Flexible Spending Accounts
Lindenwood University offers Flexible Spending Account benefits through P&A Group. FSA benefits are voluntary and paid for by the employee. Employees have two FSA account options to choose from:
Health (medical): Employees have immediate access to annual elections under the Health Care FSA after their benefits are effective. Employees will receive a benefits expense card in the mail from P&A Group to use wherever MasterCard is accepted. When employees use the card, the money is deducted from the account. If employees are unable to use the card, employees can pay out-of-pocket and submit a claim for reimbursement. Examples of eligible expenses include dental work, glasses/contact lenses, prescriptions, etc.
Dependent Care: Employees can only be reimbursed up to the amount accumulated in the account and is a pay-as-you-go approach. Employees will pay out-of-pocket for eligible expenses and submit a claim to P&A for reimbursement. Dependent care is for child or elder care expenses only. Examples include daycare and older adult daycare expenses.
Employees can elect one or both options and are not required to be enrolled in the medical insurance plan in order to elect FSA benefits. FSA plans are IRS regulated and require active enrollment each plan year. Lindenwood employees have a grace period until March 15 of the following plan year to utilize all FSA funds. After that time, any remaining funds will be forfeited per the IRS “use it or lose it” stipulation.
Maximum annual contributions may be subject to change. For 2024, the maximum annual contribution amount for the health FSA is $3,200 and the maximum for dependent care FSA is $5,000.
