Jun 21, 2012
From staff reports
On Tuesday, the Benefits Office sent an email to all faculty and staff about health care flexible spending accounts.
Faculty and Staff,
Due to a recent announcement by the IRS, we are re-opening the flexible spending account enrollment process and increasing the annual limit for health care flexible spending accounts.
As previously announced during our recent benefits open enrollment, The Patient Protection and Affordable Care Act imposed a $2,500 annual contribution limit on health care flexible spending accounts effective in 2013. Accordingly, the university reduced the health care flexible spending account limit from $5,000 to $2,500.
However, on May 30, 2012, the IRS released Notice 2012-40 which stated that the $2,500 limit applies only to flexible spending account plan years that begin after January 1, 2013 and that flexible spending account plan years beginning before January 1, 2013 can maintain their current annual limit.
Since the University's plan year begins July 1, 2012 (before the new January 1, 2013 implementation date) we are reinstating the $5,000 health care flexible spending account limit and re-opening the enrollment process.
Faculty and staff will now be able to change their flexible spending account election until June 27, 2012.
If you are interested in making a new election or changing your existing election, you must do so via the Wageworks site. Visit www.wageworks.com and follow instructions to log in and/or sign up.
A list of qualified health care expenses can be found by clicking here.
If you have any questions regarding your flexible spending account or the enrollment process, please call WageWorks at 1-877-924-3967 or contact the Benefit Office via email@example.com.
The Benefits Office
Ohio University Human Resources
169 West Union Street
Athens, OH 45701