PayFlex is now Inspira Financial. Inspira Financial has been updated on the website and mobile app. Inspira Financial will mail new debit cards starting April 2024 (only for new, expired or reissued cards). Your current PayFlex debit card will continue to work until its expiration date. If you have any questions, please contact Inspira Financial at 1-888-678-7821.
Medical, dental, and vision expenses can sometimes put a strain on your monthly finances, even if you have insurance coverage. The same is true for dependent care expenses if you need childcare or care for elderly parents. Cornell understands this and offers voluntary flexible spending accounts for medical and dependent care reimbursements. These accounts are not insurance coverage. They help you reduce your out-of-pocket expenses by taking advantage of a federal law that gives you an immediate tax break when paying for services covered under the program – services that you have to pay for anyway.
These accounts work simply. You put money into either or both accounts through payroll deduction before your taxes are calculated and deducted. This means you save on your federal income taxes and Social Security taxes. In most, but not all, states you will save on state income taxes, too! When you have an eligible expense, you file a claim. You are then reimbursed with tax-free money. Enrollment is required each year that you want to participate. Cornell offers medical and dependent care flexible spending accounts through Inspira Financial.
Health/Medical Care Reimbursement Account
Funds accumulated in the Health/Medical Care Reimbursement Account can be used to pay for medical, dental, and vision charges that generally are deductible expenses for federal income tax purposes (such as eyeglasses, hearing aids, health plan deductibles and dental out-of-pocket expenses). The Health/Medical Care Reimbursement Account will reimburse you for approved expenses even if your payroll deductions have yet to reach the account. So, you can be reimbursed for expenses that occur on or after January 1, up to the total amount that you have committed to this account for the plan year. The 2025 maximum limit is $3,300. Please contact Inspira Financial for orthodontia reimbursement information.
Visit the Inspira Financial website to learn more about how the Health Care FSA works and what expenses are eligible or ineligible:
Health/Medical Care FSA
Dependent Care Reimbursement Account
Expenses incurred for dependent care services that allow you and your spouse to work are eligible for reimbursement under the Dependent Care Reimbursement Account. Eligible expenses for your child (under age 13), disabled spouse, or other disabled dependent include the cost of daycare centers, private babysitters, and nursery schools.
The Dependent Care Reimbursement Account differs from the Health/Medical Care Reimbursement Account in that, in the Dependent Care Reimbursement Account, you must have funds deposited before you can be reimbursed for expenses. The maximum limit is $5,000 per household.
Visit the Inspira Financial website to learn more about how the Dependent Care FSA works and what expenses are eligible or ineligible:
Dependent Care FSA
Debit Card
There is no requirement to use the debit card; you may destroy it and, if you decide in the future that you would like one, you can request one from Inspira Financial. Download the Inspira card flyer (pdf) for more information.
Once you have enrolled in the medical care account, you will be issued an Inspira Financial Debit card that will be good for five (5) years. Your annual enrollment will be loaded to the card for each year that you participate. You may request additional cards via the website or by calling Inspira Financial toll free at (888) 678-7821. You can swipe the debit card to pay for your copay at your physician's office and the drug store.
Do not swipe your card at a provider's office if the service provided needs to be submitted to your insurance company first. For example, you or your dental provider should submit the dental expense to your dental insurance company first. Once you receive the Explanation of Benefits (EOB) from the insurance company, you can then use your Inspira Financial card to pay for the portion that you owe your dentist. You will need to submit the EOB to Inspira Financial to substantiate the claim.
Inspira card flyer
Contribution Rules and Claim Deadlines
Health/Medical Care FSA Accounts
| | Calendar Year Account Covers claims between these Dates of Service | Contribution Rules and Carryover | Claims Submission Deadline |
|---|
2023 Calendar Year | Services and expenses must have been incurred from 1/1/2023 through 12/31/2023 | - Leftover money at the end of 2022 (up to $570) is carried over into 2023
- New Contributions allowed in 2023, up to max contribution of $3,050 (not lowered by any carryover from 2022)
- Leftover money at the end of 2023 (up to $610) is carried over into 2024
NOTE: 2022 funds included in leftover money DO NOT carry over into 2024 | Normally, claims must be submitted by 4/30/2024 |
|---|
2024 Calendar Year | Services and expenses must have been incurred from 1/1/2024 through 12/31/2024 | - Leftover money at the end of 2023 (up to $610) is carried over into 2024
- New Contributions allowed in 2024, up to max contribution of $3,200 (not lowered by any carryover from 2023)
- Leftover money at the end of 2024 (up to $640) is carried over into 2025
NOTE: 2023 funds included in leftover money DO NOT carry over into 2025 | Claims must be submitted by 4/30/2025 |
|---|
2025 Calendar Year | Services and expenses must have been incurred from 1/1/2024 through 12/31/2024 | - Leftover money at the end of 2024 (up to $640) is carried over into 2025
- New Contributions allowed in 2024, up to max contribution of $3,300 (not lowered by any carryover from 2024)
- Leftover money at the end of 2025 (up to $660) is carried over into 2026
NOTE: 2024 funds included in leftover money DO NOT carry over into 2026 | Claims must be submitted by 4/30/2026 |
|---|
Dependent Care FSA Accounts
| | Calendar Year Account Covers claims between these Dates of Service | Contribution Rules and Extended Claim coverage (“Run-Out Period”) | Claims Submission Deadline |
|---|
2023 Calendar Year | Services and expenses must have been incurred from 1/1/2023 through 3/15/2024 | - IRS maximum limit is $5,000 per household
- 2023 funds must be used by March 15, 2024
| Normally claims must be submitted by April 30, 2024. COVID RULES DID NOT EXTENDED THIS SUBMISSION DEADLINE |
|---|
| 2024 Calendar Year | Services and expenses must have been incurred from 1/1/2024 through 3/15/2025 | | Claims must be submitted by April 30, 2025. |
|---|
| 2025 Calendar Year | Services and expenses must have been incurred from 1/1/2025 through 3/15/2026 | - IRS maximum limit is $5,000 per household
- 2025 funds must be used by March 15, 2026
| Claims must be submitted by April 30, 2026. |
|---|
Accessing Your Account
Log on to the Inspira Financial site. If you have not yet registered on the site, you’ll need to click on Create Your Profile under "First time user?" Complete the required fields on the next screen. If you have enrolled in a FSA medical care account, you’ll need your Inspira Financial card number to complete your registration. Remember to enroll in direct deposit and email notification to manage your account more easily.
If you have registered with Inspira Financial in the past, use the username and password that you selected during the registration process.
You can also download the Inspira Financial Mobile app to easily access your account from your phone or other device.
Inspira Mobile App flyer
IRS Rules
You should assess your needs carefully for both the health/medical care and dependent care flexible spending accounts and take advantage of all the tax savings you can reasonably estimate.
Beginning with plan year 2016, a portion of unused money in your health/medical care flexible spending account will be rolled over into the following plan year account to be used for eligible healthcare expenses. You will want to incur all but $640 of your expenses in 2024 so that you don't lose any 2024 money that cannot be rolled over. The $640 rollover does not offset the 2025 election amount available. The rollover does not apply to the FSA dependent care account.
For the dependent care flexible spending account, if there is a balance from your 2024 election amount you have until March 15, 2025 to incur additional expenses that can be used for reimbursement against your 2024 annual amount. You need to submit claims for reimbursement by April 30, 2025, otherwise the “use-it-or-lose-it” rule comes into effect, and you will lose the unused funds. It is important that you submit 2024 claims prior to submitting 2025 claims so that 2024 monies will be exhausted prior to 2025 monies being used.
Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA)
If the employee or spouse enrolls in the Health/Medical Care FSA, then the other is not eligible for HSA contributions for the entire plan year of the HCFSA (and grace period if applicable).
The health/medical care flexible spending account provides health expense coverage for the employee, the spouse and eligible dependents. Since the employee will have “other health coverage” under the spouse’s HCFSA, the employee is ineligible for HSA contributions (employee and employer contributions) for the entire coverage period of the HCFSA.
The exception would be if there is enrollment in a Limited Purpose FSA. Note, Cornell does not offer a Limited Purpose FSA.
Please refer to the IRS information here.
FSA - HSA Comparison (pdf)
Resources & Forms
