FAQ - Tax$ave

1. Who is the administrator for the Flexible Spending Account program?
   
   Beginning with the 2008 tax year, the NJ Division of Pensions and Benefits has changed the FSA vendor from Horizon Healthcare to Fringe Benefits Management Company (FBMC).
   
   
2. Which company should I send my claim forms to?
   
   If you are submitting claims for 2007 FSA elections, submit your claims to Horizon Healthcare. You will have until March 15, 2008, to incur eligible expenses and until April 30, 2008, to submit claims for this period. If you are submitting claims for 2008 FSA elections, submit your claims to FBMC.
   
   
3. What are the maximum elections for 2008?
   
   For the unreimbursed medical spending account, the maximum annual election has increased from $2,000 to $2,500 for 2008. For the dependent care spending account, the maximum election remains $5,000 for 2008.
   
   
4. Where can I find a sample list of eligible expenses for reimbursement?
   
   FBMC has a searchable list of eligible expenses on their website. To access the list, click here.
   
   
5. I am enrolled in the Dependent Care Flexible Spending Account. My day care expenses increased. Can I increase my annual election amount?
   
   Yes, as long as you do not exceed $5,000 for the calendar year. To change your  annual election amount, complete a Change in Family Status while Actively Employed form and return the form to University Human Resources. Forms are available on the FBMC website.
   
   
6. I will soon place my newborn in day care so that I can go back to work. I am not enrolled in a Dependent Care Flexible Account. Can I enroll now?    
   
   Yes, once you return to work you should enroll within 30 days. To enroll, complete a Change in Family Status while Actively Employed form and return the form to University Human Resources. Forms are available on the FBMC website.
   
   
7. I am enrolled in the Unreimbursed Medical Spending Account. Can I change my annual election amount?
   
   You cannot make changes in your election amount during the calendar year unless you experience a qualified change in family status that is recognized by the IRS. Changes in family status include marriage or divorce, birth or adoption of a child, death of a dependent, change in work status of spouse, significant change in health coverage due to spouse’s employment, and change in cost or coverage of dependent care.
   
   
8. Are day camp expenses eligible for reimbursement though the Dependent Care Spending Account?
   
   Yes, qualified day care, day camp, or other outside child care services such as before-school and after-school programs are covered.
   
   
9. If I hire a babysitter, are wages and related taxes considered eligible for reimbursement through the Dependent Care Spending Account?
   
   Yes, dependent care wages and related taxes for a babysitter are eligible expenses as long as the babysitter is not your dependent.
   
   
10. What is the deadline for incurring expenses and submitting reimbursement claims under the Unreimbursed Medical Spending Account and the Dependent Care Spending Account?
    
    You have until March 15 of the following year to incur eligible expenses. The deadline for submitting all claims is April 30 of the following year.

 

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Last Updated: 09/26/2007