It Is Open Enrollment Time For The Flexible Spending Account Program!
It is open enrollment time for the flexible spending account program for the plan year (April 2010 – March 2011). Flexible spending accounts (FSA’s) are a great way to save money. An FSA allows you to set aside tax free dollars from your paycheck each month to pay for certain out-of-pocket expenses for health and dependent care. By lowering your taxable income, on average, you get at least $1.25 in buying power for every dollar you set aside in the FSA.
This year we are introducing a new FSA administrator – Allegiance. We decided to change to Allegiance because Regence no longer offers Personal Choice and our new vendor provides debit cards, which will significantly speed the process of filing claims for reimbursement. However, the flexible spending enrollment process is the same – all participants must sign up each year during Open Enrollment. For more information about Allegiance, please visit the Flexible Spending Account web page.
To enroll in this program, you will need to submit the FSA open enrollment form to Human Resources by 5pm on Friday, March 12, 2010. This is the only time of the year you can enroll in the flexible spending account program unless you are a new employee or have a qualifying event which allows you to enroll outside of open enrollment.
Once enrolled, the first payroll deduction for the new FSA plan year will occur on your April 2010 paycheck. After checking your April paycheck, please contact the Benefits office immediately if you have a question about your initial deduction.
Learn about the new health care card, get help in determining which medical plan is best for you and your family, or learn how you can save money through a reimbursement account during an information session.