1 / 15

Flexible Spending Accounts

Flexible Spending Accounts. Outline of Presentation. What is a Flexible Spending Account (FSA)? Two Types Medical Dependent Care Examples of Eligible/Ineligible Expenses Reimbursement Enrollment Information Questions. What is an FSA? .

Olivia
Télécharger la présentation

Flexible Spending Accounts

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Flexible Spending Accounts

  2. Outline of Presentation • What is a Flexible Spending Account (FSA)? • Two Types • Medical • Dependent Care • Examples of Eligible/Ineligible Expenses • Reimbursement • Enrollment Information • Questions

  3. What is an FSA? • A Flexible Spending Account (FSA) is an employer-sponsored benefit that allows you to pay for eligible medical and/or dependent care expenses on a pre-tax basis. • You direct a part of your pay into a special, tax-free account that you use to reimburse yourself for eligible out-of-pocket medical and dependent care expenses. • Contributions used for FSAs are taken out of your salary before federal/state income taxes, FICA (Social Security and Medicare) taxes are applied.

  4. AN EXAMPLE • John earns $35,000/year. • Medical Spending Account: $240/year ($10.00/pay) • July 2009- Eyeglasses ($240) • Debit Card • Manuel Claim

  5. WHAT ADVANTAGES DID THIS GIVE JOHN? REDUCTION IN W2 EARNINGS REPORTABLE W2 EARNINGS WITH JOHN’S SPENDING ACCOUNT ELECTION ARE NOW $34,760.

  6. INCREASE IN TAKE HOME PAY

  7. Two Types of FSAs • Medical Spending Accounts • $3,000/Plan Year • Use It Or Lose It Provision • Dependent Care Spending Accounts • $5,000/Plan Year • Use It Or Lose It Provision

  8. Acne treatment Acupuncture Co-pays (Inc. Rx) Co-insurance Amounts & Deductibles Automobile Modifications (physically handicapped) Blood Pressure Monitoring Devices Blood Sugar Test Kits /Strips Carpal Tunnel Wrist Supports Dental Treatment Over-the-Counter Drugs Hearing Aids Laser Eye Surgery/Lasik Learning Disability, Instructional Fees Medic Alert Bracelet or Necklace Prescription Glasses Wheelchair Eligible Expenses (Medical FSA)

  9. Cosmetic Surgery Dancing Lessons Diaper Service Electrolysis or Hair Removal Funeral Expenses Future Medical Care Hair Transplant Health Club Dues Household Help Insurance Premiums Maternity Clothes Swimming Lessons Teeth Whitening Veterinary Fees Ineligible Expenses (Medical FSA)

  10. Eligible Expenses (Dependent Care FSA) • Adult Daycare • After-School Care • Babysitter (work-related) • Before-School Care • Day Camp • Daycare • Room and Board (Nanny) • Tuition (Nursery and Preschool)

  11. Ineligible Expenses (Dependent Care FSA) • Babysitter (Personal) • Food • Housekeeper • Overnight Camp • Tuition (K+)

  12. ReimbursementPY 2008-2009 • Deadline for claims submission to Loomis is 05/31/09. • Claim must be incurred prior to 06/01/09. • 06/01/09 – 08/31/09 • Complete Loomis Claim Form • Submit form to Human Resources • Checks will be run every Thursday

  13. ReimbursementPY 2009-2010 • Administer by AmeriFlex • MBI Card and/or Claim Forms • Check or Direct Deposit

  14. Enrollment Information • Complete the AmeriFlex Application • If you are currently enrolled in a Flexible Spending Account, you must re-enroll for the new plan year. You will not be automatically enrolled. • Deadline: Friday, May 1st

  15. Questions

More Related