Professor Reynolds shares an email from Yale from a reader:
I found it interesting that this email came out today from Yale benefits:
We would like to make you aware of a significant federally mandated change which will impact Yale’s healthcare flexible spending account benefit. Effective January 1, 2013, as a provision of the Patient Protection and Affordable Care Act, the annual contribution limit will be capped at $2,500. Currently, the maximum amount of pre-tax dollars you can set aside in a healthcare flexible spending account is $12,000.
As a participant who contributed $2,500 or more in 2012, we encourage you to keep this in mind as you begin to plan for your 2013 out-of-pocket medical, dental and vision expenses. You will soon have an opportunity to re-enroll in the flexible spending account benefit plan during Annual Benefits Enrollment (December 3-17). As a reminder, you have until March 15, 2013 to incur expenses against your 2012 contributions, and until April 30, 2013 to submit claims those for reimbursement. We hope that this grace period is helpful for maximizing your flexible spending benefit for 2012.
If you have any further questions, please contact an Employee Services representative.
What interesting timing! I did know about this, as a former CPA/tax accountant, but how many did?
Today my husband came home and told me that his boss informed him today that a layoff is planned. Small aerospace/manufacturing plant.
We are worried. We were worried before the election that if the direction didn’t change, we’d face an ugly economic future. It may already becoming true for our family.
I think a lot of stuff will be coming out over the next few weeks and months that was carefully kept off the radar before Election Day.
Are we having fun yet?