To help you reduce your taxes and increase your spendable income, The Commonwealth of Virginia offers eligible employees the Flexible Benefits Program with Premium Conversion and Flexible Spending Accounts (FSAs). Premium Conversion allows your portion of the health insurance premium to be deducted from your paycheck before taxes are calculated. Spending Accounts allow you to set aside part of your salary each pay period on a pre-tax basis for medical, dental, vision expenses not covered by your health insurance and/or dependent care expenses for your child, elderly parent, or other dependent incapable of self-care.

Enrolling in one or more of the program's components is an easy way to save on taxes. Eligible employees may participate in one or both flexible spending accounts. These plans are referred to as use-it-or-lose-it accounts, so plan wisely because you must use all of the money in the account by the end of the plan year or you lose it.

Enrollment and Election Changes

The initial election period to participate in an FSA is within 30 days of your eligible employment date. Once enrolled, your FSA will be effective the first of the month following your date of hire. FSAs do not continue automatically from year to year. You must enroll in FSAs each plan year during the spring Open Enrollment Period. The FSA plan year starts July 1 of the current year through June 30 of the following year.

If you have questions about Flexible Spending Accounts contact Anthem BlueCross BlueShield, a Human Resources Benefits Specialist or email benefits@jmu.edu.

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