All regular non-faculty employees working 20 hours per week or more and all regular faculty at half-time level and above are eligible for participation in the flexible savings plan. The plan allows you to redirect a portion of your salary into two specific types of expenses: Dependent Care Expenses (up to $5,000) and Unreimbursed Medical Expenses (up to $2,700). The specific dollar amount must be elected prior to the beginning of the year and is then divided equally by the number of salary payments during the calendar year. This is a pre-tax reduction and therefore, saves you the cost of Social Security (FICA, MEDE) and withholding taxes on this specific dollar amount for the year. The amount chosen is an irrevocable election unless there is a qualifying change in family status during the year. The money must be reimbursable for services rendered through the March 15 following the calendar year for which the pre-tax reduction was made. It is not refundable. It is, however, left with SAU for University operations. There is a fee of $2.50 per month for using Flex Dependent Care or Flex Unreimbursed Medical Expenses. The pre-tax flex savings is available on premiums for hospitalization, dental, vision and cancer insurance also.