Spending and Saving Accounts
Northwestern employees can establish the following accounts to reimburse certain expenses:
Flexible Spending Accounts (FSAs)
- Available for the Premier PPO, Select PPO and HMO Illinois 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.