Tax$ave

Tax$ave is the state's tax savings program provided under the provisions of section 125 of the Internal Revenue Code. Tax$ave can provide you with an opportunity to increase your available income by reducing your federal tax liability. If you are eligible to enroll in the State Health Benefits Program, you may also participate in one or more Tax$ave Plans.

The Premium Option Plan (POP)

• You do not pay federal taxes on money earned that is used to pay medical and/or dental insurance premiums
• Employees enrolled in a State Health Benefits Plan are automatically enrolled in POP unless they decline by completing a Declination of POP form

The Unreimbursed Medical Spending Account

• Voluntary program
• Set aside pretax dollars to pay for eligible medical, prescription drug, and dental expenses not covered by insurance for you and your dependents
• Claim forms are submitted for reimbursement of eligible expenses
• Maximum election is $2,500 for the 2010 tax year
• Benefits unused by March 15 of the following calendar year will be forfeited

The Unreimbursed Dependent Care Spending Account

• Voluntary program
• Set aside pretax dollars to pay for eligible dependent care expenses
• Claim forms are submitted for reimbursement of eligible expenses
• Dependents include children under age 13 or dependents incapable of self-care
• Maximum election is $5,000 for the 2010 tax year
• Benefits unused by March 15 of the following calendar year will be forfeited

How to Enroll:

• Eligible employees may enroll in flexible spending accounts:
• Online at http://www.myFBMC.com
• Enroll by phone at 800-865-FBMC (3262)
• Complete a FBMC Spending Account Election Form and fax it to FMBC at 850-514-5806
• New employees may enroll during their initial enrollment period when hired. All other eligible employees must enroll during Open Enrollment
• New employees who enroll in the Unreimbursed Medical Spending Account may file claims begining the first of the month after an initial 60-day waiting period
• New employees who enroll in the Dependent Care Spending Account may file claims begining the first of the month after an initial 30-day waiting period               

 

Resources To Help You:
Benefits Specialist	732-932-3020, ext. 4077
Enrollment Forms
Fringe Benefits Management Company	1-866-440-7150
State of New Jersey Tax$ave program
List of expenses eligible for reimbursement
Tax$ave FAQs
Flexible Spending Account Claim Form

 

To submit a comment or to report any problems with this site, please email us. For questions about University Human Resources programs and services, please email our Operations Team.

© 2009 Rutgers, The State University of New Jersey. All rights reserved.

Last Updated: 09/29/2009