Human Resources | Benefits | Flexible Spending Account (FSA)
Flexible Spending Account (FSA)
Features
- Allows you to set aside part of your paycheck to reimburse yourself
for qualified expenses.
- Deduction is on a pre-tax basis (which should reduce your federal,
state, and social security taxes).
- Reimbursements to you are not taxable.
- SHDR must receive FSA claims for reimbursement by May 31 for the
prior calendar year.
UNM offers two flexible spending accounts, and you may enroll in one
or both. For more information about FSA, please read the FSA Plan Participant Booklet.
Medical
Reimbursement Account
The Medical Reimbursement Account reimburses you for certain medical,
dental, vision, prescription, and hearing care expenses that are not
covered by any insurance plan for you and your eligible dependents as
outlined in IRS guidelines.
The maximum you may contribute annually is $5,000.
Click
here for expenses that may be reimbursed.
Dependent Care
Spending Account
The Dependent Care Spending Account reimburses you for dependent care
expenses at a licensed facility for services provided by individuals
(see regulations for restrictions), dependent care centers, and other
qualified care expenses as defined by the IRS.
You may contribute up to $5,000 of your annual salary if you are
married and filing a joint return, or if you are single. If you are
married and filing separate tax returns, you may contribute a maximum of
$2,500. If your spouse's employer offers FSA, he or she may also
contribute up to $2,500 annually. However, the maximum allowable
contribution per household is $5,000.
To be eligible for reimbursement, expenses must be incurred in caring
for a "qualified individual."
For
a definition of qualified individuals, as well as qualified expenses,
please click here
Flexible Convenience
Card
The Flexible Convenience Card, "Flex Card", enables employees to use
the debit card wherever MasterCard or Visa are accepted from physician
and dental offices to pharmacies and vision service locations.
Approved expenses are automatically deducted from your medical
flexible spending account and/or dependent care accounts.
Other benefits include:
- Access to real-time account balance information via the Internet.
- Virtual elimination of claim forms.
- Elimination of wait time for reimbursement.
For
more information, click here.
Note: You still need to keep receipts as the FSA administrator
may require you to provide receipts to ensure purchases were for
eligible items.
FSA Forms
For additional information or questions, please contact Stanley,
Hunt, DuPree & Rhine at:
(800) 768-4873
(800) 930-2441
Or visit http://shdr.com/
