Flexible Spending Accounts (Minneflex Accounts)
The City of Minneapolis Minneflex Plan has two types of accounts. The health care spending account allows eligible employees to pay for certain health care expenses with tax free dollars. Similarly, the dependent care spending account allows eligible employees to pay for certain dependent day care expenses with pre-tax dollars.
If you are eligible to participate, you must decide each year how much you want to contribute to a spending account for the next year.
Effective January 1, 2013, the annual limit for contributions to your FSA for medical expenses changed to $2,500. This limit was set by the federal government. For the Minneflex dependent care account, you can continue to contribute between $100 to $5,000 in 2013. For the Minneflex health care spending account you can contribute between $100 to $2,500 in 2013.
You cannot change or discontinue your contributions mid-year except as appropriate in the event of a change of status (such as your marriage or divorce, birth of a child, etc.)
The flexible spending accounts are a useful tool which can lead to significant tax savings. It is, however, important to plan carefully as these are "use it or lose-it" plans. This means that amounts remaining in your flexible spending accounts at the end of the year are forfeited.
Claims and Balance Information
Minneflex flexible spending accounts are administered by WageWorks. Visit www.wageworks.com to view your account and submit claims online. You can also submit claims by mail, fax, email, or online. You may elect to receive your reimbursements through direct deposit.
Flexible spending acount claims from 2012 can be submitted to WageWorks by April 15, 2013. To submit claims for reimbursement, use the WageWorks Pay Me Back form for FSA health care expenses and the WageWorks Pay Me Back form - Dependent Care for dependent care expenses.
Claim run-out period: You may submit claims for eligible expenses during the calendar year until the following April 15. Any funds remaining in your account will be forfeited and used to pay future administrative expenses.
Last updated Apr. 12, 2013