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Q4 2013 Date of Publication: October 23, 2013
PLANNING FOR 2014
You’re probably aware that many health reform changes will take place in 2014. But one thing remains the same — the tax savings you’ll have when you reenroll in your FSA.
Review Before You Renew
Open enrollment begins soon for many organizations, and during open enrollment, find out if you need to reenroll in your FSA or if this is done automatically. Before you renew your FSA, take a moment to decide how much to put into your account. Just follow these four steps:
  1. Tally this plan year’s expenses. See what you spent on eligible health care and dependent care expenses this year. Simply log in to your online account to view your activity, or if you prefer, export your account activity into an Excel spreadsheet.
  2. Gauge next plan year’s expenses. Plan for eligible health care and dependent care expenses or a qualifying status event that you may have in 2014. For example, is there a costly health procedure that you or an eligible dependent family member may need? Are you having a baby? Are day care expenses increasing? Jot these down and the costs associated with them.
  3. Consider your annual contribution. While the IRS has maximum annual contribution limits, your employer sets the amount you can put in your health FSA or dependent care FSA. The amounts may be the same as the IRS limits or they may be less, so review your open enrollment materials to see how much you can elect for the upcoming plan year.
  4. Calculate your savings. Let us do the math for you by using our simple FSA savings calculator. You can calculate your annual election and determine your tax savings.
Sign Up to Keep Saving
With this information, you’re ready to reenroll in your FSA! If required, simply sign up during open enrollment to keep saving. And if you know of a coworker who would benefit from having an FSA, pass on this email.
USE IT, DON'T LOSE IT
As you prepare for the 2014 plan year, be sure to note if you have any unused FSA funds in your account. If so, make a plan to use them since the IRS has a "use-it-or-lose-it" rule. You forfeit any unused FSA funds at the end of the coverage period. If your plan includes a run-out period or grace period extension, you have more time to submit reimbursement requests or use your remaining funds for eligible expenses. Find details in your FSA Summary Plan Description (SPD) from your employer.
FSA TIP
If your employer’s health FSA plan lists mileage as an eligible expense, you may request reimbursement for using a car or public transportation to get to a medical, dental, or vision care appointment. The trip has to be primarily for, and essential to, health care. For 2013, the standard mileage rate is 24 cents per mile (this amount may change from year to year).
Keep this information in mind when planning your election amount for the upcoming plan year or deciding how to spend funds left in your health FSA. For assistance, see our FSA Eligible Expenses webpage.
CONEXIS Quarterly Subheader
MORE ZZZs FOR BETTER HEALTH
According to the National Sleep Foundation, sleep is vital to our health and well-being. Yet, many of us are not getting enough sleep or are suffering from other sleep problems.
To improve your sleep, try these tips:
  • Get some exercise. Experts agree that regular, vigorous exercise is best. But even light exercise is better than no activity at all, so walk on by the elevator and take the stairs.
  • Set a schedule. Go to sleep and wake up at the same time every day, which helps to set your body’s sleep clock. Also, avoid spending more time in bed than needed.
  • Reserve your bedroom. Strengthen the association between your bed and sleep. Remove other distractions such as work materials, cellphones and computers, and even your TV if necessary.
  • Clear your mind. Make tomorrow’s to-do list before going to bed. If other thoughts keep you awake, take a moment to write them down so you can address the tasks the next day.
Of course, almost everyone has an occasional sleepless night — but if you frequently struggle with this, or are experiencing excessive daytime sleepiness, talk to your doctor.
Your health FSA funds can be used toward doctors’ visits and exams. Your funds may also cover eligible health care-related items like snoring cessation aids when prescribed by a doctor to treat a diagnosed medical condition. Learn more …
Source: National Sleep Foundation
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