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FSA enrollment open through Dec. 19
8:00 a.m., Nov. 24, 2003--The enrollment period for 2004 Flexible Spending Accounts (FSAs) begins Monday, Nov. 24, and ends Friday, Dec. 19, for eligible UD employees. FSAs are voluntary accounts through which you can set aside pre-tax dollars to cover out-of-pocket health care and day care expenses.
You can enroll in a Health Care and/or Dependent Day Care Account using a web form at [http://www.udel.edu/flexnet]. Confirmation statements will be mailed to your campus location after the close of open enrollment.
Over-the-counter drugs and medicines are now eligible for reimbursement through health care FSA accounts. Eligible nonprescription medications include: antacids, allergy medicines, pain relievers and cold medicines. Dietary supplements (e.g., vitamins), toiletries and cosmetics are not eligible for reimbursement.
Visit [www.udel.edu/Benefits/FLEXFSA.HTML] for details about FSAs and enrollment.
Keep these facts in mind when deciding how much to set aside in your FSA.
The maximum annual amount you can contribute is $2,000 for the Health Care Account and $5,000 per family for the Dependent Day Care Account.
FSAs do not automatically continue from year to year. You must re-enroll each year to continue your participation.
The plan year for FSAs is January through December. Once you enroll in an account, you cannot change or stop your contribution for the remainder of the calendar year unless you have a qualified family status change (e.g., marriage, divorce, birth/adoption of a child).
The enrollment period for the University's medical, dental, life and disability benefits is scheduled for May 1-21. If you anticipate changing your medical plan coverage, consider how that future change may affect your current decision on "how much" to contribute to a 2004 Health Care FSA.
FSAs are effective tools for saving taxes on out-of-pocket health care and day care expenses. However, it is important that you are conservative when choosing the amount of your FSA contribution. IRS regulations require that if you do not spend all your FSA money for expenses you incur during the plan year, you must forfeit any unused balance.
The Human Resources staff is available to help with any questions you have about FSA enrollment. You can reach a benefits representative by calling 831-2171 or e-mailing [ben-serv@udel.edu].
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