What are Flexible Spending Accounts (FSAs)? Click here to view a short educational presentation to learn more about how flexible spending accounts can benefit you. This information is provided by Willis Group of North Carolina.
2015 Flexible Spending Account Election Process
The flexible spending accounts (medical and dependent care), will not automatically carry forward into 2015. 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. Please be advised that the election period for the 2015 flexible benefits is October 20, 2014 through October 31, 2014. During this time all employees will be eligible to add or re-enroll in the flexible spending accounts.
Elon University's Flexible Spending Account Administrator, Flores and Associates, offers advantages in how employees can view as well as manage their Medical and Dependent Care flexible spending accounts (FSAs). Notifications are sent via email and/or via mail regarding claims, balances, and if receipts are needed for approval of transactions. Representatives from Flores and Associates will be available to meet with you at the Benefits Fair on October 20, 2014 and help 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. After the Benefits Fair, please call the Office of Human Resources to schedule an appointment if you need assistance with the online enrollment process.
Maximum Contribution Amounts
The annual maximum contribution amount for the Medical FSA is $2,500. This limit is per participant and not per household. Therefore, if an employee and their legal spouse 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). The annual maximum contribution amount for Dependent Care FSA is $5,000.
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 2014 and have a balance of $200.00 on December 31, 2014, you can submit qualified expenses incurred between January 1, 2015 and March 15, 2015 for reimbursement of the remaining balance.
Click on the links below to view additional information as well as to see a list of eligible and ineligible expenses for the medical and dependent care flexible spending accounts. You can use this information to guide you when electing the amounts you choose to withhold for 2015.
Dependent Care Flexible Spending Account
No Wait Dependent Care Information
Medical Flexible Spending Account
Benny Card FAQ
New Benny Card Important Information
Please call the Office of Human Resources at ext. 5560 if you have questions regarding the flexible spending program.