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Flexible Spending Accounts (FSA)
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What is an FSA?
FSA's allow you to pay for certain medical or dependent care expenses with pre-tax dollars!
Why choose to participate in an FSA?
By paying for your medical or dependent care expenses with pre-tax dollars, you save on Federal, State, and Social Security taxes. You can save $25 or more for every $100 you set aside.
Savings will vary for each participant depending on variable information such as marital status, number of exemptions, and marginal tax bracket. Consult with your tax advisor to determine your actual potential savings.
How do FSA's work?
You decide how much to set aside for each account - health care and/or dependent care. (See individual account information for annual maximums.) The amount you set aside is called your annual "election" or "pledge". Your annual pledge will be divided by the number of paychecks you normally receive in a year. (Remember, deductions for voluntary benefits are not taken from the third paycheck in a month.) Employees who are enrolling mid-year (newly hired employees and employees experiencing certain qualifying life events) will have their annual pledge divided by the number of paychecks remaining in the calendar year.
After you incur a qualifying expense, you will file an FSA Claim Form to have those out-of-pocket expenses reimbursed from your FSA. You may choose to have the reimbursement mailed to your home address or directly deposited into a checking or savings account.
ASI now has a toll-free fax number for claims submission: 1-866-381-9682. Your claims may be processed quicker when using this toll-free number.
For more detailed information on the ASI plan please click below:
Plan Year
Unlike the other benefits NAU provides, the plan year for FSA's is January 1 through December 31. Expenses MUST be incurred during the plan year to be eligible for reimbursement. You may submit claims for reimbursement of eligible expenses for the previous calendar year until March 31. If you have funds remaining in your account after being reimbursed for all eligible expenses, that amount will be forfeited by you, as required by Federal regulations.
FSA Planning Worksheet
Open Enrollment
Open enrollment for the FSA's is usually the entire month of November (November 1-30). Annual pledges ARE NOT automatically carried forward. Employees MUST re-enroll each year. Remember, plan your annual pledge amount carefully! Monies not used and reimbursed will be forfeited.
FSA accounts or changes become effective on the first day of the month FOLLOWING your enrollment. Enrollment is accomplished by successfully completing the online enrollment process in Louie/PeopleSoft. Expenses incurred prior to the effective date of your enrollment will NOT be reimbursed.
For more detailed information on the ASI plan please click below:
Sample Effective Dates
Plan Adminstrator - ASI
ASI is the plan administrator of the FSA's. For specific questions about your FSA, please contact ASI.
ASI
PO Box 6044
Columbia, MO 65205-6044
(800) 659-3035
asi@asiflex.com
2006 Participant Plan Information
FSA 2006 Enrollment Worksheet
FSA Privacy Notice
FSA COBRA Continuation of Coverage
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| Last Updated (
Tuesday, 22 January 2008 ) |
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