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Flexible Spending Accounts (FSAs)

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Save money pre-tax for medical and childcare expenses with flexible spending accounts through PayFlex/Inspira.

PayFlex is becoming Inspira Financial

Starting in early 2024, PayFlex is becoming Inspira Financial. You will start to see Inspira Financial on the website and mobile app.  If you have an account with PayFlex, no action is needed.  Inspira Financial will mail new debit cards starting April 2024, and 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 PayFlex/Inspira Financial at 1-888-678-7821.

Log Into PayFlex/Inspira Website


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 PayFlex/Inspira Financial.

A summary plan description tells participants what the plan provides and how it operates. It provides information on when an employee can begin to participate in the plan and how to file a claim for benefits: FSA summary plan description (pdf)


Medical Care Reimbursement Account

Funds accumulated in the 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 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 2024 maximum limit is $3,200. Please contact PayFlex/Inspira Financial for orthodontia reimbursement information.

Visit the PayFlex/Inspira Financial website to learn more about how the Health Care FSA works and what expenses are eligible or ineligible:

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 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 PayFlex/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 PayFlex/Inspira Financial. Download the PayFlex card flyer (pdf) for more information.

Once you have enrolled in the medical care account, you will be issued a PayFlex/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 PayFlex/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 PayFlex/Inspira Financial card to pay for the portion that you owe your dentist. You will need to submit the EOB to PayFlex/Inspira Financial to substantiate the claim.

Contribution Rules and Claim Deadlines

Medical Care FSA Accounts

Calendar Year Account Covers claims between these Dates of Service

Contribution Rules and Carryover

Claims Submission Deadline

2021

Calendar Year

Services and expenses must have been incurred from 1/1/2021 through 12/31/2021

Leftover money at the end of 2020 (up to entire balance) is carried over into 2021

New Contributions allowed in 2021, up to max contribution of $2,750 (not lowered by any carryover from 2020)

Leftover money at the end of 2021 (up to $570) is carried over into 2022

NOTE:  2020 funds included in leftover money DO NOT carry over into 2022

Normally, claims must be submitted by 4/30/2022

COVID RULES extended submission deadline to 4/30/2023

2022

Calendar Year

Services and expenses must have been incurred from 1/1/2022 through 12/31/2022

Leftover money at the end of 2021 (up to $570) is carried over into 2022

New Contributions allowed in 2022, up to max contribution of $2,850 (not lowered by any carryover from 2021)

Leftover money at the end of 2022 (up to $570) is carried over into 2023

NOTE:  2021 funds included in leftover money DO NOT carry over into 2023

Normally, claims must be submitted by 4/30/2023

COVID RULES extended submission deadline at least through 11/08/2023.

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 2022)

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

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

2021

Calendar Year

Services and expenses must have been incurred from 1/1/2021 through 3/15/2022

IRS maximum limit is $5,000 per household

2021 funds must be used by March 15, 2022

Normally claims must be submitted by April 30, 2022.

COVID RULES DID NOT EXTENDED THIS SUBMISSION DEADLINE

2022 Calendar Year

Services and expenses must have been incurred from 1/1/2022 through 3/15/2023

IRS maximum limit is $5,000 per household

2022 funds must be used by March 15, 2023

Normally claims must be submitted by April 30, 2023.

COVID RULES DID NOT EXTENDED THIS 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

IRS maximum limit is $5,000 per household

2024 funds must be used by March 15, 2025

Claims must be submitted by April 30, 2025.

Accessing Your Account 

Log on to the PayFlex/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 PayFlex/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 PayFlex/Inspira Financial in the past, use the username and password that you selected during the registration process.

You can also download the PayFlex/Inspira Financial Mobile app to easily access your account from your phone or other device.

IRS Rules

You should assess your needs carefully for both the 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 medical care FSA account will be rolled over into the following plan year account to be used for eligible medical expenses. You will want to incur all but $570 of your expenses in 2022 so that you don’t lose any 2022 money that cannot be rolled over. The $570 rollover does not offset the 2023 election amount available. You will want to incur all but $610 of your expenses in 2023 so that you don't lose any 2023 money that cannot be rolled over. The $610 rollover does not offset the 2024 election amount available. The rollover does not apply to the FSA dependent care account.

The same applies if your 2023 dependent care annual amount is $5,000, you have until March 15, 2024 to incur additional expenses that can be used for reimbursement against your 2023 annual amount. You need to submit claims for reimbursement by April 30, 2024, otherwise the “use-it-or-lose-it” rule comes into effect and you will lose the unused funds. It is important that you submit 2022 claims prior to submitting 2023 claims so that 2022 monies will be exhausted prior to 2023 monies being used.

Resources & Forms