Open Enrollment is your opportunity to set up a flexible spending account for the 2011 plan year, Jan. 1 - Dec. 31, 2011. Enroll online through PEBB’s online system anytime through Oct. 31, 2010.
An FSA lets you use pre-tax dollars to pay for certain health care or dependent care expenses. Because you don’t pay federal, state or FICA taxes on the amount elected, you can save up to 40 cents on each dollar you contribute to these accounts.
ASIFlex, the plan administrator, will be conducting webinars with detailed information on FSAs and how they might benefit you. Click here
for details at:
Noon Oct. 6
Noon Oct. 13
Noon and 5 p.m. Oct.20
Noon Oct. 27
You can use your Health Care account for out-of-pocket health care expenses for you, your spouse and any tax dependents. Commonly claimed expenses include doctor co-pays, deductibles, prescription co-pays, and some eligible dental and vision expenses.
You can use a Dependent Care account to pay for daycare expenses while you and your spouse work, attend school full-time or look for employment.
Using Your Account
Payroll deducts an equal portion of your annual election from you pay monthly (minimum $20). You access the funds by submitting requests for reimbursement to ASIFlex. Or, you can sign up for an optional debit card to pay for health care expenses with certain providers. ASIFlex may ask you to substantiate your transactions to continue using the card, so always keep your itemized receipts.
Note: As of Jan. 1, 2011, a change in federal law will require you to submit a prescription for any over-the-counter (OTC) drugs or medicine you purchase to be eligible for reimbursement. You will no longer be able to use your card to pay for these expenses. Affected items include pain relievers, cold and allergy medications, and antacids but not supplies such as contact lens solution and bandages.
Use It, Don’t Lose It
An FSA offers you a vehicle to save money by reducing your annual tax obligation, but you must plan carefully! You can’t revoke the account during the year, and you forfeit any balance remaining in the account after the deadline for submitting claims for reimbursement. But, If you anticipate your expenses, you may find you use every penny.
Summary Plan Description
to read about flexible spending accounts in PEBB’s Summary Plan Description.