Mount Holyoke College has established two types of flexible spending accounts:
Health Care Spending Account:
- Contributions of a minimum of $120 to a maximum of $2550.
- Can be used to pay for eligible health care expenses (including dental expenses).
Dependent Care Spending Account:
- Contributions of a minimum of $120 to a maximum of $5,000
- Can be used to pay for eligible dependent care expenses.
Flexible spending dollars are deducted during the calendar year (January - December).
As permitted by the IRS, Mount Holyoke College offers an additional 'grace period' of 2 1/2 months in which a participant could use flexible spending dollars from the previous year to pay for expenses. That is, you may use 2014 funds to pay for expenses incurred on or before March 15, 2015. [And claims using 2014 funds need to be processed no later than April 15, 2015.]
Last year, the IRS announced that employers would be permitted to offer employees the opportunity to ‘rollover’ up to $500 from one plan year to the next. Employers must choose either the ‘grace period’ or the ‘rollover’ as an option. After careful analysis of spending, we have determined that most participants use their entire election prior to the end of the calendar year and a very small number of participants process claims within the grace period. Based on this data, we have opted to continue to offer the 2 ½ month grace period to our participants.
Please feel free to contact the HR Benefits department if you have any questions.
Flexible Spending Account Contacts
Elizabeth M. Haber, Payroll Specialist, x3194
Cindy Legare, Benefits and Training Manager, x3196
Teresa Azahar, Benefits and Training Specialist, x3132
American Benefits Group
P.O. Box 1209, Northampton, MA 01061-1209
Telephone: 413-584-9923 or 800-499-3539