Presentation on theme: "1 This presentation is intended for communication purposes only. It is not a guarantee of benefits. Please see insurance plan documents and"— Presentation transcript:
1 This presentation is intended for communication purposes only. It is not a guarantee of benefits. Please see insurance plan documents and http://ucnet.universityofcalifornia.edu/OE for complete information.
2015 Health Flexible Spending Account “Health FSA” Health *FSA plan will include the new carryover provision effective for 2015 Plan Year. *Does not include Dependent Care Flexible Spending Account 3
Health FSA - Carryover Change for 2015 For 2015 plan year, you may carry over up to $500.00 of remaining Health FSA funds into the next plan year of 2016. Per IRS guidelines, Health FSA plans cannot have both the carryover feature and a grace period. Therefore, grace periods will no longer be offered for 2015 contributions. Health FSA plan will include the new carryover provision effective for 2015 Plan Year.
Current Year 2 0 1 4 Grace Period for 2014 You continue to use funds that remain in your 2014 FSA account for eligible expenses incurred through March 15, 2015. After Grace period Unused funds are not available after March 15, 2015. Claims not received by March 15 th, 2015 will not be paid. Unused funds from 2014 contribution are no longer available. 5
2015 FSA Plan Year Maximum Annual Contribution = $2,500.00 Minimum = $180.00 Expenses incurred in 2015 will be reimbursed from your 2015 contributions. If you do not use all your funds……….. Unused funds of up to $500.00 can be carried over into 2016. Even if you do not participate in contributing in 2016 Don’t expect unused funds to show up in your account, or have access to the funds until after April 15 th, 2016 6
FSA 2016 Timeline If you re-enroll in 2016 You will be reimbursed from the 2016 plan year first Any carryover balance from 2015 will be available after April 15, 2016 If you do not re-enroll in 2016 You must submit manual claims for expenses incurred in 2015 by the April 15 filing deadline. Any remaining 2015 funds up to $500 will carryover to 2016 and be available on the benefit card after the claims run-out period has been processed 7
The changes do not affect the 2014 Plan Year. You may continue to use any funds that remain in your 2014 Health FSA for eligible expenses incurred through March 15, 2015. All claims for expenses incurred from January 1, 2014 through March 15, 2015 must be received by CONEXIS by April 15, 2015. Claims incurred after March 15, 2014 or submitted after the April 15, 2015 filing deadline will be denied. 8
General FSA Reminders You must re-enroll if you want to participate in 2015. You must contribute a minimum of $180.00 per year. The Health FSA maximum contribution amount is $2,500.00 The DepCare FSA maximum contribution is $5,000 ($2,500 if married filing a separate tax return). Reminder: If you enroll in the Blue Shield Health Savings Plan, you cannot enroll in the Health FSA.
Flexible Spending Account Enrollment for 2015 Remember to enroll by November 25 th at 5:00 p.m. This is the date that Open Enrollment closes. If you “forget” to enroll in the FSA program for 2015 and Open Enrollment is closed….. You will be denied enrollment. 10