ERS Annual Enrollment - TexFlexJuly 14 - July 27, 2014
TexFlex Health Care or Dependent Care
Flexible Spending Accounts
for Plan Year FY2015
What You Need to Know:
- Health Care account maximum is $2,500.00
- Dependent Care account maximum is $5,000.00
- Employees can only enroll in a TexFlex day care account if they have eligible expenses.
- All TexFlex day care account participants should review their elections and determine if they will continue to have eligible day care expenses in Plan Year 2015.
- A child turning age 13 is a QLE that allows a participant to drop a day care account.
- If you currently have a TexFlex account, or accounts and you do not make changes during annual enrollment period, your contributions will remain the same.
- If you currently have a TexFlex health care or day care account, according to IRS rules, you must spend all the money in your Plan Year 2014 account(s) by November 15, 2014 – or you’ll lose what you don’t spend.
- If you currently have a TexFlex health care or day care account any claims must be postmarked by December 31, 2014. It is strongly recommended that you do not wait until 12/31 to send claim forms in case follow-up is required for incorrect or incomplete claims.
What's New for Plan Year 2015?
- Carry over up to $500 in your health care account to the next plan year!
- This takes the place of the 2 ½ month grace period for all health care accounts.
- The $500 carryover starts at the end of PY2015 (August 31, 2015).
- Plan your TexFlex health care contributions accordingly.
- This change does not apply to the day care accounts; they will still have the 2 ½ month grace period and will not be able to carry over funds to the next plan year.
- You will still have until December 31, 2015 to submit your claim paperwork for money spent on health care by August 31, 2015 and on day care by November 15, 2015.
- No annual administrative fee!
- For PY2015 you won’t have to pay the $12 annual administrative fee for each account.
- If you chose a TexFlex debit card, you’ll still pay the $15 annual card fee.
TexFlex Debit Card
- TexFlex debit card fee remains $15 for the year.
- Some participants may receive new cards this year because their cards will expire. Participants due to receive replacement cards will receive a new card for each of their current cards.
- Replacement cards look the same, have the same card number, and expire in five years.
- Participants will need to activate new cards before using them. Participants can activate the cards the same way they would activate any other debit or credit card.
- Each card will contain an activation label with a toll-free number.
- If participants haven’t elected the card for the current and next plan year, they may use the card as shown below.