Open Enrollment for 2014 begins November 1, 2013 and ends November 30, 2013 - Includes Flexible Spending Accounts
Enrolling in a Flexible Spending Account (FSA) is the most common action taken by faculty and staff during annual open enrollment. An FSA can help you pay for up to $2,500 of anticipated unreimbursed or "out-of-pocket" medical/Rx/dental expenses with pre-tax dollars. You may also be able to use an FSA to pay for up to $5,000 in dependent care expenses with pre-tax dollars.
What is the advantage of a pre-tax benefit? It means that faculty and staff members do not pay federal tax on that amount which results in receiving extra dollars in your paycheck. For more information, click here.
The 'take care Card' allows participants to conveniently pay for unreimbursed medical/RX/dental related expenses immediately with a pre-loaded card. While having the take care Card is an alternative to flexible spending account reimbursement, it does not eliminate the IRS requirement for claim substantiation. For some card transactions, you may be required to provide substantiation for after-the-fact review. Therefore, keep all receipts and documentation related to your take care Card transactions. For more take care Card information, click here.
To enroll, click here.
|Your FSA for 2013 will end December 31, 2013 unless you submit your new FSA election during the open enrollment period (November). For 2014, the maximum election for the Unreimbursed Medical FSA continues to be $2,500.00.|