Flexible Spending Account (FSA)

Benefits

Plan Information

Provider: Rocky Mountain Reserve
Phone: 888-722-1223
Website: www.rockymountainreserve.com

Flexible spending accounts (FSAs) allow employees to use pre-tax dollars for healthcare or child/dependent care expenses not covered by insurance plans. The University offers three flexible spending account (FSA) options through Rocky Mountain Reserve:

  • Health Care FSA
  • Limited Purpose Health Care FSA
  • Dependent Care FSA

Rocky Mountain Reserve Website / Platform Updates

Beginning on September 1, 2024, RMR will update changes to modernize their platform and systems. As part of this change, you will receive a new payment card, and will use a new online account and mobile app. Your new card will be chipped for greater security and easy “tap to pay” functionality. You can even add it to your phone’s digital wallet. You’ll also have faster claims reimbursement payments, and you’ll have the option to receive your payments via Venmo and PayPal. Rocky Mountain FAQs Document Here.

Important Dates:

  • 8/19/2024 – Your new payment card will be mailed. It will be a white card with the RMR
    logo. Keep your eye on your mailbox and activate it right away so it’s ready when you need.
  • 8/30/2024 – Last day to submit claims for reimbursement to your previous account and to
    use your blue RMR payment card for anything that is not an HSA.
  • 9/1/2024 – Your new plan year account and card are live! Sign in to your new account at
    https://rmr.elevateaccounts.com/login. Don’t forget to download the new RMR app, RMR
    Benefits, and begin using your new card. All new payroll deductions will go into the white card
    accounts.
  • 9/15/2024 – All existing plan balances have been moved over to the new platform.
  • 9/30/2024 – Last day to use your RMR blue card for your HSA. If you choose to transfer
    your funds into your white card account, to avoid a monthly fee from the bank starting
  • 10/1/2024, you will need to liquify your investments and fill out a transfer form. RMR will
    reimburse any transfer fees at this time.

Questions? Visit Rocky Mountain Reserve’s transition resource center for dates, instructions and FAQs. Thank you for your attention to this important topic. We look forward to continuing to bring you helpful
information and useful employee benefits.

Healthcare FSA

A healthcare FSA is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan or elsewhere. It’s a smart, simple way to save money while keeping you and your family healthy and protected. The IRS sets a limit on how much you can contribute to this account each year. For 2023, the contribution limit is $3,050.

Employees may rollover $610 at the end of the plan year to use in future years.

Limited Purpose FSA

A limited purpose FSA (LPFSA) is a flexible spending account that only reimburses you for eligible dental and vision expenses. An LPFSA is available to employees who are enrolled in a high deductible health plan (HDHP); you may enroll in both the LPFSA and the HSA. By establishing an LPFSA, you can save money on taxes by using your LPFSA dollars for your dental and vision expenses while preserving your HSA funds for other purposes, including simply saving those funds for the future. The IRS sets a limit on how much you can contribute to this account each year. For 2023, the contribution limit is $3,050.

Employees may rollover $610 at the end of the plan year to use in future years.

Dependent Care FSA

A dependent care FSA is a pre-tax benefit account used to pay for dependent care services, such as preschool, summer day camp, before or after school programs, and child or elder daycare. A Dependent Care FSA is a smart, simple way to save money while taking care of your loved ones so that you can continue to work. The IRS sets a limit on how much you can contribute to this account each year.  For 2023, the contribution limit is $5,000 if married and filing jointly or single as head of household OR $2,500 if married and filing separately. 

There is an added grace period for Dependent Care FSA allowing you to continue to use current dependent care funds to reimburse expenses incurred for 2 ½ months after the end of the benefits plan year.

More Information

Contact

 

Benefits Advocate Center