Open Enrollment for Active Employees » Flexible Spending Accounts
Flexible spending accounts (FSAs) allow you to put money aside on a pre-tax basis for your (and your eligible tax dependent’s) eligible health care expenses (health care reimbursement account, or HCRA) and/or for eligible daycare expenses (dependent daycare reimbursement account, or DCRA).
If you want to make FSA contributions in 2010, you must enroll during Open Enrollment, even if you are already contributing in 2009.
After open enrollment ends, you cannot make changes to your contributions except under certain limited situations. Contact the Benefits Office if you experience a qualified change of status, or if you require additional information.
| PayFlex | ||||
|---|---|---|---|---|
| Group Number | 115976 | |||
| PayFlex website | Member Services (phone): 1-800-284-4885 Member Services (fax): 1-800-284-4885 |
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| Claims Address | PayFlex Flex Dept. P.O. Box 3039 Omaha, NE 68103-3039 |
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HCRA allows you to set aside $180 to $5,000 per year on a pre-tax basis to pay for eligible health care expenses that are not covered by your medical, dental, or vision plans. The amount you contribute to your account will reduce your taxable income.
Examples of eligible health care expenses are:
This is a "use it or lose it plan." If you do not reimburse yourself for the entire balance of your HCRA plan the remaining funds are forfeited. This is an IRS regulation. Plan carefully!
DCRA allows you to set aside $180 to $5,000 per year on a pre-tax basis to pay for eligible daycare expenses for children under age 13 or for disabled family members who qualify under IRS rules. The care provider must have a federal taxpayer identification or U.S. Social Security number. The amount you contribute to your account will reduce your taxable income.
Note: the maximum amount you can contribute is $5,000 per year, or $2,500 per year if you are married and filing separately with the I.R.S.
Depending on your personal income tax situation, you may achieve a greater tax savings with the Child Care Tax Credit than with DCRA. You may want to ask a tax advisor which alternative is best for you. If your spouse is also eligible to participate in DCRA, your combined contributions should not exceed the maximums stated above.
This is a "use it or lose it plan." If you do not reimburse yourself for the entire balance of your DCRA plan the remaining funds are forfeited. This is an IRS regulation. Plan carefully!
Note: IRS rules do not allow reimbursement for domestic partner expenses through HCRA or DCRA unless your domestic partner and/or your domestic partner’s child are tax-qualified dependents under IRS rules.
