The premiums are employer-paid; however, any amount of employer-paid insurance over the amount of $50,000 is subject to taxation as IMPUTED INCOME under Section 79 of the Internal Revenue Code. To calculate the imputed income, please review the imputed income example (PDF) for a better understanding of the imputed income cost versus the overall benefit.
Once enrolled in either the HSA or FSA, PNC Bank, which administers both the HSA and the FSAs for Kent State University, will send you a debit/credit card to access your accounts. If you lose your card or have questions about your PNC account, you can contact PNC through their website PNC BenefitPlus or call their customer service at 844-356-9993.
According to the IRS, the maximum amount you can contribute to the Dependent Care (DAYCARE) FSA is $5,000 for a married couple filing a joint tax return or if filing separate tax returns are $2,500 per spouse.
If you are enrolled in the 85/60 PPO plan, you can contribute to both healthcare and dependent care FSAs.
The Health Care FSA provides you the opportunity to have funds deducted from your pay on a pre-tax basis for health care expenses for yourself AND your dependents. These funds can be used for expenses that are not covered by your medical, dental, or vision plans such as copays, coinsurances, etc. Eligible health care expenses examples are:
You choose a total annual contribution for 2025 and that amount will be divided and deducted on a pre-tax basis from each of your paychecks. Kent State University front-loads this amount to your FSA in early January, giving you immediate access to funds in case you need them.
If you enroll in a HDHP, you can still enroll in the dependent care ("daycare") flexible spending account, but you cannot enroll in the health care flexible spending account.
Learn even more about HSAs with PNC Bank's Health Savings Account Educational Library (PDF).
The IRS has set qualifying requirements to enroll in a health savings account, such as:
Similar to IRAs and 401Ks, enrollees ages 55 and over can elect to make catch-up contributions of $1,000 above the IRS limit for individual and family plans.
