Flexible Spending Accounts
STMA offers Medical Flexible Spending Accounts and Dependent Care Flexible Spending Accounts for all employees working 15 or more hours per week through Select Account. Plans run October - September.
Open enrollment is August 21, 2017 through September 8, 2017 for plan year October 2017 - September 2018. Employees need to re-enroll each year on EaseCentral
Medical Flexible Spending:
- Maximum annual election $2,600 (individual)
Dependent Care Flexible Spending:
- Maximum annual election $5,000 (parents combined FSA election)
The Affordable Care Act (ACA) modified medical flexible spending plans to allow for a $500 rollover. This means that if you do not incur qualified medical expenses before September 30, 2017, instead of losing this money, you can rollover up to $500 of your annual election to use in the next plan year.
HSA limitations: if you have a current FSA that rolls over, this will disqualify you from contributing or receiving district contributions to a HSA for the entire plan year unless the FSA is a limited (dental & vision) plan Select Account will automatically limit your FSA if you open a HSA through ISD 885 or Select Account. If you open an HSA with another vendor, you will need to limit your account manually. You can designate your medical FSA to be limited by creating or logging in at www.selectaccount.com