FLEXIBLE SPENDING ACCOUNT

Stanley, Hunt, Depree & Rhine, Inc.

Benefits effective first of the month following enrollment - must enroll within 31 days from hire date.
Eligibility - regular employees working 20 hours per week (.5 FTE) or more
Enrollment form required
(Reference policy 7.09)

Beginning January 1, 2008, New Mexico State University will offer both a healthcare flexible spending account and a dependent care flexible spending account. Both plans allow employees to elect up to $5000 in pre-tax dollars to be used to pay for out of pocket health expenses and dependent care expenses.

Healthcare

Healthcare flexible spending accounts are available to eligible employees and their covered dependents. Employees may elect up to $5,000 per plan year on a pre-tax basis. Elections may be used to reimburse Employees' out of pocket medical, dental and vision costs. Items eligible for reimbursement include, but are not limited to, co-pays, deductible amounts, and co-insurance amounts. The plan year begins January 1st and ends December 31st. All eligible expenses must be incurred during the plan year.

To Participate:

1. Estimate your health care expenses for the year.
2. Decide how much to contribute. Your contributions will be deducted from your pay on a pre-tax basis each pay period and deposited in your account with Stanley, Hunt, Dupree & Rhine, Inc.
3. Pay your health care expenses as you normally would.
4. Submit your reimbursement request claim form along with your explanation of benefits from your insurance carrier or an itemized statement from the provider you are requesting reimbursement for.
5. Receive a check for the amount of the reimbursement you requested (up to the annual amount you elected at enrollment).

You must use all the money in your account by the end of the plan year. According to IRS guidelines, any money left over in your account at the end of the year will be forfeited. However, you have 90 days after the plan year to file a claim for reimbursement of eligible expenses incurred during the plan year. Please see the Flexible Spending Account booklet for plan details.

Dependent Care

Dependent care flexible spending accounts are available to eligible employees and their covered dependents. Employees may elect up to $5,000 per plan year on a pre-tax basis. Elections may be used to reimburse Employees' out of pocket dependent care expenses. Expenses that the Internal Revenue Service allows you to be reimbursed through the Dependent Daycare Account are generally those expenses that are tax deductible on your income tax return. A child under the age 13 whom you are entitled to claim as a dependent on your income tax return, or a spouse or other tax dependent who is physically or mentally incapable of caring for himself or herself. If married, both spouses must be working or going to school while the dependent is receiving care. If the care is provided by a dependent care center, the center must comply with all applicable state and local laws and regulations. Before and after school care for children from kindergarten to age 13 is eligible. Summer day camp (does not include overnight camp) may also qualify for reimbursement. The plan year begins January 1st and ends December 31st.

To Participate:

1. Estimate your health care expenses for the year.
2. Decide how much to contribute. Your contributions will be deducted from your pay on a pre-tax basis each pay period and deposited in your account with Stanley, Hunt, Dupree & Rhine, Inc.
3. Pay your health care expenses as you normally would.
4. Submit your reimbursement request claim form along with your explanation of benefits from your insurance carrier or an itemized statement from the provider you are requesting reimbursement for.
5. Receive a check for the amount of the reimbursement you requested (up to the amount being held in your flexible spending account at the time).

You must use all the money in your account by the end of the plan year. According to IRS guidelines, any money left over in your account at the end of the year will be forfeited. However, you have 90 days after the plan year to file a claim for reimbursement of eligible expenses incurred during the plan year. Please see the Flexible Spending Account booklet for plan details.

Updated 12/2007

Eligible Health Care Expenses

Eligible Over the Counter Medications

Flexible Spending Account Brochure

2008 Flexible Spending Account FAQ

2008 Flex Claim Form

2008 FSA Summary Plan Description