Flex Spending Open Enrollment - Medical and Dependent Care
USHG’s Medical and Dependent Care Flexible Spending Open Enrollment for 2019 is open! If you are a full time employee who has been with USHG for a year, you are eligible to participate. You can make elections for Flexible Spending Benefits from Monday, November 12th - Monday, December 3.
You’ll find info about Flex Spending below. If you have additional questions, please feel free to reach out to the People & Culture team, or attend one of our upcoming FSA Office Hours at Union Square Events on Wednesday, November 14 - 2:00 – 3:00pm or USHG’s Home Office Monday, November 19 – 11:00am – 12noon. If you’d like to attend our office hours, sign up here.
What is a Flex Spending Account and how does it benefit me?
Flex Spending Accounts (or FSAs) allow you to set aside tax-free dollars to pay for eligible medical and/or dependent care expenses. You can use these pre-tax dollars to pay for things like doctor’s office copays, out-of-pocket prescription costs, day care, adult care and more.
Tax-free = saving money!
How many dollars can/should I put towards flex spending?
It’s up to you how much you elect each year, but keep in mind that these funds are only available for your use during 2019; unspent dollars will not rollover to the next year. To help you decide we’ve attached some worksheets here to help estimate annual expenses.
The IRS sets an annual limit of up to $2650 (update once IRS announces) for approved medical expenses and $5000 for dependent care. Whatever you elect annually will be divided evenly and be deducted from your paycheck in small weekly increments.
I know how many dollars I’d like to put into my FSA! How do I enroll?
Go to www.benefitresource.com. The electronic enrollment will be available on the home page now until December 3rd. If you already have an account set-up you can log-in; otherwise you can register an account using the following info:
Company Code = ushgnyc
Member ID = your SSN
Great – I’m enrolled! Now how do I use the funds?
Your Medical FSA election is available starting on January 1st. You can use your Beniversal MasterCard at the time of service, or submit your claim and be reimbursed for the eligible medical expense.
Your Dependent Care election will be available as deposits are made from your paycheck each week. To access the funds you must submit the claim for reimbursement after the dependent care service has been provided (e.g. if you pay summer day camp registration in March but the day camp will be held in July, the claim for reimbursement of the March registration fee cannot be submitted until the end of July.)
Enrolled in an FSA account from last year?
Remember that your elections do not roll over, and if you would like to participate in 2019, you will need to enroll again. For any outstanding claims from 2018, you will have until March 31, 2019 to file for reimbursement; otherwise you will forfeit the funds that have been deducted from your pay this year.