The University of New Mexico Human Resources department wants to remind employees to start planning if they wish to enroll for Flexible Spending Accounts.
Open Enrollment for FSA’s is approaching, beginning Wednesday, Nov. 2 and ending Friday, Nov. 18.
Benefits-eligible staff and faculty are given the opportunity to sign up for two FSA plans: the Health FSA and Dependent Care FSA.
The Health FSA reimburses employees for certain medical, dental, vision, prescription, and hearing care expenses not covered by insurance as outlined by the IRS. The annual maximum employees may contribute in 2016 is $2,550.
Dependent Care FSA reimburses you for dependent care expenses at a licensed facility for services provided by individuals, dependent care centers, and other qualified care expenses as defined by the IRS.
When enrolling in a particular FSA, participants must decide how much their annual election will be for the designated time frame. Employees are encouraged to start planning and thinking about those out-of-pocket expenses in order to decide how much to elect for the upcoming plan year.
Based on employee’s annual election, a predetermined dollar amount is deducted each payday on a pretax basis. This money can then be used for eligible out-of-pocket expenses. Eligible expenses are determined and set by the IRS. Participants are encouraged to review the list of current eligible expenses.
For more information, visit the HR Flexible Spending Account webpage or contact the Benefits office at (505) 277-MyHR (6947).