Flexible Spending Accounts
The College offers faculty and staff the opportunity to establish a health care and/or dependent care spending account to cover certain expenses with federal tax-free dollars (Pennsylvania State and local taxes still apply). Use of the accounts is voluntary and is subject to IRS regulations.
Each year, faculty and staff members decide whether, and how much, to contribute to one or both accounts for the following year. New employees may begin to participate on the first day of benefits eligibility. Please keep in mind the Flexible Spending Account Program has an annual limit of $5,000 for both the dependent and health care spending accounts.
Health Care & Dependent Care Spending Accounts
A Health Care Spending Account allows you to reimburse yourself with "tax-free" dollars for a variety of qualifying health-related expenses. It is designed to help you pay medical plan deductibles, co-payments, dental and vision care expenses which are not covered by your health care plan.
Dependent Care Spending Accounts are a great opportunity to reimburse yourself with "tax-free" dollars for the cost of caring for dependents, as long as these services are necessary while you (and your spouse, if you are married) are at work.
Please access the the PayFlex website to calculate your potential savings here.
If you selected the High Deductible Health Plan, you have the option to enroll in a Health Savings Account that allows you to save pre-tax for your annual deductible as well as other qualified medical expenses now and in the future. You will be mailed the enrollment forms for Bancorp. These forms must be completed and returned promptly to make your Payroll contribution elections to your account, including any College contribution. You are not required to set up an HSA with Bancorp, but the College will only process and deposit deductions via Payroll with a Bancorp HSA account.
Click here for New Regulations.
Flexible Spending Account Administrator
To view your Quick Reference Guide to PayFlex's services please click here.
PayFlex will provide the same services we have come to expect including:
Payflex processes claims on a weekly basis and claims received via fax or mail by Tuesday are reimbursed Thursday. Swarthmore employees with direct deposit through payroll will be automatically enrolled in direct deposit with PayFlex. Anyone still receiving a direct check will be sent a check from Payflex.
A new feature with PAYFLEX is the ability to file your claim on line. However, if you wish to still submit your receipts by fax or mail, the claim form is available here.
Visit the Participant Service Center at PayFlex's website, www.mypayflex.com for:
- Your account balance,
- Downloadable participant forms (including claim forms),
- Summary Plan Description for Swarthmore College,
- Participant reimbursement history & dates of payment
- List of eligible/ineligible expenses for health care and spending care dependent accounts
PayFlex's website is designed to provide you with the information you may want to know about your flexible spending account(s). Should you need to contact them, they can be reached from 8:00 AM to 8:00 PM on Monday through Friday at the Customer Service Center by calling (800) 284-4885.