Flexible Spending Account Options for CU GME Residents - (Pre-Tax Savings Plans)
Dependent Care Flexible Spending Account (DCFSA)
Allows pre-tax deduction from your stipend, minimum of $10 per month up to $5,000 ($2,500 if you are married and file your taxes separately) each plan year, for you to use to pay for eligible day care expenses for your federal tax dependents so you, (and your spouse, if you are married) can work, look for work or attend school full-time. This contribution IS NOT for your dependent spouse’s or children’s healthcare expenses.
Health Care Flexible Spending Account (HCFSA)
Allows pre-tax deduction from your stipend, minimum of $10 per month up to $2,600 each calendar year, for you to use to pay for certain eligible out-of-pocket medical, dental and vision expenses not covered or reimbursed by your insurance and incurred by you or your federal tax dependent(s).
Enrollment in a DCFSA or HCFSA must be completed within 31 days of a qualifying event, e.g. new hire, marriage, or birth of a child or during the open enrollment period (generally held in April/May). Participation in the DCFSA and HCFSA IS NOT automatic. You must re-enroll during each open enrollment to begin or continue deductions. Enrollment is IRREVOCABLE.
Contributions are for the plan year (July 1-June 30th). However, for tax purposes you are responsible for tracking your total calendar year (January 1-December 31) contributions, including any contributions made by your spouse. Carefully consider your contribution amount. If you set aside more money than you actually spend and submit receipts for, you will lose the unspent difference.
Review the DCFSA and HCFSA information. (The only options available to CU GME residents and fellows are the Dependent Care Flexible Spending Account and/or Health Care Flexible Spending Account.) For instructions on how to use your flexible spending account or submit a claim for reimbursement, please read the "Use Your Plan" section that pertains to your plan or contact Employee Services at 303-860-4200.
Visit the ASI website at http://asiflex.com to view eligible expenses, obtain a claim form to request reimbursement, etc.
Remember, enrollment through Employee Services is for the HCFSA and/or DCFSA only. Your medical, dental, life and disability plans are through CU GME.
To enroll in the HCFSA and/or DCFSA:
1. Download the Benefits Enrollment/Change Form from the Employee Services website: From University Staff Benefits webpage, select "Forms and Documents" tab in the left-hand column. Scroll down to the "Benefits Enrollment/Change Forms: Faculty, Officers and University Staff".
2. On page 1, complete the ENROLLMENT TYPE and EMPLOYEE INFORMATION. (The Employee ID Number is your 6 digit CU ID number.)
3. On page 3, complete section 2, "Cafeteria Plans," with the information pertaining to your enrollment in the DCFSA and/or HCFSA.
4. On the top of pages 2-6, make sure that your Employee ID number (6 digit CU ID number) and your name are printed where indicated. Write N/A across sections 1, 3, and 4 as these sections do not apply to you. The entire form must be submitted to Employee Services to complete your enrollment. Partial forms will not be processed.
5. Print the entire form. Read, sign and date the Authorization and Signature portion of page 6.
6. Mail, fax or hand deliver your completed Benefits Enrollment/Change Form and supporting documents to the Employee Services office as stated on the form.
Employee Services MUST receive your completed form by the prescribed deadline. No exceptions are made to enrollment deadlines. Contact an Employee Services Benefits Counselor, 303-860-4200, if you have questions regarding Flexible Spending Accounts.
NOTE: This is not an Employee Services document. If there are any discrepancies between this document and Employee Services policies and procedures, the relevant plan documents, Employee Services policies and procedures, and any applicable federal and state laws will govern.
Updated March 2018