Flexible Spending Accounts

Effective January 1, 2014

 

MEDICAL EXPENSE ACCOUNT

  • Pre-tax (FIT, SIT, FICA)
  • Annual Election in November for January 1st effective date
  • Family Status Change
  • $120 Minimum/$2,500 Maximum
  • Amount elected is available as of January 1st
  • Must incur expense between January 1 and December 31, and submit for reimbursement within 90 days of December 31. 
  • Claims processed daily

 

Medical Expense Account - Examples of Medical Expenses
  • Deductibles, Cost Share amounts and Co-pays for Medical, Dental or Prescription Drugs
  • Orthodontia services
  • Radial Keratotomy Surgery (laser eye surgery)
  • Smoking cessation programs
  • Hearing devices and batteries
  • Contact lens supplies - cleaning solution, etc.

 

Medical Expense Account - Example
Monthly Income $2,083    
Medical Expenses $100    
    Take Home Pay Without Flex   $1,358  
    Take Home Pay With Flex   $1,388  
        Additional Income Per Pay     $30
        Additional Income Per Year     $360

DEPENDENT CARE ACCOUNT

  • Pretax (FIT, SIT, FICA)
  • Available for Children age 13 and under
  • Annual Enrollment is November for January 1 effective date
  • Family Status, Needs or Provider Change
  • $300 Minimum; $5,000 Maximum (per household)
  • Must incur expense between January 1 and December 31, and submit for reimbursement within 90 day
  • Reimbursed up to account balance
  • Claims processed daily

 

Dependent Care Account - Example
Monthly Income $2,083    
Dependent Care Expenses $416    
    Take Home Pay Without Flex   $1,042  
    Take Home Pay With Flex   $1,167  
        Additional Income per Pay     $155
        Additional Income per Year     $1,860
Flexible Spending Accounts - Example
Monthly Income $2,083    
Medical Expenses $100    
Dependent Care Expenses $416    
    Take Home Pay without Flex   $942  
    Take Home Pay with Flex   $1,097  
        Additional Income per Pay     $155
        Additional Income per Year     $1,860

Annual Open Enrollment

  • November of each year for January 1 effective date
  • Can add or change election during Annual Enrollment
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University News
November 26, 2014
Nonpartisan political analyst Charlie Cook will usher in the 2016 election season with insights on the key 2014 mid-term election races and a preview of the upcoming presidential race.
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