Learn about flexible spending accounts
November 9, 2017
Now is the time to take a look at your current benefit elections to ensure they meet your needs. This year’s open enrollment is passive. Meaning if you do not make any changes during open enrollment, your current 2017 elections will roll forward to 2018, EXCEPT for your participation in flexible spending accounts.
Flexible spending accounts (FSAs) allow an employee to set aside pre-tax payroll deductions to pay for out-of-pocket health care expenses such as your deductibles, copays and coinsurance, as well as dependent care expenses.
The maximum amount of pre-tax dollars to be set aside for the health care account for 2018 is $2,600 and minimum amount is $240. For the dependent care spending account, an employee can set aside up to $5,000 per family, per calendar year.
What’s New for 2018? Beginning in 2018 MSU Denver will continue offer a $500 Roll-Over Option. However, in order to be eligible for the $500 Roll-Over Option, an employee must elect to participate in flexible spending in the following calendar year.