- General Information
- Employment Benefits
- GM Supplier Discount
- 2016 - 2017 Walking Program
- Ticket Monster Perks
- BMW Corporate Sales Program
- Mercedes-Benz Fleet Employee Program
- Pinch Hitter Service Hits A Home Run
- Employee and Spouse Tuition Benefit
- Dependent Children Tuition Benefit
- Pinch Hitter Back up Dependent Care Services
- Paid Time Off
- Military Leave of Absence
- Rensselaer Self-Service Information System (RSS)
- Supplemental Retirement Program
- Employee Assistance Program
- Adoption Reimbursement
- Pre-Tax Parking
- Social Security / Medicare
- Workers' Compensation
- Family and Medical Leave
- Insurance Benefits
- Global Emergency Service (For CDPHP Members Only)
- The Standard / EyeMed Vision Care
- Medical / Health Insurance
- Health Insurance FAQ
- Dental Insurance
- Long-Term Disability Insurance
- Consolidated Omnibus Budget Reconciliation Act (COBRA)
- Flexible Spending Accounts
- Basic Term Life Insurance
- Supplemental Life Insurance
- Supplemental Accidental Death and Dismemberment Insurance
- Travel Insurance
- New York State Unemployment Insurance
- Privacy Notice Regarding Rensselaer's Health Insurance Portability and Accountability Act (HIPAA)
Flexible Spending Accounts
Full-time regular or fixed-term employees, or part-time regular or fixed-term employees scheduled to work a minimum of 1,440 hours per year, may establish a medical and/or dependent care account within 30 days of hire to be effective on the first of the month following the date of hire.
Otherwise, enrollment may take place during the open enrollment period to be effective January 1 of the next year or within 30 days of a family status change.
Flexible Spending Accounts allow employees to set aside pretax dollars for dependent care expenses and medical/dental care expenses not covered by insurance.
Who may participate?
If you are a full-time regular or fixed-term employee, or a regular part-time or fixed-term employee scheduled to work a minimum of 1,440 hours per year, you are eligible to participate in the Flexible Spending Account Program.
What are they?
Flexible Spending Accounts let you set aside a portion of your paycheck to pay for certain health and dependent care expenses tax-free. Examples of health expenses are medical and dental deductibles, copayments, eyeglasses, and contact lenses. Dependent care expenses may include day care center, nursery school, in-home care costs or elder care expenses.
Your contributions are deducted from your paychecks before federal, New York state, and Social Security taxes are computed, and are deposited into accounts in your name. Because you don't pay taxes on your contributions, you save money.
You pay for health and dependent care expenses as usual and get reimbursed for those expenses by filing claim forms with the third party administrator. Eligible expenses must be incurred within the applicable calendar year, regardless of when they are paid.
Health care and dependent care accounts are separate; you cannot transfer money from one account to another. Once you have designated a payroll deduction amount, this amount cannot be stopped or changed until the beginning of the next calendar year, unless you terminate employment at Rensselaer or have a qualifying family status change.
When can I enroll?
- You may begin participating on the first of the month following your date of hire. Your contributions are deducted equally over the remainder of the calendar year.
- You may enroll during the annual Open Enrollment; participation will begin on January 1. Your contributions are deducted equally during the calendar year.
How much can I contribute?
Each year, you can deposit up to:
- $2,550 to your Health Care Account to pay for expenses not covered under a medical plan for you, your spouse, and/or dependents. This maximum is prorated for a new employee based on date of hire.
- $5,000 to your Dependent Care Account to pay for expenses so that you and your spouse, if you're married, can work.
Can I change my election?
If you have a qualifying family status change, you have up to 30 days to submit a new enrollment form to Human Resources. You may also change the amount of your contributions or stop participating in the program during the annual Open Enrollment period, to be effective January 1.
How do I get reimbursed?
- Create an account at Connect Your Care
- Through Connect Your Care you will be able to pay for eligible expenses using your Visa debit card directly during a transaction or create a reimbursement through their website.
What else should I consider?
Any money in your Dependent Care account that is not used for expenses incurred by the end of the calendar year, and for which a claim has not been submitted by March 31 of the following year, will be forfeited. This is required by law.
Beginning in 2013, Rensselaer will allow participants in the healthcare FSA to carry over up to $500 of unused amounts. This amount will not be forfeited by you. The carryover amount can be used to reimburse medical expenses incurred in the next plan year. You can still elect up to $2,550 each plan year for the healthcare FSA. The IRS has adopted this change to encourage participation in the healthcare FSA and to minimize unnecessary spending at the end of the year.
Since there is some risk involved, you should put funds into a spending account only for those expenses you feel certain will be incurred. If you leave Rensselaer for any reason, any money remaining in an account can still be used for expenses incurred while you were employed at Rensselaer. To be reimbursed for medical expenses incurred after you leave Rensselaer, you would have to continue making contributions to your account. However, this would be on a post-tax basis.
More detailed information is contained in the Summary Plan Description, which is available at the Human Resources office.