Reminder: The deadline for the 2014 FSA Healthcare Account, Dependent Care Account, and Childcare Subsidy is Friday, November 15th, 2013.
The University offers two optional flexible spending accounts (FSA) to help you pay for eligible and/or dependent care expense using pre-tax dollars deducted from your paycheck. You must enroll or re-enroll in the health care or dependent care FSA benefits each year.
- Healthcare flexible spending accounts can be used for medical expenses not
covered by your group plan. The maximum annual contribution for 2014 is $2,500.
To enroll in a Healthcare FSA, please visit www.mybenesyst.net.
- Dependent Care flexible spending accounts can be used for eligible adults or child care expenses. The maximum annual contribution for 2014 is $5,000 per household
($2,500 if married and filing separately). To enroll in a Dependent Care FSA (without
Child care subsidy), please visit www.mybensyst.net.
- Dependent Care account with Childcare subsidy, please click here.
For assistance enrolling on the Benesyst website, please contact Benesyst:
**The IRS recently published new guidance which modifies the "use-it-or-lose-it" rules for Health Care FSAs. Employers have the option of modifying their FSA plans to allow participants to roll over up to $500 into the next plan year.
The new IRS rules regarding rolling over $500 do not apply to the USF FSA plan because we have a grace period. The grace period allows participants to incur claims up to March 15, 2014, and submit the claims against the 2013 plan year. This is actually a potentially better benefit than the $500 rollover.
For example: Jane has $1,000 in her FSA on December 31, 2013, but she has not incurred enough expenses to claim that money. Jane can incur the entire $1,000 up to March 15, 2014, and be reimbursed from the 2013 plan. If we adopted the $500 rule, Jane would only be able to roll over $500 into the 2014 plan. She would still forfeit $500 of her $1,000 in unclaimed FSA money in the 2013 plan year.
The USF FSA plan also has a run-out period which allows participants to submit claims for valid dates of service up to March 31, 2014, for the 2013 plan year.