Fourth Quarter 2011 | Volume 3, Issue 4
| GET YOUR SAVINGS ON |
Do you think all employee benefits cost an arm and a leg? If so, guess again! Your FSA actually saves you money — it’s like giving yourself a raise. But you already knew that, right? Now that you’re acquainted with your FSA, it's time to learn even more so you can maximize your FSA savings and get the most from your pre-tax FSA dollars.
Sign Up and Save
At this time, quite a few employees are making decisions about their benefits since it’s open enrollment season for many organizations. During your employer’s open enrollment period, be sure to re-enroll in your CONEXIS FSA so you can continue to use pre-tax funds to pay your eligible health care and dependent care expenses.
Evaluate Your Expenses
Before you decide how much to put into your FSA, take time to review your FSA activity using your online account at mybenefits.conexis.com. Then estimate your expenses for the upcoming year. We’ll do the math for you when you use our online calculators located at www.conexis.com/myfsa.
Be in the Know
While no health care reform changes impact your health FSA in 2012 like they did in 2011, there is a big change looming in the future. Effective January 1, 2013, your health FSA election will be limited to $2,500. That’s the maximum amount you’ll be able to put into your account unless Congress overturns this legislation. If you’ve been considering LASIK eye surgery or getting braces for your teenager, 2012 is the year for it! Start planning your qualifying medical, dental, or vision procedures.
Please note: If your health FSA plan doesn’t follow the calendar year (beginning January 1 and ending on December 31), your employer may enforce the new $2,500 maximum limit when you renew your FSA during open enrollment for the 2012 plan year.
Use It or Lose It
Do you know much is left in your account for the 2011 plan year? Find out the answer by logging in to your online account at mybenefits.conexis.com. If you have remaining funds, make a plan to quickly use your money toward eligible expenses before the coverage period ends. Remember the IRS use-it-or-lose-it rule. You don’t want to risk forfeiting your FSA dollars after the end of the plan year.
Share the FSA News
Do you have a coworker who could benefit from an FSA? If so, encourage them to check out this money savings opportunity by visiting www.conexis.com/myfsa.
| MILEAGE RATE INCREASE |
The IRS recently increased mileage rates for computing eligible FSA transportation expenses related to medical care. If your employer’s health FSA plan lists mileage as an eligible expense, FSA funds may be used to reimburse mileage of a personal vehicle used to obtain medical care. From July 1 through December 31, 2011, the increased mileage rate is now 23.5 cents per mile; however, the mileage rate from January 1 through June 30, 2011 is 19 cents per mile.
| FSA TIP |
Now that school is back in full swing, it’s a good time to review eligible dependent care FSA expenses. You're probably well aware that day care, preschool, and nursery school are eligible expenses. However, if your child has moved on to a private kindergarten, it’s not an eligible expense — nor is tuition for private school. Do your kids receive after-school care? That’s an eligible dependent care expense and so is before-school care.
| TAKE STEPS TO PREVENT DIABETES |
While you can’t do too much to change your genetics if diabetes runs in your family, you can do a lot to reduce your risk of developing type 2 diabetes. Step up your efforts to prevent or delay type 2 diabetes, and if you have diabetes, take steps to keep your blood sugar at healthy levels.
Step 1: Physical Activity - You’ve heard it before … exercise is simply part of a healthy lifestyle. Set a goal to be active throughout the day and find enjoyable activities that keep you moving, like walking with friends, gardening, or bike rides with your kids.
Step 2: Eat Right - Choosing nutritious foods can help keep your blood sugar in check. Eat foods high in fiber, like fresh fruit, vegetables, beans, whole grains, and nuts. These choices help improve your blood sugar control, and they also make you feel full, which helps reduce overeating.
Step 3: Maintain a Healthy Weight - Add together steps 1 and 2, and your result should equal weight maintenance — even weight loss if you work at it. If you’re overweight, every pound you lose can help improve your health and reduce your diabetes risk. Talk to your doctor about what your healthy weight should be.
Step 4: See a Doctor - Are you older than age 45? If so, it’s time to be tested for diabetes. If you’re younger than age 45 and have a family history of diabetes and/or a sedentary lifestyle, it's a good idea to have your blood sugar tested routinely, too.
Health FSA Tip: Do you need a diabetes screening? If so, apply your health FSA funds toward your medical checkup. And if you have diabetes, insulin, prescription drugs, diabetic supplies, and test kits are all eligible expenses.
Source: American Diabetes Association; Mayo Clinic
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