NEW! Starting in 2010, you will have the option of signing up for the optional FSA debit card, or Benny Card that can be used to pay for your eligible medical expenses using pre-tax money! The card is a great way to manage your cash flow, and can reduce the amount of paperwork (depending upon how it is used).
Northern Arizona University offers two Flexible Spending Accounts. Benefit eligible employees may choose to participate in one and/or both of these plans.
Put More Money in Your Wallet
Contribution limits for 2010 are: Health Care - $5,000 and Dependent Care $5,000 ($2,500 if married and not filing a joint tax return).
Flexible Spending Accounts allow you to avoid paying taxes on Health Care & Dependent Care expenses you are already incurring. Each pre-tax program is a little different.
- The Health Care FSA allows you to use pre-tax money to pay for out-of-pocket medical expenses for you, your spouse, and qualified tax dependents. Your entire annual election will be made available to you on January 1st, for eligible medical services provided in 2010.
- The Dependent Care FSA is generally used for reimbursing out-of-pocket child care expenses for dependents under the age 13. Dependent Care FSA funds can also be used to pay for elder care expenses for older dependents incapable fo self-care. The annual maximum is set at $5,000 per household ($2,500 if married and not filing a joint tax return) and funds are available as they are contributed for services provided in 2010. NOTE: If you have a stay-at-home spouse, you should not enroll in the Dependent Care FSA.
ASI will hold two informational sessions on campus (NAU) to explain how to utilize your health and dependent care plans. For a list of health and dependent care eligible expenses, visit
www.asiflex.com.
FSA Info Sessions – November 5, 2009
10:00 a.m. – 11:30 a.m. Pattea, Blome Bldg
2:00 p.m. – 3:30 p.m. Pattea, Blome Bldg
These plans are authorized by the Internal Revenue Service (IRS) and allow you to set aside money from your paycheck on a pre-tax basis. When using one of these accounts, you reduce your taxable income and may pay less in Federal, State and Social Security taxes.
How Do I Enroll?
Remember, all enrollments must be completed during the open enrollment period, November 2 - November 30, 2009. Your election will be effective January 1, 2010, for services provided during the 2010 plan year. Please note that the 2010 plan year runs from January 1, 2010 - December 31, 2010, and all eligible expenses incurred during this time frame are eligible for reimbursement through your 2010 FSA.
Log into
LOUIE click on Self Service > Benefits > Benefits Enrollment > Select
