Are you getting the full value out of your Flexible Spending Account (FSA)? Check out these helpful reminders for the Medical Care Assistance Plan (MCAP) and the Dependent Care Assistance Plan (DCAP).
Plan now to save more!
- Benefit Choice is right around the corner. Are you on-target to use all your FSA dollars? Need to save more or less next year? FSA Savings Calculator (use Firefox or Chrome browsers)
- Do you know all the ways to save in each plan? If you don’t participate in both consider adding a plan:
- MCAP eligible expenses (plan savings maximum of $2,550)
- DCAP eligible expenses (plan savings maximum of $5,000)
- Re-enroll during Benefit Choice beginning May 1, 2015. Re-enrollment is not automatic, so you must re-enroll to continue your pre-tax savings next year!
- It’s so easy to submit claims from your mobile phone or device. Get the app at http://www.connectyourcare.com/mobile-apps/
MCAP keeps getting better!
- More Savings: contribute up to a higher maximum of $2,550 pre-tax dollars.
- Less Risk: carry over up to $500 in your account to the following plan year. Any balance exceeding $500 after September 30 will still be forfeited per IRS regulations.
Contact University Payroll and Benefits (UPB) with any questions.
- Email: email@example.com
- Urbana: 217-333-3111
- Chicago: 312-996-6471
- Springfield: 217-206-7144 or 217-206-7211