Vendor Update - Optum Financial
ConnectYourCare is now part of Optum Financial. Optum Financial will replace the ConnectYourCare name and brand throughout the member experience.
- Customer service offerings will remain the same.
- Payment cards will not be reissued - use the same card until it expires.
- Use the same online account and mobile app to manage your account
A Parking Account allows you to pay for eligible work-related expenses with pre-tax dollars.
Note: University of Wisconsin System employees may enroll in parking and transit accounts for plan year 2021. Elections will be effective January 1, 2021.
What are the benefits?
- Pre-tax contributions reduce your taxable income.
- Easiest way to pay for eligible parking expenses with tax-free money.
- Your Parking Account funds become available to you as payroll deductions are taken.
- Eligible for unlimited carryover, so there is minimal “use-it-or-lose-it” risk.
- You can enroll or make changes to your account at any time during the plan year.
How does it work?
- Your annual contribution is deducted pre-tax from your paycheck in equal amounts throughout the plan year and deposited into your Parking Account.
- Manage your account 24/7 via the Optum Financial/myCYC mobile app or CYC Online account.
- Note: If you park at your place of employment, your deductions may already be taken pre-tax. These deductions are not reimbursable through this program. Parking funds may be accessed via the payment card and manual claims submission.
All active state employees, including limited term employees, are eligible to participate in a Parking Account.
- Spouses and dependent children.
- If you park at your place of employment, your deductions may already be taken pre-tax. These deductions are not reimbursable through this program.
- For 2020 benefit period, you must incur all eligible expenses by December 31, 2020.
- For 2021 benefit period, you must incur all eligible expenses by December 31, 2021.
- For 2020 benefit period, you must submit all reimbursement requests by March 31, 2021.
- For 2021 benefit period, you must submit all reimbursement requests by March 31, 2022.
Review all claims and provide any required substantiation by December 31 each year.
An eligible expense is a work-related transportation fee for parking the IRS states can be paid for without taxes. Eligible parking expenses must take place at or near your place of employment, or at a location from where you commute to work. Eligible expenses include:
- Metered parking
- Monthly and/or daily parking fees for parking lots and/or ramps
- Park and ride lots
- Parking at mass transit facility
If you park at your place of employment, your deductions may already be taken pre-tax. These deductions are not eligible.
Above is a partial list of eligible expenses that are reimbursable through a Parking Account. For more information, see Transit and Parking Eligible Expenses. For the complete list of eligible and ineligible expenses, visit www.IRS.gov and see IRS Publication 5137.
How should I keep track of my eligible expenses?
You should keep all your receipts and pertinent documentation to prove your Parking Account was used for eligible parking expenses. If you pay for anything other than eligible expenses with your Parking Account, the amount will be taxable, and you will be required to repay the amount or pay an additional tax penalty.
Learn how to enroll in an a pre-tax savings/employee reimbursement account, whether you are enrolling during open enrollment, as a new hire or when you have experienced a qualifying life event.Read More about Enrollment Information
You will receive a welcome brochure in the mail from ConnectYourCare.