Please be advised that the election period for the 2013 flexible benefits is October 22, 2012 through November 2, 2012. During this time all employees will be eligible to add or re-enroll in the flexible spending accounts.
AFLAC is the company that has administered the university’s flexible benefits program for several years but has recently teamed up with Wageworks ® to manage the administration of the university’s Flexible Spending program also known as the Medical and Dependent Care Flexible Spending Accounts (FSA). Representatives from AFLAC will be available to meet with you and guide you through the selection process whether you are enrolling in the flexible benefits program for the first time or wish to change any of your previous elections. They will also be available to discuss the transition from AFLAC to WageWorks for the flexible spending. AFLAC offers several voluntary supplemental plans as well that are all available through payroll deduction.
Beginning in 2013, the new annual maximum contribution amount for the Medical FSA is $2,500 which represents a reduction from previous years. This limit is per participant and not per household. Therefore, if a husband and wife both participate in their respective employer’s FSA plans, they may have a combined household pre-tax contribution of $5,000 for the taxable year but neither may contribute more than the $2,500 per person pre-tax limit (e.g. one cannot contribute $2,000 and the other contribute $3,000). There will not be a change in the annual maximum contribution amount for Dependent Care FSA which has an annual maximum contribution amount of $5,000.
2013 Flexible Spending Account Election Process
The flexible spending accounts (medical and dependent care), will not automatically carry forward into 2013. One has to complete the enrollment process online in order to re-enroll in the flexible benefit plan. The IRS requires each employee to indicate election choices for medical and dependent care spending accounts annually. Changes in the medical and dependent care spending accounts can be made while attending the Benefits Fair or any other time during the open enrollment period online. Staff from the Office of Human Resources will be available at the Benefits Fair to provide assistance. After the Benefits Fair, please call the Office of Human Resources to schedule an appointment if you need assistance with the online enrollment process.
Flexible Spending Account Grace Period
The grace period begins January 1st and ends March 15th following completion of the calendar year. The grace period provides more time to spend the funds in the flexible spending account. Any unused amounts not submitted for reimbursement by March 31st will be forfeited. Eligible expenses incurred during the grace period (January 1st through March 15th) and approved for reimbursement will be paid first from available amounts that were remaining on December 31st of the previous year and then paid from any available amounts for the current Plan Year.
If you elected $1,000.00 for medical expenses for Plan Year 2012 and have a balance of $200.00 on December 31, 2012, you can submit qualified expenses incurred between January 1, 2013 and March 15, 2013 of 2013 for reimbursement of the remaining balance.
Please click on the link below to view the flexible spending account qualified expenses guide that list eligible and ineligible expenses. You should use this to guide you when electing the amounts you choose to withhold for 2013.
Please call the Office of Human Resources at ext. 5560 if you have questions regarding the flexible spending program.