This amount is established in your company's plan document while the Daycare FSA is set by the IRS - Daycare FSA.

For a medical FSA, the maximum annual election is set by your company and can be found in the Summary Plan Description (SPD). For a dependent care FSA, the maximum annual election is set by the IRS and is as follows:

The maximum contribution for dependent care (Daycare FSA) accounts is set by the IRS at $5,000 if you are single head of household or married filing jointly. If married and filing separately, the Daycare FSA maximum is $2,500.

No, you can use monies only for the purpose for which your election was made. Monies cannot be transferred between accounts.

Transportation expenses of a nurse or other person who can give injections, medications and other treatment required by a patient who is traveling to get medical care and is unable to travel alone, and Transportation expenses for regular visits to see a mentally ill dependent, if these visits are recommended as part of treatment. For automobile travel expenses you can use a standard rate of $.20 per mile for services provided in 2007.

You must check the OPTOUT election on your benefits enrollment form in the medical coverage portion of the form or you can elect OPTOUT during each annual open enrollment period. You MUST select OPTOUT EVERY YEAR. By IRS regulation we are not permitted to automatically roll forward an OPTOUT selection to a successive year. Electing "No Coverage" does not give you the OPTOUT money.

No. Money directed to one type of account can be used only for expenses relating to that account. This is true even if all the money in one account is not used and the other account runs short. Participants will forfeit any money left in the account after they have submitted claims for the entire year. Reminders are sent to the employee to minimize this risk.

Medical payments, also known as med pay, is coverage you can also elect on your policy that will make up the 20% in medical bills that your personal injury protection does not cover. Each insurance company offers different coverage amounts but most typically it is $2,000.00.

No. You will automatically be issued a card when you enroll in the Plan. However, you may choose between using your FSA Card or filing paper-based claims. If a merchant selling eligible items or services does not accept the FSA Card, you may pay for the eligible expense out-of-pocket and submit a claim for reimbursement from your FSA.

If you are married and file a joint tax return, the maximum amount you may exclude is $5,000. In other words, you and your spouse may not each claim $5,000. The maximum amount available if you are married but filing separate returns is $2,500. Please note you may not "double-dip" expenses (e.g., expenses reimbursed under your dependent care FSA may not be reimbursed under your spouse's dependent care FSA and vice versa).

Once you make your annual election, your employer will deduct this amount from your paycheck in equal amounts throughout the year, before taxes are taken out.

Your full healthcare FSA annual election amount will be available at any time during the plan year, reduced by the amount of previous healthcare reimbursements received during the year.

Let your physician know that you are unable to purchase your prescriptions. He/she can contact the PhRMA organization for prescription drug patient assistance programs. Some patients are eligible for Medicaid as well. If your physician believes you are unable to do any "substantial gainful employment," that is, unable to earn $740 a month due to physical, mental, or emotional illness, then you are eligible for disability.

In most cases, a participant may be reimbursed for a health care expense which is: a) defined as a deductible expense for federal income tax purposes; b) not reimbursable by any other source; and c) not deducted on the employee's income tax return.

The IRS imposes a use it or lose it rule for flexible spending account contributions. Employees who are participating in an FSA for 2006 have until March 15 of 2007 to "spend" their FSA dollars. Any money remaining in an account once the IRS deadline has passed will default back to the plan. Employees who leave the University can only file claims for expenses incurred up to the end of the month in which they terminate.

No. According to the IRS's "use it or lose it" rule, if you do not use all the money in your FSA for expenses incurred during the plan year, you will forfeit the unused balance. Your unused balance cannot be carried over into the next year. However, if you are like most FSA plan members, you will use all of the money in your account. And even if you leave some behind, your tax savings may outweigh the loss. If you are unsure of how much to save, be conservative.

The health and dependent care spending accounts are two separate benefit plans. Per IRS regulations, you cannot transfer money between the two accounts.

A FSA or Flexible Spending Account is an account that allows an employee to have money taken out of the employee paycheck pre-tax for either unreimbursed medical expenses, dependent or childcare reimbursement or other insurance premiums that pay for insurance that isn't offered through the employer.

The minimum age for a student pilot certificate is typically 16. Those under the age of 16 can usually only obtain a medical certificate not the standard combination medical / student pilot certificate. If a student pilot is 15 and 1/2 a combination medical / student pilot certificate may be obtained via discretionary issuance from the aeromedical certification division. The oldest active pilot with current medical certificate was Ralph Charles who held a current FAA medical at the age of 103.

Most International Medical Insurance Plans are guaranteed renewable for Life. You can normally join the plan up to the age of 80 but this is dependent on the Insurance Company.