Flexible Spending Accounts

Effective January 1, 2014

MEDICAL EXPENSE ACCOUNT

• Pre-tax (FIT, SIT, FICA)
• Annual Election in November for January 1st effective date
• Family Status Change
• $120 Minimum/$2,750 Maximum
• Amount elected is available as of January 1st
• Must incur expense between January 1 and December 31, and submit for reimbursement within 90 days of December 31. 
• Claims processed daily

Medical Expense Account - Examples of Medical Expenses

• Deductibles, Cost Share amounts and Co-pays for Medical, Dental or Prescription Drugs
• Orthodontia services
• Radial Keratotomy Surgery (laser eye surgery)
• Smoking cessation programs
• Hearing devices and batteries
• Contact lens supplies - cleaning solution, etc.

Medical Expense Account - Example

DEPENDENT CARE ACCOUNT

• Pretax (FIT, SIT, FICA)
• Available for Children age 13 and under
• Annual Enrollment is November for January 1 effective date
• Family Status, Needs or Provider Change
• $300 Minimum; $5,000 Maximum (per household)
• Must incur expense between January 1 and December 31, and submit for reimbursement within 90 day
• Reimbursed up to account balance
• Claims processed daily

Dependent Care Account - Example

Flexible Spending Accounts - Example

Annual Open Enrollment

• November of each year for January 1 effective date
• Can add or change election during Annual Enrollment