Flexible Spending Account
A Flexible Spending Account (FSA) allows you to use pre-tax dollars to pay for out-of-pocket qualified medical expenses. Each plan year, you choose how much to contribute to your FSA and can access the funds throughout the year.
Participation in an FSA reduces your taxable income prior to assessment of Social Security and all other federal, state and local taxes.
You may access ConnectYourCare's Interactive Voice Response (IVR) system using the following toll-free number: 1-877-292-4040. It is available 24 hours per day, 7 days per week. Menu options are:
- For your account balance, press or say "1"
- For password or surname assistance, press or say "2"
- To report your payment card as lost or stolen, press or say "3"
- At any time, you can press or say "0" to talk to one of the CYC customer service specialists
Customer service representatives are available 24 hours per day, seven days per week via 1-877-292-4040 for direct participant inquiries of your Dependent Care Account. You can also visit their website at www.connectyourcare.com.
Contributions are subject to the annual minimum amount of $130 and the IRS maximum amount of $2,500. For the 2016 plan year, the IRS annual maximum amount will increase to $2,550.
The FSA Enrollment Guide contains valuable information regarding this Internal Revenue Service (IRS) sponsored benefit. Click on the ConnectYourCare Enrollment Guide link to open the guide which contains valuable information regarding this Internal Revenue Service (IRS) sponsored benefit.
New hire employees wishing to enroll are encouraged to complete their elections using the New Hire Menu found in Banner Self Service within 31 days following their full time date of hire. Otherwise, enrollment during the plan year may be made only during the annual Open Enrollment period each November also using Banner Self-Service, or within 31 days of a life change such as marriage or dependent birth/adoption by using an enrollment form. 2016 Flexible Spending Account enrollment forms will be posted after November 20, 2015. Employees wishing to participate in the Flexible Spending Plan on an annual basis must re-enroll each year during Open Enrollment.
Employees who may have a balance remaining after the end of the plan year (December 31) will have until March 15th of the following year to incur eligible expenses with that balance.
Employees will also have up to ninety days after the end of the plan year (December 31) to claim reimbursement of eligible expenses incurred during the prior plan year, or through March 15 of the following year, before remaining balances are forfeited. All claims must be submitted no later than March 31 to Connect Your Care.