2014-2015 Open Enrollment

In Accordance with IRS Regulations Regarding Flexible Spending Accounts:

• The maximum you may contribute to a Health Care Expense Account is $2,500 per plan year.
• Also, the law mandated that health care Flexible Spending Account participants will no longer be able to claim Over the Counter (OTC) medicines and drugs as an eligible expense for reimbursement without supporting documentation such as a physician's prescription. It is important to note; however, that some OTC supplies, as well as insulin, will remain eligible for reimbursement.

• Unlike the health care FSA, dependent care FSA's are not "pre-funded"; employees will only receive reimbursement for the amount deposited into the account as of the reimbursement date.
• IRS regulations do NOT allow reimbursements for services that have not yet been provided, so even if you pay in advance for your expenses, you can only claim service periods that have already occurred. For example, if you are required to pay for all of January's child care expenses on January 1, you cannot claim the entire month's expense until February.
• It is important to note that the maximum for the dependent care FSA is a "family maximum". Therefore, if your spouse contributes to an FSA at another employer, the combined election may not exceed $5,000, or your personal limit if less than $5,000.
• Employees can generally exclude from gross income up to $5,000 of dependent care benefits provided under the College's dependent care assistance program each calendar year ($2,500 for married employees filing separately). Dependent care benefits include flexible spending reimbursements as well as employee discounts at the Dickinson College Children's Center. Any benefits in excess of $5,000 are included in gross income with applicable taxes withheld on the final pay cycle of the calendar year.

Additional Information and Forms