Flexible Spending Accounts (FSAs)

Good afternoon everyone.
This is Melanie Bridges. And I'm one of the directors of account management for Inspira Financial. I'm going to be going through the reimbursement accounts today. And just a little bit of an overview about what we're going to talk about. So we have our open enrollment 2027 reminders, our product overview for both the Healthcare Flexible Spending account as well as the Dependent Care account, the Inspira Member website, the Inspira Card mobile app.
And then we'll just go over some tools and resources available to you as a member.
So open enrollment reminders. Cornell University's open enrollment for 2027 runs Monday, October 26th through Friday, November 13th, 2026, and this is for coverage effective January 2027. Action required to participate in a 2027 FSA. You must enroll during your open enrollment. Your 2026 election does not automatically reenroll you outside of open enrollment. Changes to your election can only be made with a qualifying a life event during the plan year.
So how do you enroll? You enroll through Cornell's Workday site by 4 p.m. eastern November 13th, 2026. So we're first going to begin by talking about the health care flexible spending account.
Healthcare flexible spending accounts are available to help you offset the financial cost of your eligible medical, dental, vision, and prescription drug claims during the plan year. Also allowed are certain over-the-counter purchases. For 2027, you can contribute up to $3,400 there. This could potentially be subject to an increase each year by the IRS, but currently it's $3,400 per the IRS guidelines.
As an FSA is a use it or lose it program, meaning that you must use the total amount elected for the plan year or you will forfeit any remaining balance by the end of the plan year. The exception to this rule is a carryover provision. Cornell does offer a carryover provision that allows you to carry over up to $680 from the 2026 plan year into the following year.
If you are unable to use your elected amount during the 26 plan year and for 27 plan your election, the carryover currently is $280 or excuse me, $680. Pending IRS increases each year, you have until April 30th to submit for reimbursement any incurred claims from the prior plan year. This means any claims incurred and eligible from your 2027 plan year can still be submitted for payment up until April 30th, 2028.
Also a reminder if you are participating in the high deductible health plan with an open HSA account, you are unable to participate in the health Care FSA. So let me explain a little bit more about how the health care FSA works. You would want to determine the amount of money you'd like to set aside on an annual basis, to have taken out of your paycheck in equal increments for the entire year.
I recommend you review your medical, dental, vision, and pharmacy expenses over the last few years to determine the amount that is best based on you and your family needs for a health care FSA. All of your annual contributions will be available on the very first day of the plan year. Even if you've not at all of the funds taken out of your paycheck, as this is part of the IRS rules within health care FSA.
As mentioned previously, Cornell's carryover provision also allows for up to $680 to be carried over from the new 2027 plan year election into the following plan year. If you're unable to use your full amount that you elected, any eligible healthcare expense would be covered under your account, but the care must be medically necessary to be considered an eligible expense.
If you have any questions about what is considered a covered benefit, the inspire, a website and mobile app both provide ways to determine coverage, as well as contacting the Inspira Call center for assistance. We're now going to discuss the Dependent Care Spending Account program. Dependent care funds may be used for child care for children age 12 and under, so up to age 13, as well as qualified elder or adult care for the child care, you and your spouse must be working full time or seeking full time employment in order to qualify for the child care claims.
The purpose of the child care cannot be primarily educational purposes, but it can be a daycare or camp that provides an educational component. Eligible services could include preschool, summer day camp, and before and after school programs. In the situation of a qualified elder adult daycare, the dependent must be claimed on your taxes and reside with you more than 50% of the time.
To be considered eligible for dependent care, expenses need to take place or incurred during the plan year 2027. However, Cornell also has a grace period provision that allows you to continue to incur expenses through March 15th, 2028. That would still apply to your 2027 plan year election. This means you have from January 1st, 2027 through March 15th, 2028 to use your Dependent Care account.
Elections for the 2020 plan. Year 2027 plan year. Please note that you also have until April 30th to submit any claims in for the 2027 year. The dependent Care works very differently than the health care FSA, as the funds must be available in your Inspira dependent care account in order to be available for payment to your day care provider.
Your maximum contribution per the IRS is $7,500 per plan year, so depending on your tax bracket, you could save up to 30% on daycare expenses based on your pretax savings. Again, just a reminder, the purpose of the Dependent Care program is for you and your spouse to have the ability to work while your dependents are being taken care of.
Also, just a note any grant and FSA dependent care amounts cannot exceed in total, the $7,500 annual maximum.
We're now going to go over some of the tools and resources available to you as an Inspira member. And we're going to start with our member website.
The Inspira member website allows you to manage your account, access important information, as well as reach customer service. You can go in and manage your funds, submit eligible claims where you can pay yourself or direct claims to providers. You can view and purchase purchases and verify card transactions and as mentioned, you can chat with a Live Inspira Support specialist.
You can also verify a debit card transaction if requested by using our Connected Claim feature that is available to any Cornell member who is enrolled in the Cornell Aetna programs.
After you log in, you'll see your overall account dashboard. This is where you'll find everything you need to make the most of your account. Help and support is up in the top toolbar. You have specific account settings. You can go into each specific account as well as going back into prior years. And we also have information about certain alerts and news that may be pertinent to your program.
This is what we call your account details page. In here you can access your claim history. There are to do items and complete transactions. Your transactions may include your deposits, your claim payments, as well as your card transactions.
Under account settings, which again is up in your main toolbar. You can manage notifications such as going paperless, setting up alerts through mail, text, and online capabilities. And you can also from here, link a bank account in order to receive any funds more quickly.
If you enroll in the Health Care Spending account. You will also receive an inspired debit card if you are a first time account holder. You will receive your Inspira card in the mail, and one of the first things you want to do is activate your card. The inspire card is valid through the expiration date or until your eligibility period ends, and the cards are typically good for five years.
You'll also receive a personal identification number that can be used for password purposes. You can simply swipe and select debit or credit, and our system will automatically confirm if you have enough funds available. The Inspira Card can also be added to your digital wallet for Apple Pay and Samsung Pay. The Inspira Card is a way for you to pay for eligible out of pocket expenses such as deductibles, co-pays, pharmacy and dental vision out-of-pocket costs.
If you do use the card, there are some IRS requirements around the use of the card, and in some instances, you may be asked to provide supporting documentation to verify your actual card expense. Inspira does work behind the scenes to verify what we're able to, but it is really important to keep all receipts associated with your card use in the event you're asked to provide verification, you'll always receive a written request when information is being requested by Inspira.
In some instances, if verification is not provided, your card could be temporarily inactivated until documentation has been provided. So please make sure you're reviewing any requests from Inspira and for any details or questions. You can review the information directly on your Inspira Website account or by calling us directly for assistance.
As previously mentioned, using the card is easy, but it is important to save all your detailed receipts, itemized statements, and explanation of benefits. Because the IRS requires that we verify all card purchases are eligible, there may. We may in some instances ask you to send documents to help us verify and make sure that that expense is truly eligible.
If you do need to verify, you will see on your website the information and it may and you may get a request for documentation letter. In addition, you can set yourself up to receive debit card alerts to help prevent future requests for documentation. We recommend using your card for payment after your insurance confirms the final amount you have to pay.
Do not use the card for estimated or any pending amounts.
When you do get a request for documentation, the best form of document to send in is an explanation of benefits from your insurance provider or health plan. You can also send a detailed receipt or itemized statement, but that must include things like data service provider or merchant name, description of your purchase, final amount you had to pay, and patient information if applicable.
Keep in mind we can accept documents with pending or estimate amounts. Do even if they've already been paid to the provider in order to assist you with your card verification.
All information, as previously mentioned, can be found on your Inspira member website. After you log in, you'll see your account dashboard and to find out if you have any card transactions that need verification. Just select View Account Details. When you have card transactions that need to be verified, you'll see a tile for verify card purchases and you want to just select that box.
This page will show a list of your unverified card purchases, and to resolve you select the description or view for your card purchase and this will take you right to the Transaction Detail page, where you can verify your card purchase. In the gray box, you'll see your options to resolve that unverified purchase and button for verify card. Click on that button to get started.
You can click on Upload Documents. You can also choose facts as well as if you are participating in the Cornell Aetna Medical Plan. You could potentially apply a health plan claim by choosing Connected Claim on the file with us for verification needs.
We're now going to discuss what the inspire mobile app can do for you.
We really want to make it easy when you're on the go and are available. Our app is available for Android and Apple platforms. Simply download the app from your mobile devices app store, then log in with the same username and password you would use for our website. Similar to your website, you'll be able to manage your account funds, pay your providers directly from your account, take pictures of documentation, and pay yourself back for eligible expenses.
You can also view purchases and verify card transactions.
From the home screen. FSA account holders can easily see how much they have remaining and select account activity for more details, including claims and payments. Important reminders also helping you stay in the know, including when FSA dollars must be used before those funds could potentially be forfeited.
The mobile app also makes filing a claim really easy, with just a few steps. Uploading, supporting documentation or taking a picture is an easy and efficient way to provide the information needed, especially when it comes to dependent care claims. You simply choose Reimburse or pay from the home menu, choose submit a claim to get reimbursed and select how to add the claim details.
As mentioned, you can take a photo, choose from a photo album, or upload a file or document, or manually enter the details. When the claim details are entered, check to make sure the details are correct before submitting. If you choose to upload a document or take a picture, Inspira has rolled out the latest OCR technology that will actually capture and input the claim details for you to take advantage of the latest mobile app technology.
You would need to have an IRS and iPhone version 16 or above, iPad, and different levels of iPad to utilize it. However, that information will again take what you take a picture of and upload it for you, and then you can review it and verify the accuracy.
Again, using the Inspira mobile app is easy, and use and attaching it with the card is even easier, but it's still important to save all your detailed receipts, itemized statements, and explanation of benefits. If you do need to verify expense, you can use the mobile app to resolve it. You can just choose the card menu, click on the expense and select resolve again.
You can upload documents or take a photo. Once you've added your documents successfully, you'll receive a message that says thanks for uploading and your documents will be processed. Whether in a store or at home. Inspira members can enjoy the ease of something called a scanning product barcode scanner to determine which healthcare items are eligible under the plant. You can simply use your phone scan that eligible barcode on the on a particular item, and it will tell you whether it's an eligible product or not under the program.
Finally, we'll review some of the additional member tools and resources available to you as Inspira members. Help and support provides access to things like Frequently Asked Questions Resource Center with additional information, as well as quick and easy ways to get to our customer service center by using either our chat or email feature. Our agents can also co-browse with you as well as to assist with navigating our site.
If you have questions on what might be covered under the spending Account under the Help and Support page, you can find the Explore Common Eligible Expense Care List tool specific to the Eligible Expense tool. Once you click into the tab, you can search and sought to find your answers, including any additional information that might be required for an expense to be considered covered under the plan.
In summary, you can use the Inspira website or mobile app at any time, along with having the ability to contact the inspire service team for anything else you may need. Our call center is open Monday through Friday, 8 a.m. to 10 p.m. eastern, and on Saturdays 8 a.m. to 8 p.m. eastern. I want to thank you for your time today to review the inspire product offerings available for you for this open enrollment season.