UNM offers two Flexible Spending Accounts, and you may enroll in one or both. For more information about FSAs,
please read the
FSA Participant Booklet 2017.
Prior to enrollment, please review the
FSA Education Brochure (English),
FSA Education Brochure (Spanish)
and the FSA Participant Booklet 2017.
Health Care Flexible Spending Account
The Health Care Flexible Spending Account reimburses you for certain medical, dental, vision, prescription drug, and hearing care expenses that are not covered by any health plan, for you and your eligible dependents as outlined in the IRS guidelines.
The annual maximum you may contribute in 2017 is $2,600.
Health Care FSA Eligible and Ineligible Expenses (English)
Health Care FSA Eligible and Ineligible Expenses (Spanish)
Dependent Care Flexible Spending Account
The Dependent Care FSA reimburses you for dependent day care expenses at a licensed facility for services provided by individuals (see regulations for restrictions), dependent day 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. The maximum allowable contribution per household is $5,000.To be eligible for reimbursement, expenses must be incurred in caring for a "qualified individual."
Who Qualifies as a Dependent?
What Expenses are Covered for Dependents?
Flexible Convenience Card
The Flexible Convenience Card, or Flex Card, functions as a 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 Health Care FSA and/or Dependent Care FSA.
Other benefits include:
- Access to real-time account balance information via the Internet.
- Virtual elimination of claim forms.
- Elimination of wait time for reimbursement.
Request a new Flex Card when you enroll, or request a replacement card.
Keep your receipts. The FSA administrator may require you to provide receipts to ensure purchases were for eligible items.
Unused FSA Funds
Health Care FSA – $500 Carryover Feature
If you have unreimbursed funds left in your Health Care FSA at the end of the Plan Year, you will be eligible to carry over up to $500. This means that unreimbursed funds that you do not use during a Plan Year (up to $500) can be carried over and used for expenses incurred in the next Plan Year and beyond.
You must remain a benefits-eligible employee in order to access the carry-over funds. Any unused funds left in your Health Care FSA at the end of the Plan Year that exceed the $500 carryover amount will be forfeited.
Qualifying expenses incurred late in the Plan Year that you seek reimbursement for after the end of the Plan Year will be paid first before any amount is forfeited. To avoid forfeiture of funds you must submit claims no later than the last day of the fifth month following the end of the Plan Year.
The Health Care FSA Carryover does not affect the IRS maximum election provision of $2,600. Unreimbursed funds of up to $500 are added to the following year’s election, for a maximum of $3,100.
The IRS limits the Carryover provision to Health Care FSAs only. The Carryover provision does not apply to Dependent Care FSAs.
Dependent Care FSA – Grace Period
If you have not spent the full amount of your Dependent Care FSA by the end of the Plan Year, you may continue to incur claims for expenses during the Grace Period. The Grace Period extends through the fifteenth day of the third calendar month after the end of the Plan Year, during which time you can continue to incur claims and use funds remaining in your Dependent Care FSA.
For the Dependent Care FSA, you must submit claims no later than the last day of the fifth month of the following Plan Year. Any unused funds left in your Dependent Care FSA at the end of the Grace Period will be forfeited.
For additional information or questions, please contact Stanley, Hunt, DuPree & Rhine: