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Choosing to Participate in the FSA

Only you can decide whether to participate in the Health Care and/or Dependent Care Accounts, and how much is appropriate to set aside based on your anticipated expenses.  Here are some important things to keep in mind while you are making your decision.

 

  • We suggest you complete the Flexible Spending Account Worksheet, to estimate your expenses for the coming year.  Do not forget to estimate your health, dental and vision co-pays and other out-of-pocket expenses.
  • You may only use your Health Care Account to pay for eligible medical, dental and vision expenses incurred during the plan year.  You may only use your Dependent Care Account to pay for eligible dependent care expenses incurred during the plan year. 
  • Amounts to be set aside for each account must be elected separately and reimbursements from each account are paid separately.
  • Expenses reimbursed through your spouse's or eligible domestic partner’s Flexible Spending Account cannot be reimbursed through your NazFlex Flexible Spending Account.
  • Paper claims for eligible expenses incurred during the plan year must be received by EBS no later than April 15 of the following year.  Under current Federal tax law, you must forfeit any unused funds remaining in your accounts after the April 15 grace period.  Consequently, it is very important that you carefully estimate your expenses, so that you use all of the money in your accounts.
  • You must provide the Employer Identification Number or Social Security Number of your dependent care provider(s) when you submit paper Dependent Care FSA claims.
  • If you should become totally disabled or die during the plan year, you or your surviving dependents may continue to submit claims for eligible expenses incurred prior to your date of disability or death during the 105-day period following that date.  Any account balances remaining after the 105-day period must, by law, be forfeited.
  • IMPORTANT!  Both a domestic partner and the children of a domestic partner, who meet established eligibility requirements, can be covered under a Flexible Spending Account if they receive over 50% of their support from the Nazareth employee during the calendar year.  You are urged to consult with a tax professional to determine if your eligible domestic partner or children of your eligible domestic partner qualify to participate in the FSA before you enroll for this benefit.
  • If your employment with Nazareth ends during the plan year, the following will apply:
    • You will have 105 days to submit paper claims for eligible expenses incurred prior to your termination of employment.  Any remaining account balance, by law, will be forfeited.
    • Health Care Reimbursement Account:  You may elect to continue your participation in the account (as allowed by Federal "COBRA" legislation).  If you elect to continue your participation, your contributions must be made with post-tax dollars.  Paper claims for eligible expenses incurred prior to the end of your continuation under COBRA must be received by the Third Party Administrator no later than April 15 of the following year.
    • You also may elect to discontinue your participation, and your account balance will be frozen as of your termination date.  You will have 105 days to submit claims for eligible expenses incurred through the last day of your employment. 
    • You may NOT elect a medical Flexible Spending Account if you or anyone in your household is enrolled in a High Deductible Health Plan (HDHP).  You may, however, elect a dependent care FSA.
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