University of Arkansas for Medical Sciences - Office of Human Resources

If so, consider enrolling in a Flexible Spending Account (FSA). This benefit is sometimes referred to as a “cafeteria plan” or Section 125 flex plan. Section 125 refers to the United States Tax Code that allows this tax-favored benefit.

With an FSA, you can reduce your taxable income by the amount you pay out of your pocket for eligible healthcare and daycare expenses.

Medical FSA

You may set aside as little as $120 or as much as $5,000 per calendar year. Whatever you elect is deducted from your paycheck evenly throughout the year on a pre-tax basis. Then you file claims to reimburse yourself from your account (funded with your money) when you have eligible healthcare expenses. Many employees choose to establish a Medical FSA to pay for contact lenses (if not paid under vision), eyeglasses, orthodontia, and over-the-counter drugs. You can also use a Medical FSA to pay your out-of-pocket costs not covered by your medical or dental insurance, such as copays, deductibles and coinsurance.

Dependent Care FSA

You may set aside as much as $5,000 per calendar year. Just like a Medical FSA, whatever you elect is deducted from your paycheck over the year, on a pre-tax basis. But this account is used to reimburse yourself for the childcare (daycare) expenses that are needed because both you and your spouse work. Children must be under the age of 12. Note that if you participate in this plan, you are not eligible to take the childcare credit for the same expenses when you file your income tax returns. Visit the website of Conexis, our plan administrator, (Click on Employees) to see what daycare expenses are eligible.

FSA’s are a great benefit. By doing a little bit of planning, you can save on your taxes. Consider this… if you are in a 30% tax bracket, a FSA is like saving 30% on health care and daycare expenses!

As with most tax-favored benefit plans, there is a catch. Once you elect to contribute to an FSA, you’re pretty much locked into it for the year. Your election is only good for the year – you have to re-enroll to participate for the following year. And any balance you have as of March 31 -- in other words, money you contributed that you haven’t gotten back – is forfeited. So be careful in planning your eligible expenses for the calendar year. Be conservative!

Additional Flexible Savings Information & Forms

Click here for the PowerPoint presentation that explains how an FSA works and why this may be a good option for you in 2010.

Flexible Saving Information
Eligible Over-The-Counter Medications	These are reimbursable with only a third-party receipt. No recommendation from a health care provider is required.
FSA Worksheet	Estimate your health and dependent care expenses for the Plan Year.
FSA Brochure	Conexis Flexible Benefits Employee brochure
Conexis Benefit Card FAQ's Benefit Card User Guidelines	Tips on using the Conexis Benefit Card for eligible health care expenses
SPD - Flexible Benefit Plan	UA Summary Plan Description for Flexible Spending Accounts
Flexible Saving Forms

The following are the FSA forms that you can print, complete, and send to Conexis to file a claim. Addresses and fax numbers are listed on each form.
Conexis Dependent Care FSA Reimbursement Form	Claim form for daycare expenses
Conexis Health FSA Reimbursement Form	Claim form for health care expenses. Do not use this form if you swiped your Conexis Benefit Card to pay for an eligible health care item. But hold your receipts as Conexis will likely need them after-the-fact to satisfy IRS documentation requirements.
Conexis Direct Deposit Form	Fill this out to have Conexis deposit your reimbursement into your bank account.
Medical Necessity for Exercise Equipment	Have your doctor complete this form and submit with Conexis claim form to request reimbursement from your health care FSA.

University of Arkansas for Medical Sciences
4301 W. Markham St., Little Rock, AR 72205

For the Office of Human Resources & Employee Services, Call 1-501-686-5650

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