Eastern Michigan University
Develops, implements, counsels and enrolls all faculty and staff in specific benefit programs. Processes all benefit claims. Administers the employee tuition waiver program. Administers all University retirement programs and processes tax deferred annuity plans.
Flexible Spending Account
Flexible Spending Accounts are tax free deductions from your pay that are designed to help you benefit by allowing you to pay for eligible medical, dental and vision expenses, as well as work-related child and adult day care expenses, on a pre-tax basis. FSAs allow you to direct a part of your pay, tax-free, into one or both of these special accounts that you can use throughout the year to reimburse yourself for eligible out-of-pocket expenses.
EMU offers two Flexible Spending Accounts (FSAs) to help employees save on taxes: the Dependent Care FSA and the Health FSA. The plans allow you to pay on a pretax, salary reduction basis for eligible dependent care expenses or health care expenses not covered by your medical, dental or vision plans.
The plan includes a FSA Debit card which allows you to pay for health care expenses. Flexible Spending Grace Period
The U.S. Department of Treasury allows employers who offer flexible spending accounts under a cafeteria plan to extend the FSA Benefit Period from December 31 to March 15th of the following year, providing a "grace period" during which eligible expenses can be incurred and reimbursed. The intent is to help account holders avoid forfeiting any of the funds they deposited in FSA accounts.
You will be able to use any FSA money you have left as of December 31, 2016, on health care expenses until March 15, 2017. You must directly pay for your purchases, submit the receipts to the FSA carrier by March 31, 2017 and indicate that these expenses are for the 2016 FSA year. Otherwise, the expenses will be deducted from your 2017 FSA. Please note that if you use your debit card after December 31, 2016, the purchases will be deducted from your 2017 elected amount.
Young Adult Children Age 19-26
Employees can use their FSA for their children between the ages of 19-26, regardless of their dependency status. Children through age 26 are eligible to have their medical, dental, vision, etc. reimbursed through their parent's FSA. Employees should take this into consideration when calculating their FSA election amount for 2017.