Open Enrollment for Tax$ave 2014
October 1 - November 1, 2013, is the Tax$ave Open Enrollment period for fulltime employees— your annual opportunity to review Tax$ave coverage and make changes for the 2014 plan year.
Tax$ave consists of three components: (1).The Premium Option Plan (POP); (2).The Unreimbursed Medical Flexible Spending Account; and (3).The Dependent Care Flexible Spending Account. Tax$ave offers you the opportunity to increase your available income by reducing your federal tax liability. Each year you should review your personal financial circumstances and decide if you wish to participate.
During the Tax$ave Open Enrollment period you may:
• Enroll, or renew enrollment, in Tax$ave Flexible Spending Account plans for the coming plan year. Re-enrollment is required each year for continued participation in a Tax$ave FSA plan. All enrollments made during this open enrollment period will be effective as of January 1, 2014.
How Do I enroll, or re-enroll in Tax$ave?
You have three ways of enrolling in the Tax$ave FSA accounts during the Open Enrollment Period:
- Online at www.wageworks.com,
- Or by submitting an Enrollment Form by fax (1-866-672-4780)
- Or by mail (to address below) and postmarked no later than November 1, 2013:
P.O. Box 1840
Tallahassee, FL 32302-1840
Same-sex spouses, civil union partners and same-sex domestic partners
The Internal Revenue Service (IRS) now recognizes a marriage of same-sex spouses for federal tax purposes – including the tax saving benefits available through Tax$ave. This recognition, however, does not include a civil union partner or same-sex domestic partner. The IRS does not recognize New Jersey civil union partners or same-sex domestic partners as dependents for tax purposes in the same way it recognizes a spouse or the dependent children of an employee. As a result, a civil union partner or same-sex domestic partner must be able to qualify as a tax dependent of the employee for federal tax filing purposes – under Internal Revenue Code section 152 – before out-of-pocket medical expenses incurred by the partner can be reimbursed under the Unreimbursed Medical FSA or Dependent Care FSA. The same applies to receiving the benefit of paying premiums on a pretax basis.
If you have additional questions regarding Tax$ave, please feel free to contact Yrelys Tapanes, Managing Assistant Director - Benefits at Kean University, by calling 908-737-3313 or via email at email@example.com. You may also review the attached Tax$ave open enrollment information.
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