Spending and Saving Accounts
A Flexible Spending Account (FSA) or Health Savings Account offers tax savings by letting you use pre-tax dollars to pay for eligible expenses. Contributions are deducted from your paycheck before federal, state, and FICA taxes are applied, which lowers your taxable income and reduces the amount of taxes you owe.
Flexible Spending Accounts (FSAs)
- You do not need to be enrolled in Northwestern’s medical plans to participate in a Health Care or Limited Purpose FSA plan.
- The Health Care FSA is used for health, dental, and vision expenses for those enrolled not enrolled in a high deductible health plan, such as PPO and HMO, and Postdoctoral Health* plans.
- The Limited Purpose FSA is used for dental and vision expenses for those covered under a high deductible health plan, such as the HSA Plus or HSA Essential plans.
- The Dependent Care FSA contributions are used for dependent care expenses so you and your spouse can work (or full-time student).
- These accounts allow to make an annual election, with the money that is set aside from your earnings that is not subject to federal income or Social Security taxes, to pay for eligible medical expenses.
- The funds must be used within the calendar year, or they are forfeited. Participants submit claims to Inspira, the claims administrator.
- Review the summary plan description
Health Savings Accounts (HSAs)
- A Health Savings Account is designed to reimburse eligible healthcare expenses with money set aside from your earnings that is not subject to federal income or Social Security taxes.
- This account is only available if enrolled into the Value PPO in 2025 or the HSA Plus and HSA Essential in 2026.
- Unlike the Flexible Spending Accounts, the funds in a Health Savings Account never expire and are portable.
- Review the summary plan description
How to enroll
- Newly eligible employees have 31-days from the start of their benefits eligible role to enroll.
- Individuals must enroll online during open enrollment every year to continue FSA and HSA participation for the next year.
- View eligible expense and create an account with Inspira Financial using your employee ID on your Wildcard, your home zip code, and your Inspira Financial debit card (which was mailed to your home address).
Questions on how to activate your Inspira Financial Card? Review the answers to some FAQs. The Northwestern University employer code at Inspira Financial is 100398.
*Must be considered an employee of the University to participate.