You must re-enroll for this benefit each year if you wish to continue it. If you use this plan, you cannot claim the same expenses as itemized deductions on your income tax returns. Since medical expenses must exceed 7.5 percent of your income before you can deduct them, this plan should save you much more. If you leave the school system, you cannot continue to draw from your account balance throughout the plan year unless you choose to continue funding your account with after-tax dollars. You have 90 days after the end of the plan year to file for expenses incurred during the year.
Any amount left in the account at the end of the plan year is forfeited.
To be safe, contribute only for costs you know you will incur. You can get information and forms for changes from the payroll office. You may adjust for other family status changes during the open enrollment period each year. You can use this plan for expenses of your family members even if you are not electing family coverage under your health insurance plan. You must re-enroll for this benefit each year if you wish to continue it.