2016 Flexible Spending Plan Enrollment/Renewal
The Section 125 Flexible Spending Plan allows you to use pre-tax dollars to pay for Beloit College medical, dental or vision care insurance premiums, and set aside money each pay period for unreimbursed health-related or dependent care expenses. Our plan is administered by Employee Benefits Corp., Inc. (EBC), a Madison company specializing in the administration of flexible spending plans.
Beloit College implemented the carryover provision for 2015. This means up to $500 of unspent funds as of December 31, 2015 will automatically rollover into your 2016 Health FSA. For more information on the Health Care FSA Rollover, click here.
Participation in the flexible spending accounts is voluntary, and you must enroll or renew your election each plan year. The new plan year begins January 1, 2016.
A brochure containing information about the BESTflex flexible spending accounts is linked here. The brochure illustrates the tax-saving advantage of the plan. You can access additional information and enroll on-line at www.ebcflex.com. Please read and use the information below to help you complete the enrollment form.
Health Reimbursement Account – The maximum contribution is $2,550 per calendar year. Eligible health-related expenses (expenses not reimbursed by health, dental or vision insurance) no longer includes over-the-counter medications. For additional information, click here.
Dependent Care Account – The contribution limit is $5,000 per calendar year, or $2,500 if you are married but file a separate return.
You can enroll on-line via EBC’s secure web site from November 2 – November 25. Instructions for on-line enrollment is linked here.
Enroll by paper form!
Click here for a printable enrollment form. Return to Human Resources by November 25, 2015.
The deadline for enrollment is
Wednesday, November 25, 2015
Using a flexible spending account is easy.
For your convenience, EBC offers the following customer service features:
· My Mobile Account Assistant – view account balance, file claims, attach receipts and view recent payments. For more information, click here.
· Benny Benefits Card. For more information, click here.
· Benny Benefits enrollment form, click here.
· FSA Store – Flexible Spending Account Site, click here.
· secure access to your BESTflex account on-line
· claim checks are processed promptly
· direct deposit of claims (if you’ve previously requested direct deposit, your claims will continue to be deposited in 2016)
A final word about flex plans - Carefully estimate the expenses you expect to incur during the next plan year. Be realistic, but conservative! Annual plan elections are irrevocable. Changes in participation or withholding are limited to certain life status events.
Submit your 2015 claims to ebcflex.com by March 31, 2016
If you have any $$$ left in your 2015 flexible health care spending account, any unspent funds up to $500 will rollover to 2016
Check your account on-line now at www.ebcflex.com
Call Human Resources at ext. 2630