Flexible Spending Accounts (FSAs)
Summary
Available to full-time permanent employees including temporary faculty employed for a one-academic year contract, and permanent part-time employees including temporary faculty employed for a one-academic year contract who work 50% time.
Flexible spending accounts (FSAs) governed by the IRS Code, allow employees to have income withheld from their paychecks before taxes for eventual reimbursement of certain medical and dependent care expenses.
- Fringe Benefits Management Company (FBMC) is the new Flexible Spending Account administrator for PASSHE. For more information about FBMC or your FSA, please visit www.myFBMC.com or call Customer Care at 1-866-836-9945, Monday - Friday, 7 a.m. to 10 p.m., EST.
- Medical Reimbursement Account – Employees enrolled in the medical reimbursement account estimate the amount of out-of-pocket medical expenses they will incur during the calendar year and use that amount to determine bi-weekly payroll deductions from their checks. The maximum annual contribution amount that can be made to a medical reimbursement account is $3,500.
- Dependent Care Reimbursement Account - Employees enrolled in the dependent care reimbursement account estimate the amount of dependent care expenses they will incur during the calendar year and use that amount to determine bi-weekly payroll deductions from their checks. The maximum annual contribution amount that can be made to a dependent care reimbursement account is $5,000.
Overview:
Forms:
NOTE: Effective January 1, 2010 all claims for reimbursement should be submitted to FBMC for processing.
Reimbursement forms must be submitted to FBMC either via mail or fax to the following:
FBMC
P.O. Box 1860
Tallahassee FL 32302-1860
OR
Toll-free Fax to: 1-866-923-6317