Fall 2003 Open Enrollment for Flexible Reimbursement Accounts
Posted: November 6, 2003 at 1:00 am, Last Updated: November 30, -0001 at 12:00 am
Now is the time for employees to think about planning for certain recurring and/or upcoming medical and child care expenses they have in the first six months of 2004. Employees may set aside pre-tax dollars by enrolling or re-enrolling in a flexible reimbursement account (FRA). Open enrollment continues through Nov. 21. Medical expense and dependent care FRAs will be on a short-plan year from January through June 2004 to allow for the transition to a new plan year that begins July 1, 2004 and continues through June 30, 2005. Employees may put aside $10 minimum per pay period, up to $2500 total in each account for the short plan year.
Faculty and staff members are encouraged to remember to be conservative when estimating their medical and/or dependent care expenses for the short-plan year. Any unused funds follow the use-it-or-lose-it rule and cannot be returned to or carried forward to the next plan year. A new feature this year is that over-the-counter antacids, allergy and cold medicines, and pain relievers can be reimbursed from the medical FRA.
For more information and to enroll online, visit the Human Resources web site.