1. Go to myUK on the Employee Self Service tab
2. Click Benefits and payment option
3. Click Participation Overview to see all your current coverage and enrollments
Flexible spending accounts (FSA)
Set aside money tax free to pay for planned health, child and dependent care expenses.
Want to save on upcoming health and child care costs?
Directing your money into a Flexible Spending Account lowers your taxable income
If you know you’ll spend money on your health and care for your dependents, an FSA might help you save. You can sign up for or change an FSA each year during benefits open enrollment, or within 30 days of starting employment at UK.
How an FSA helps you save money
You receive your paycheck with income taxes taken out. A flexible spending account allows you to set aside a portion of your paycheck tax free in a dedicated account.
For example, if you’re taxed at 30% and you choose to direct $1,000 from your paycheck into your FSA instead of your bank account, you’ll save $300 on taxes.
UK has new FSA vendor TASC as or July 1, 2024
TASC provides UK employees with FSA benefits including additional benefits such as MYCash funds. MyCash is an individual cash account that securely holds your reimbursement funds until you spend or move them.
When you don’t use your TASC Card to pay for an eligible expense, you can submit a request on the app or online for reimbursement.
You then choose how to spend your MyCash funds. You can spend them like cash wherever Mastercard is accepted.
Contact TASC
As of July 1, 2024, TASC began managing our FSA benefit. They have details on contribution amounts and eligible purchases. You can also download the TASC mobile app to help you track and manage your benefits and access helpful tools.
You’ll save only if you have known upcoming expenses considered FSA-eligible
As a first step, see if the types of purchases you plan to make are FSA-eligible. FSAs cover child care, elder care, health care services and items.
25%
Average tax savings on each dollar DEPOSITED
+5
More dependent care categories
80+
Health SERVICES AND items are eligible
The full list of eligible expenses is available from our FSA benefits manager, TASC, but these are examples of common eligible purchases.
The full list of eligible expenses is available from our FSA benefits manager, TASC and these are common eligible purchases.
Health care
- Acupuncture
- Birth control pills
- Chiropractic care
- Contact lenses and related materials
- Crutches
- Fertility treatment
- Radon mitigation (with a letter of medical necessity and the appropriate diagnostic code)
- Laser eye surgery
- Over-the-counter (OTC) health items
- Dental care including cleanings, fillings and crowns
- Eyeglasses
- Prescription sunglasses
- Hearing aids
Child and dependent care
Three most common categories:
- Care for a child under age 13 at a daycare, camp, nursery school or a private sitter
- Elder care for an incapacitated adult who lives with you at least eight hours a day
- Expenses for pre-school and after-school child care (costs billed as tuition are not eligible)
Three types of FSAs and how they work
Choose one or more FSA based on what you’ll buy and your insurance
After you review the eligible expenses and estimate your savings, you’ll know whether an FSA makes sense for you in the year ahead. If you’re ready to start or continue an FSA, here’s an overview of the three account types you could select.
All three FSA options are managed by TASC and have a $250 minimum deposit, but each has different eligible expenses and deposit limits. You can participate in more than one if you’d like.
FSA for dependent care
Deposit up to $5,000 per household to spend on eligible child care and elder care expenses each year.
FSA for health care
Deposit up to $3,050 to spend on eligible medical expenses each year.
Limited health FSA with Saver health insurance
Because Saver insurance includes a health savings account (HSA), the optional health FSA is limited to eligible expenses in the dental and vision categories. Deposit up to $3,050.
All three FSAs run on our fiscal year July 1 - June 30
Your deposit goes on a debit card valid for the year
FSAs are designed for you to spend the funds you saved within the same fiscal year by June 30.
No funds will roll over for dependent care, but up to $610 will roll over for the health care and limited purpose FSAs.
Every year, it’s up to you to make a new deposit or not
You will not be automatically re-enrolled in your FSA each year. If you choose to continue, you’ll need to enroll during benefits open enrollment and select the exact amount you wish to deposit.
We’ll share updates about deposit limits every year during open enrollment.
Check enrollment in myUK
Check your FSA balance
FSA plans managed by TASC are convenient using a Mastercard and a mobile app. Conveniently access and spend your reimbursement dollars on any purchase with MyCash.
News
Financial well-being benefits
Flexible spending accounts are available to most regular (non-STEPS) employees. If your status is less than full time, review our eligibility details.
Contact our office
Monday-Friday from 7:30 a.m. to 5 p.m.
(859) 257-9519 option 3
benefits@uky.edu
204 Mandrell Hall