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Flexible Spending Accounts Flexible Spending Accounts are an employee benefit that saves you money on eligible expenses for you and your family. It is an account where you contribute money from your paycheck BEFORE taxes, incur eligible expenses and get reimbursed. It is a great way to LOWER YOUR TAXES and SAVE MONEY! 2 types of Flexible Spending Accounts: Healthcare Dependent Care

How will an FSA save you money? With FSA Without FSA Annual pay $50,000 $50,000 Pre-tax election 2,000 0 Taxable income 48,000 50,000 Fed/State/SS and Medicare Tax -10,966 -11,616 After-tax expenses 0 -2,000 Take-home pay $37,034 $36,384 Savings with an FSA $650

Flexible Spending Accounts Flexible Spending Accounts are administered by ADP, a third administrator Plan Year: January 1 through December 31 Once enrolled, you cannot drop out of the program or change amounts unless you have a lifestyle change.

Healthcare If you or eligible family members have healthcare costs such as: 1. copays, deductibles or coinsurance for medical, dental or vision plans 2. Purchase prescription medications 3. Wear glasses or contacts or are planning on laser eye surgery Receive orthodontia treatments Enrolling in an FSA can save you money. The maximum election for Healthcare expenses is $2550.00 per employee.

Healthcare Debit Card When you enroll in a Healthcare Flexible Spending Account, you will automatically receive a Spending Account Card. Use of the card is optional. The card: is used to pay for eligible purchases directly from your healthcare account gives you immediate access to your healthcare funds can be used at the doctor, pharmacy, vision center and dentist reduces the number of reimbursement claims to file

Dependent Care Dependent Care Flexible Spending Account is an employee benefit that lets you use pre-tax money to pay for child or elder care expenses that you incur so you and your spouse (if married) can work or look for work or your spouse can attend school full-time. Maximum Dependent Care election is $5000.00 per household.

Dependent Care If one of these situations apply to you, a dependent care FSA can save you money: Your dependent children under age 13 attend daycare, before- /after-school care or summer day camp You provide care for a person of any age whom you claim as a dependent on your federal income tax return and who is mentally or physically disabled

How do I enroll? You must enroll within 31 days of employment or during open enrollment. Open enrollment is held November of each year for eligibility in the following year. Enrollment forms are located in The Payroll Office or at http://und.edu/finance-operations/human-resources- payroll/_files/docs/2015-flex-enrollment-form-1.pdf. Once you have determined your annual election, we will deduct the amount from your pay in equal amounts throughout the year.

How do I get reimbursed? Pay for an eligible expense out of your pocket Fax, mail or submit online a reimbursement request form along with a receipt for the purchase to ADP. ADP will process your request and reimburse you through direct deposit or by check

Use –it-or-lose-it Rule Funds will be forfeited if not used by the end of the Plan Year. Plan carefully when determining elections. IRS allows us to offer a grace period to employees

Where can I learn more? Visit www.spendingaccounts.info for more information about flexible spending accounts, including a list of eligible expenses and an interactive contribution and tax-savings calculator. To speak with an FSA specialist, call 1-800-228-5762.