![]() There will be no disruption with your PayFlex account.Here are some key points regarding the acquisition: All Flexible Spending Account members received a communication, from Payflex, regarding the acquisition. On April 6th, 2022, it was announced that Millennium Trust Company has entered into an agreement to acquire PayFlex. A grace period allows you to incur eligible expenses up to March 15 of the following year.Īpril 2022 Update: PayFlex to be acquired by Millennium Trust Company Learn more about using your PayFlex Card. If you are enrolled in a Health Care FSA and did not receive a card, call PayFlex at 87. If you are only enrolled in a Dependent Care FSA, you will not receive a card. PayFlex will mail a debit card to new enrollees in a Health Care FSA to pay for eligible health care expenses. Highly compensated faculty and staff (family gross earnings in 2022 of $135,000 or more) can contribute $3,600 per year. You can contribute a minimum of $120 up to $5,000 each calendar year to your Dependent Care FSA. You can contribute a minimum of $120 up to a maximum of $2,850 per calendar year to your Health Care FSA. ![]() 2023 Flexible Spending Account Limits Health Care FSAs You need to enroll in an FSA each year you wish to participate. Looking to enroll in an FSA? Download and complete an enrollment form. Unlike other benefits, IRS rules do not allow FSA enrollments to carry over from year to year. 2023 Flexible Spending Accounts - effective January 1 - December 31, 2023.To receive a reimbursement from your Dependent Care FSA, you must have enough funds in your account to cover the claim at the time you make the request for reimbursement. You can claim amounts equal to your entire annual health care contribution from your Health Care Flexible Spending Account at any time during the year. You contribute tax-free dollars to your FSA(s) through payroll deductions. You can enroll in one type of FSA or both. The Dependent Care FSA is for eligible day care expenses for a dependent child under the age of 13, or elder care for a dependent adult, while you and your spouse work (or if your spouse is a full-time student or disabled).The Health Care FSA is used to pay for most out-of-pocket medical, vision, and dental care expenses for you and your eligible dependents.The money is put into an account you use to reimburse yourself for eligible expenses. An FSA allows you to have a set amount taken from your pay before taxes, which lowers your income tax. TTY 1-86.The University of Michigan offers faculty and staff the opportunity to pay for eligible health care and/or dependent daycare expenses with pre-tax dollars using a Flexible Spending Account (FSA) administered by PayFlex. New and newly eligible employees who wish to enroll in this program must do so within 60 days after they become eligible, but before October 1 of the calendar year.įor further information, visit or call 1-87. Enrollment does NOT carry forward year to year. Current enrollees must remember to enroll each year to continue participating in FSAFEDS. Open Season enrollments are effective January 1 of the following year. How do I get started?Įligible employees can enroll in FSAFEDS each year during the Federal Benefits Open Season (the November/December timeframe). That means you get $2,000 worth of health care purchasing power PLUS pay about $600 LESS in Federal taxes. The average tax savings for a person earning $50,000 who contributes $2,000 into an FSA account is approximately $600. The money contributed to your FSAFEDS account is set aside before taxes are deducted, so in most cases you save about 30% on your Federal taxes. The minimum election for all accounts is just $100 and carryover has been adopted for health care and limited expense health care FSAs. This account allows you to set aside money to pay for your day care expenses. Think of it as a savings account that helps you pay for items that typically aren’t covered by your FEHB Plan, the Federal Employees Dental and Vision Insurance Program, or other health insurance coverage.įSAFEDS also offers an account for families with young children or elder care expenses – the Dependent Care FSA. If you're an employee who works for an Executive branch agency or an agency that has adopted the Federal Flexible Benefits Plan ("FedFlex"), you can elect to participate in the Federal Flexible Spending Account Program (FSAFEDS).įSAFEDS allows you to save money for health care expenses with a Health Care or Limited Expense Health Care FSA. Federal Employees Receiving Premium Conversion Tax Benefits.Coordination of Medicare and FEHB Benefits.
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