accounts. For these accounts, you are required to submit claims manually (electronically or via U.S. Mail) for reimbursement.
Contact Optum at (833) 881-8158 to request a new payment card.
Forms & Resources
Every effort has been made to ensure this information is current and correct. Information on this page does not guarantee enrollment, benefits and/or the ability to make changes to your benefits.
Updated: 05/29/2024