Spending and Saving Accounts
FSA Grace Period Extended
To help faculty and staff better manage their Health Care, Limited Purpose, and Dependent Care FSA plans, the Grace Period to incur eligible expenses for 2020 funds has been extended to 12/31/2021. What this means is any unused funds from last year must be used by 12/31/2021, and all outstanding claims must be filed by 3/31/2022. Any funds remaining after 3/31/2022 will be forfeited.
Northwestern is currently working with our vendor partner Payflex to implement this change. Important information below.
For Health Care and Limited Purpose Accounts
For Dependent Care Accounts
If you have any questions, please contact PayFlex Customer Service at 1-844-PAYFLEX. They are available Monday – Friday, 7 a.m. – 7 p.m. CT, and Saturday, 9 a.m. – 2 p.m. CT.
Northwestern employees can establish the following accounts to reimburse certain expenses:
Flexible Spending Accounts (FSAs)
- Available for the Premier PPO, Select PPO, HMO Illinois, and Postdoctoral Trainee Health* plans, as well as those choosing not to enroll in medical coverage.
- These accounts allow to make an annual election, with the money that is set aside from your earnings that is not subject to federal income or Social Security taxes, to pay for eligible medical expenses.
- The funds must be used within the calendar year, or they are forfeited. Participants submit claims to PayFlex, the claims administrator.
- The Health Care and Limited Use FSA reimburses health, dental and vision care expenses.
- The Dependent Care FSA reimburses dependent care expenses that allow you and your spouse to work.
Health Savings Accounts (HSAs)
- A Health Savings Account is designed to reimburse eligible healthcare expenses with money set aside from your earnings that is not subject to federal income or Social Security taxes.
- This account is only available if enrolled into the Value PPO.
- Unlike the Flexible Spending Accounts, the funds in a Health Savings Account never expire and are portable.
How to enroll
- Review the summary plan description
- Individuals must re-enroll online during open enrollment to continue FSA and HSA participation for the next year.
- View eligible expense and create an account with PayFlex using your employee ID on your Wildcard and your home zip code.
Questions on how to activate your PayFlex Card? Review the answers to some FAQs. The Northwestern University employer code at PayFlex is 100398.
*Must be considered an employee of the University to participate.