Benefits

Financial

We make paying for health care and dependent care-related expenses a little easier through Flexible Spending Accounts.

Deferred Compensation

  • You can defer up to 85% of your base annual salary or $15,000 (whichever is less) with an additional $5,000 if you are over 50 years of age, tax-free; money is taxed when you make withdrawals. This amount is subject to IRS regulation.
  • You decide how much to contribute each pay period and how to invest this money with one of three investment companies. Each company offers a number of investment funds from which you may choose.
  • VCUHS will match 100% of your deferral up to 2% of your base salary.

Flexible Spending Accounts (FSA)

Authorized by the IRS, a Flexible Spending Account (FSA) is a way to pay for your eligible health care and dependent care expenses with tax-free money. The VCUHS provides you with the opportunity to enroll in these accounts so you can pay certain out-of-pocket expenses with pre-tax dollars – meaning you lower your taxable income. Even if you don’t itemize your income taxes, you will see a tax savings by participating in a Flexible Spending Account. Under the VCUHS Flexible Benefits Program, two types of FSAs are offered:

Dependent Care FSA:

Pay for eligible dependent care expenses with tax-free money. If you and your spouse work – or you are a single working parent – you probably have significant day care expenses. You may also be responsible for providing care for elderly parents you claim as dependents on your income taxes. You may enroll in the Dependent Care FSA each year to receive reimbursements for expenses such as these:

  • A housekeeper who also provides care for a qualifying dependent
  • Inside or outside your home by anyone other than your spouse, a person you list as your dependent for income tax purposes or one of your children under the age of 19
  • In a dependent care center or child care center. (If the center cares for more than six children, it must comply with all applicable state and local regulations)

Health Care FSA:

Pay for eligible health care expenses with tax-free money. Reimburse yourself for eligible out-of-pocket health care costs like copays and coinsurance; dental costs; eyeglasses; and contact lens supplies. You may enroll in the Health Care FSA each year to receive reimbursements for expenses such as these:

  • Deductibles and copayments for health care plans
  • Coinsurance (the percentage of charges not paid by your health care plan)
  • Amounts over usual and customary limits
  • Prescription drugs that treat a medical condition
  • Birth control drugs (prescribed)
  • Smoking cessation prescriptions
  • Insulin
  • Optometrist’s or ophthalmologist’s fees
  • Eyeglasses
  • Contact lenses and cleaning solutions
  • Prescription sunglasses
  • Corrective eye surgery (such as radial keratotomy)
  • Dental care

Parking

Pay for your parking expenses with pre-tax dollars. Your parking expenses can be paid for directly through payroll deduction and give you tax savings by lowering your taxable income.

Public Transportation

Now you can pay for your public transportation expenses directly through payroll. The Greater Richmond Transit Company (GRTC) expenses of riding to and from work everyday can be deducted from your paycheck on a pre-tax basis, giving you tax savings and the convenience of payroll deduction. You will receive a swipe card that can be used on the GRTC system as you travel to and from work each day.