Now Closed

EMPLOYEE FLEXIBLE SPENDING ACCOUNTS

Open Enrollment is the time to enroll or re-enroll in an FSA if you want to continue the plan in 2012. If you expect to have between $180 and $5,000 in out-of pocket expenses, you should consider enrolling.

Advantages of a Health or Dependent Care FSA.

• A planned approach to paying expenses—You set aside money that you will have to pay anyway in a pre-tax account from which you can draw to pay eligible expenses.
• Affordable pre-tax contributions—You contribute an equal portion of the total annual amount of your account by pretax deductions each pay period.
• Tax savings—Because your deductions are taken before taxes, your tax liability is reduced.

New this year: A Conexis microsite just for UC members with all the information you need to use the FSA plans.

Health FSA only:

Benefit card convenience—You will have a card that you can use for qualified expenses at participating providers’ offices, drug stores and most pharmacies where credit cards are accepted, so you won’t have to pay out-of-pocket or file reimbursement claim forms. (Be sure, however, to always save your receipts in the event of future requests by the FSA vendor or the IRS to verify that the purchase is valid.)

No plan changes for 2012

Under a change in federal law, the 2012 plan year is the final year that you can elect to put up to $5,000 in your Health FSA. Beginning Jan. 1, 2013, the Health FSA maximum election amount will be $2,500. If you are thinking about a costly procedure such as LASIK surgery or getting braces, you may want to act on it in 2011 to take full advantage of your FSA savings.

Keep in mind as your choose your election amount that any money you do not use by March 15, 2013 and claim by April 15, 2013 will be lost.