UNM’s 2019 Flexible Spending Account (FSA) Open Enrollment starts Wednesday, Oct. 31. Enroll in an FSA for 2019 and maximize your pre-tax dollars.
What is an FSA?
FSAs are IRS governed plans that allow you to set aside part of your paycheck to reimburse yourself for qualified expenses you may already pay for, such as dependent day care expenses or out-of-pocket medical expenses such as eyeglasses, prescription drugs, and first aid supplies. FSA contributions are taken on a pre-tax basis, which should reduce your federal, state, and social security taxes.
UNM offers two FSA Plans:
- Health Care Flexible Spending Account- IRS-eligible health care expenses for you and your eligible dependents
- Dependent Care Flexible Spending Account- IRS-eligible dependent child daycare or dependent elder daycare expenses
Based on your annual FSA election, a fixed dollar amount is deducted in equal installments each payday on a pre-tax basis. This money can then be utilized for eligible out-of-pocket expenses.
Examples of eligible Health Care FSA expenses are copays, coinsurance, and deductibles, and many more qualifying out-of-pocket expenses.
Dependent Care FSA helps with expenses for child and/or elder dependent daycare, enabling employees to remain gainfully employed. This account is for daycare expenses only, and not for dependent health care expenses.
Eligible expenses are determined and set by the IRS. Eligible employees electing one or both of these plans should review the applicable plan rules including IRS “use it or lose it” provisions, specific claims submission deadlines, IRS allowable eligible expenses, and eligible dependent rules. See the HR Flexible Spending Accounts webpage for details.
How to Enroll
Enrollment is done on-line via LoboWeb, and is available beginning at 8 a.m. on Wednesday, Oct. 31 until 11:59 p.m. on Friday, Nov. 16.
You MUST re-enroll during Open Enrollment if you are currently enrolled in an FSA plan and would like to participate in the 2019 Plan Year.
Questions? Contact our HR Service Center at 505-277-MyHR(6947) or visit FSA Open Enrollment.