Harvard University has been working with Voya Financial since 2015 for the administration of several employee benefit programs. If you are using the following benefits, Voya Financial will be your point of contact for plan information and reimbursements.
A Health Care Flexible Spending Account (HCFSA) helps pay for certain medical, dental, vision, and prescription expenses not covered by health insurance or another plan. You can be reimbursed for eligible expenses incurred by you, your spouse, or any person that you claim as a dependent on your income tax returns. The benefits of a HCFSA include:
A Dependent Care Flexible Spending Account (DCFSA) helps pay for qualified day care expenses for your dependent child under age 13, disabled spouse, elderly parent, or other qualified dependent who is physically or mentally incapable of self-care. With a DCFSA:
Please note: Your dependent’s healthcare expenses are not eligible for reimbursement through the DCFSA.
A Limited Purpose Flexible Spending Account (LPFSA) is available to members enrolled in the Health Savings Account (HSA). With an LPFSA, you can use pre-tax dollars to help pay for eligible dental and vision expenses for you, your spouse, or any person that you claim as a dependent on your income tax returns. The benefits of an LPFSA include:
Dental and vision expenses such as bridges, crowns, dental copays, dental deductibles, dental work, eye glasses and contact lenses, Lasik, orthodontia and other dental expenses, orthodontic and vision services.
|TAX YEAR HSA CONTRIBUTION MAXIMUMS||2023||2024|
|Individual Coverage Contribution Limit||$3,850||$4,150|
|Family Coverage Contribution Limit||$7,750||$8,300|
|Catch Up Contribution Limit
For HSA accountholders age 55+
For more information on the Tuition Reimbursement Program (TRP) and/or the Tuition Assistance Program (TAP) please click here.
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Health Account Solutions, including Health Savings Accounts, Flexible Spending Accounts, Commuter Benefits, Health Reimbursement Arrangements, and COBRA Administration offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). HSA custodial services provided by Voya Institutional Trust Company. For all other products, administration services provided in part by WEX Health, Inc.
This highlights some of the benefits of these accounts. If there is a discrepancy between this material and the plan documents, the plan documents will govern. Subject to any applicable agreements, Voya and WEX Health, Inc. reserve the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.
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