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9:25 a.m., Nov. 19, 2002--The enrollment period for 2003 Flexible Spending Accounts (FSAs) begins Nov. 25 and ends Dec. 6 for UD employees. FSAs are voluntary accounts through which you can set aside pre-tax dollars to cover out-of-pocket health care and day care expenses.
The annual amount that can be set aside tax-free for health care expenses will increase to $2,000 for 2003. You can enroll in a Health Care and/or Dependent Day Care Account using a web form at [www.udel.edu/flexnet].
Keep these facts in mind when deciding how much to set aside in your FSA.
- The maximum annual amount you can contribute is $2,000 for the Health Care Account and $5,000 for the Dependent Day Care Account.
- The enrollment period for the University's insurance benefits, i.e., medical, dental, life and disability, is scheduled for May 1-16. If you anticipate changing your medical plan coverage in May, consider how that future change may affect your current decision on how much to contribute to a 2003 Health Care FSA.
- Even if you have participated in an FSA account in the past, you must re-enroll every year. FSAs do not automatically continue from year to year.
- It is important that you are conservative when choosing the amount of your FSA contribution. IRS regulations require that if you do not spend all your FSA money for expenses you incur during the plan year, you must forfeit any unused balance.
- For more detailed information about FSAs, go to [www.udel.edu/Benefits/FSA.HTML].
The Human Resources staff is available to help with any questions you have about FSA enrollment. You can reach a benefits representative by calling 831-2913 or e-mailing [ben-serv@udel.edu].
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