Open Enrollment for Flexible Spending Accounts (FSA) begins on Wednesday, Nov. 1 and ends on Friday, Nov. 17.
Enrollments must be completed online between Nov. 1 and Nov. 17. To access FSA open Enrollment online 24 hours a day, 7 days a week, go to MyUNM, select the LoboWeb tile, click on Benefits and Deductions and login using UNM credentials.
There are two FSA plans offered to benefits-eligible staff and faculty: the Health FSA and Dependent Care FSA. The maximum annual election amount for a Health Care FSA in 2018 is $2,650. The maximum annual election amount for a Dependent Care FSA in 2018 is $5,000 (head of household or married filing jointly) or $2,500 (married filing separately).
Based on an employee’s annual FSA election, a fixed dollar amount is deducted in equal installments each payday on a pre-tax basis. This money can then be utilized for eligible out-of-pocket expenses. Eligible expenses are determined and set by the IRS. Examples of eligible expenses for the Health FSA are copays, coinsurance, deductibles and many more out-of-pocket expenses qualify.
The Dependent Care FSA helps with expenses for child and/or elder dependent care, enabling employees to remain gainfully employed.
During FSA Open Enrollment, employees have the opportunity to enroll in a Health FSA, a Dependent Care FSA or both. When enrolling in a particular FSA, participants must decide how much their annual election will be for the designated time frame. Keep in mind: participants need to carefully evaluate their reimbursable expenses or risk forfeiture of unused FSA balances according to IRS rules and plan eligibility.
Current FSA participants must reenroll every year if they wish to continue participating.
For additional information visit the HR FSA webpage. For further assistance or questions contact the Benefits office at 505-277-6947.