Flex Spending Account

UND FlexComp spending accounts are managed through ASIFlex.

FlexComp is a Cafeteria Plan. It allows you to save taxes on the amount you pay for eligible insurance premiums, medical expenses, and dependent care expenses.

• Employees who enroll in the PPO/Basic Health Plan are eligible to participate in both the Healthcare and Dependent Care plans.
• Employees who enroll in the High Deductible Health Plan (HDHP) are not eligible to participate in a Healthcare flexible spending account since they are automatically enrolled in a Health Savings Account (HSA). They are only eligible to enroll in the Dependent Care Plan.

About Flex Spending Accounts

The biggest advantage is the tax savings. Flexible spending accounts are available for both dependent care and medical care costs.

• Since the dollars you contribute to the plan are deducted before income and social security tax are deducted, you will pay less taxes which means you have more money to spend or save. However, you should be aware you are reducing the social security taxes paid which could slightly reduce your social security benefits.
• Generally, your net take home pay will increase by the amount of tax savings, which will typically be 25-39% of your contribution. The amount of tax savings will depend on other deductions you may have and your income tax bracket.
• The IRS requires that any unused funds at the end of the grace period be forfeited. We recommend that you be conservative in your elections.

Savings Calculator Tool

Eligible Flex Spending Health Care Products

Enroll in Flex Spending

• FlexComp Plan Enrollment Agreement
• FlexComp Status Change Form

You may change your election only if there is a change in your family status that causes your FlexComp plan expenses to change. This includes marriage, divorce, death of a spouse or child, birth/adoption of a child, termination or commencement of a spouses employment, and other events that the administrator determines, will permit an election change in accordance with IRC (Internal Revenue Code) Section 125 regulations.

If there is an error on your payroll deduction, contact UND's FlexComp specialist at 701.777.4423.

FlexComp Plan Document and Information

• FlexComp Plan Document and Plan Summary
• Premium Conversion Summary Plan Description
• Premium Conversion Plan Document
• FSA Debit Card Documentation Requirements
• OTC Eligible Health Care Products Listing
• Overview of Plan

Dependent Care

• ASIFlex Dependent Care FSA Information
• ASIFlex Wallet Card

Medical Expenses

• ASIFlex Medical Eligible Expenses Listing
• ASIFlex Medical FSA Information

Submit a Flex Spending Claim

To submit a claim, complete and mail the claim form or log into the ASI Flex website. Once you submit a claim, turnaround time is approximately 4-5 days. Balances and account information is found on the ASI Flex website.

By Mail

To complete a claim form by mail, attach the required itemized billings or receipts and send to ASIFlex:

ASIFlex Claim Form

ASI
PO Box 6044
Columbia, MO 65205-6044

Online

When submitting claims online, be sure to save your receipts in case ASIFlex needs further substantiation. Contact ASIFlex directly at 1.800.659.3035 with questions.

ASIFLEX Login

Reimbursement Documentation

• When submitting medical documentation, it is acceptable to white or black out information on your statement of benefits. Only information that is needed for audit purposes is the name of the patient, date of service and charges.
• You may submit up to your annual limit at any time thought the plan year. You can submit claims for more than has been deducted from your paycheck so far this Plan Year.
• You may submit claims as frequently or as infrequently as you wish, just as long as the dates-of-service have occurred. Whatever works best for you.
• You may submit photo copies instead of original receipts.
• Your reimbursement from your dependent care account will not exceed the amount of your payroll deduction to date.

Plan Year

Flexible spending Claims will be paid in the order in which they are received. Eligible expenses incurred during the grace period and approved for reimbursement will be paid first from available amounts that are remaining in the previous Plan Year and then from amounts that are available for the current Plan Year.

Grace Period

The grace period is from January 1 - March 15 in which expenses can be incurred in order to use up and balance from the prior Plan Year. Grace period timing applies to both medical and dependent care expenses.

The last day to submit vouchers for expenses that were incurred in the plan year or during the grace peroid is April 30 of the year following the plan year.

IRS Publications

Medical Expenses

This Publication is intended to assist taxpayers in determining tax deductions, not which expenses are reimbursable under a health care flex account. Some of the statements in the Publication do not apply to these accounts. For example, it states a tax deduction is based on when you pay for it. A health care reimbursement account, an expense must be incurred during a Period of Coverage to be eligible for reimbursement for that Period of Coverage, regardless of when paid for. Insurance premiums and certain long-term care expenses - are not reimbursed from these accounts.

IRS Pub 502 FlexComp Medical

Dependent Care

This form is a guide only and is subject to change. Receipts must "clearly" state what over-the-counter medications were purchased to be reimbursed from FSA.

IRS Pub 503 FlexComp Dependent Care

Cafeteria Plans

Section 125 is part of the Internal Revenue Code that allows for Flexible Benefits Programs (Cafeteria Plans).

Flex Benefits-Section 125