Who's eligible: Employees with Full, Mid-Level and Core benefits
Academic Student Employees and Graduate Student Researchers are eligible for DepCare FSA
Who’s covered: You and your family members
Who pays: You
How the Plans Work
- You must enroll annually, usually during a period of eligibility or during Open Enrollment, to participate.
- You specify an amount to be taken from your paycheck each month and deposited in your Health FSA and/or your Dependent Care FSA.
- When you incur eligible expenses, you submit a claim form and appropriate documentation of these expenses to CONEXIS. CONEXIS then reimburses you from the funds in the appropriate account. You must submit claims by April 15 of the following year to receive reimbursement.
- Because the FSA contributions are deducted from your paycheck before taxes are withheld, your taxable income is reduced, and you save money on taxes. Your savings will depend on your particular tax situation.
- FSA contributions cannot be changed during the year unless you experience a qualifying event. The IRS defines qualifying events and allowed changes. They include:
- A change in number of eligible dependents;
- A change in dependent eligibility, including a child reaching age 13;
- A change in your legal marital status;
- A change in employment status that causes a gain of benefit eligibility;
- A change in cost or coverage — that is, your dependent care expenses increase or decrease, or you change childcare providers or the amount of time needed for childcare.
The DepCare FSA allows you to pay for eligible expenses for care of your child (up to age 13) or eligible adult dependent.You determine how much you want taken from your monthly paycheck(s), from a minimum of $180 per plan year up to the lesser of:
- $5,000 per plan year ($2,500 if you are married and filing a separate income tax return) or
- Your total earned income
- Your spouse's total earned income
- If your spouse is incapable of self-care or is a full-time student, you may claim up to $2,400 for one dependent or $4,800 if you claim two or more dependents.
If your spouse is also eligible to participate in a dependent care FSA, your combined contributions should not exceed the maximums stated above. Remember that you forfeit any money you don't use; so calculate your contributions carefully.
You may submit claims for expenses incurred during the plan year and during the grace period (Jan. 1 to March 15 of the following year). All claims must be submitted by April 15 of the following year.
The Health FSA allows you to pay for eligible medical expenses for you and your eligible family members. You may contribute a maximum of $2,550. If both you and your spouse are UC employees, you may each contribute up to $2,550.
As a reminder, provided you are enrolled through the end of the plan year, the Health FSA lets you carry over up to $500 of unused funds to the next plan year. With the carryover, if your balance is less than $500, you do not have to rush to spend all of your Health FSA funds or worry about losing money when the 2017 plan year ends.
You have until Dec. 31, 2016 to incur eligible expenses for the 2016 plan year. The plan’s deadline to file claims for expenses incurred during the 2016 plan year is April 15, 2017. After the April 15 deadline, unused funds up to $500 will carry over to the 2017 plan year and be available for reimbursement in early May. Unused funds greater than $500 will be forfeited.
The carryover amount does not count against your Health FSA election for the following plan year. You may still elect the maximum of $2,550 per plan year.
If you do not re-enroll, you must have at least $25 remaining in your Health FSA after the April 15 deadline to be able to carry over funds to the next plan year. Funds under $25 are forfeited. You may only carry over funds (up to $500) for one year.