Frequently Asked Questions
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How do I sign up if I want to participate?
It is simple. Just follow the instructions included in your enrollment or new hire packet. You may also contact us by calling 1.877.837.5017 or see your Human Resources Manager if you need assistance.
Do I have to re-enroll during every open enrollment period even though I want the same amount of money deducted from my pay?
Yes, according to Internal Revenue Service regulations, an employee must make new elections for each and every plan year. It is always important to carefully anticipate your upcoming expenses each year to make sure that you make the appropriate election.
Is there a limit on how much I can contribute to my dependent care plan?
Yes, please see your Summary Plan Description for the limits that apply to you. As with all flexible spending accounts you must remember to plan carefully because the IRS requires that any unused money left in your account at the end of the plan year will be forfeited.
How do I know if I should enroll in a spending account?
A flexible spending account could be good for you if you anticipate that you will have out-of-pocket medical, dental, vision or hearing expenses beyond what your insurance plan covers. It may also be good for you if you have or will have dependent care expenses.
How do I figure how much to put in my medical expense account?
A good start is to look at your receipts or check register for the last year or two. Take a look at what you spent on medical expenses for yourself and for your qualified family members. Another thing to do is to try to think about what you expect to spend on medical expenses during the coming plan year. It is important to study and plan before deciding how much to contribute.
Do I have to participate in all flexible spending accounts, or can I participate just in one?
You may choose to participate in any one of the spending accounts offered by your company without having to participate in all of them. Participation in any and/or all accounts is totally voluntary. The choice is entirely up to you.
Can I change my health care or dependent care deduction once the plan year starts?
No, once you make your annual election, you can only make changes if you have a “qualified family status change”. The change must be consistent with the event and must be made within 30 days of the status change. All requests must be submitted to your Human Resources representative for approval before an election change will be permitted.
What happens to my money if I don't use all of the money that was deducted from my paycheck?
This is a very important question and you should consider the answer carefully. Unfortunately, you cannot carry over the money in your health care or dependent care account(s). If you do not use the full amount that was deducted during the plan year, you will forfeit the remaining money. This is not a company policy. This is an Internal Revenue Service (IRS) regulation. It is often referred to as the "use it or lose it" rule. The IRS does not allow a company or an administrator any flexibility regarding this regulation. This is why it is so important that you plan wisely prior to making your annual election.
Can I transfer funds between different FSA accounts during the year?
No, funds cannot be transferred from one FSA account to another during a plan year. Funds in each account can only be used to reimburse qualifying expenses for that specific account. For example, childcare expenses cannot be reimbursed from your health care account even though the health care account has the funds to cover the expense.