Get monetary savings by enrolling in FSAs throughout Open Enrollment | Vanderbilt Information

Open Enrollment in your 2020 advantages is occurring now. All benefits-eligible workers should full Open Enrollment, even should you don’t plan to make adjustments or plan to waive protection.

Be taught extra about Open Enrollment and join 2020 advantages now at vu.edu/oe.

Open Enrollment ends at 11:59 p.m. on Oct. 31. Elections are efficient Jan. 1 by Dec. 31, 2020, until you have got a qualifying occasion, reminiscent of getting married or having a child.

To have a Versatile Spending Account (FSA) in 2020, you should elect it throughout Open Enrollment. FSAs prevent cash by permitting you to make use of pretax {dollars} to pay for qualifying bills. While you put aside a few of your wage into one or each of the FSA choices, the contributions will not be topic to federal, state, native or FICA taxes.

Totally benefits-eligible workers can fund two sorts of versatile spending accounts: a well being care FSA and a dependent day care FSA.

• Well being Care FSA reimburses gadgets reminiscent of eyeglasses, copayments, prescriptions and over-the-counter medication—any eligible well being care bills that aren’t lined by a profit plan. The annual election minimums and maximums are $104 to $2,700 per worker. If each spouses work, each can declare $2,700.
• Dependent Day Care FSA reimburses the price of day care bills in your kids (underneath the age of 13) or different eligible dependents. The day care have to be used as a way to permit you and/or your partner to be gainfully employed. The annual election minimums and maximums for Dependent Day Care FSA are $104 to $2,500 per worker. If each spouses work, each can declare $2,500 – for a complete family restrict of $5,000.

Use it or lose it

FSAs are “use it or lose it.” For 2020, you possibly can declare bills incurred by March 15, 2021, and you should file any claims by April 15, 2021. Select your quantities properly. Enter the greenback quantity you wish to put in every FSA if you enroll in My VU Advantages. The system will mechanically calculate and present how a lot cash might be taken out of every paycheck.

FSA elections don’t carry over; you should re-enroll yearly. Go to vu.edu/oe for added info.