2014 Section 125 Flexible Spending Account Plans: Dependent Care, Medical Insurance Premium & Unreimbursed Medical Expenses Employee Briefing

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1 2014 Section 125 Flexible Spending Account Plans: Dependent Care, Medical Insurance Premium & Unreimbursed Medical Expenses Employee Briefing Human Resources May 15, 2013

2 Key Features Tax relief from Medical insurance premium, dependent care, and unreimbursed medical expenses Plan administrator: BenefitsAssist,inc. Debit Card for Health FSA plan Paper claims paid by BenefitsAssist,inc. Non-debit card payments made every 2 weeks Annual Maximum (Plan year 2014) o Medical Expense Reimbursements: $2,500 o Dependent Care Reimbursements: $5,000 Dependent care paper claims Pre-tax Medical insurance premium automatic re-enrollment Plan year: July 1 June 30 Annual claims deadline: June days 2

3 What are Flexible Spending Accounts (FSA s)? Employee elects on an annual basis an amount to be deducted from payroll on a pre-tax basis Unused funds revert to the employer if not used in the current plan year Health FSA: Funds used to pay for eligible medical expenses not covered under other insurance: Doctor s office and prescription drug co-pays Medical deductibles and co-insurance Over-the-counter medications require a prescription to be eligible for reimbursement Vision and dental costs Chiropractic services 3

4 What are Flexible Spending Accounts? Flexible Spending Account (FSA) Dependent Care FSA: Funds used to pay for eligible childcare and other dependent expenses: Daycare Nursery school Before and after school care Summer day camp Care for mentally or physically handicapped over age 13 4

5 What is a Medical Insurance Premium 125 Plan? How the Plan Works Employees pay their share of health care insurance premiums using pretax dollars. Taxable income is reduced by the amount contributed, so employees withhold less for social security, federal and state and local liability. As a result, employees receive a larger net check. How do I know if I am currently participating in the Medical Insurance Premium 125 Plan? On your pay statement the medical deduction states Medical Ins Red. Employees that wish to continue to participate in the medical insurance premium 125 plan do not need to do anything during open enrollment. If you are excluded from paying federal income tax then you are not eligible for the Medical Insurance Premium 125 Plan. 5

6 A Key Value of Flexible Benefit Plans is that Employees Save on Taxes Employee tax savings for Health and Dependent Care FSA: FICA of 7.65% of payroll deducted contributions Reduced federal, state, local income taxes Eligible disbursements are not taxed 6

7 The Scenario Below is an Example of Potential Savings Assumptions: Health FSA election of $2500/year Combined Federal/State/FICA tax rate of 22% Employee savings: Pre-tax Health FSA contribution ($2500) X (.22) = $550 annual employee savings 7

8 The Debit Card Option Avoids Delay in Reimbursement Debit card can be tied to Health FSA Card is used as credit card at point-of-sale System checks cardholder status, account balance, and vendor merchant category code If all three pass the check, funds come off of card Additionally, if swiped amount matches the pharmacy, medical, dental, vision co-pay NO receipts are required. Otherwise BenefitsAssist follows up with receipt request. Card can be turned off if misused. Card is reloaded and reused each year DO NOT DISPOSE OF CARD. 8

9 The Debit Card Option Avoids Delay in Reimbursement You must report any loss or fraudulent use of the card within 30 days of such transactions. Otherwise you may lose those funds. You must use the card only to pay for expenses incurred after enrollment but during the plan year. Even if you are billed for a service or pay for it after enrollment, the service itself must have taken place after enrollment. You may only use the card to pay for expenses incurred, i.e. you cannot pre-pay for future services. 9

10 Enrollment and Renewal Employees must actively enroll in the Health and/or Dependent Care plan(s). Eligible employees include Full- Time Regular (FTR), Part-Time Regular (PTR), and Full- Time Temporary (FTT) Enroll in Flexible Spending and/or Dependent Care via enrollment form located at Pre-tax monthly Medical insurance premiums 125 plan (only): re-enrollment will be automatic Employees submit claims via US mail, , fax or by using debit card BenefitsAssist,inc. reimburses claims via check or direct deposit every two weeks 10

11 PY Plan Schedule Event/Action Date Enrollment/Re-enrollment Announcement Enrollment forms submitted for Debit card availability on 7/1/13 Thursday, May 16, 2013 Friday, June 7, 2013 Last day to enroll Friday, June 21, st paycheck reduction Friday, July 12, 2013 Plan year ends Monday, June 30, 2014 Last day to file claims: 2013 Year Monday, Sept. 30, 2013 Last day to file claims: 2014 Year Tuesday, Sept. 30,

12 Information Enrollment: Send enrollment forms only to: If it is not possible to submit via , send the signed form to Tammy Leonhardt at MS-32. Claims: Send all claims to: Shawn Adams, BenefitsAssist,inc

13 Website Address To check your balance or view payment history, visit the BenefitsAssist Flexible Benefits Portal at: 13

14 Questions? Call BenefitsAssist,inc. Call BenefitsAssist, inc for questions regarding the Flexible Benefit Plan Consultoría en español 14

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