Your Healthcare FSA Flexible Spending Account with Carryover Lake County Schools – Risk Management Department April 17, 2017

What is a Healthcare FSA with Carryover? Pre-tax benefit account that pays for eligible expenses not covered by insurance Medical expenses Dental expenses Vision expenses Now carryover up to $500 at the end of the plan year No more “use it or lose it” [Employer Name] sponsors this program, brought to you by take care by WageWorks, to help you save on important health and dependent day care expenses by using pre-tax dollars. Your FSA can cover a wide range of needs, for many of the big out-of-pocket expenses and everyday purchases that you already pay for. You decide whether to open a healthcare account, a dependent care account, or both. And you choose how much to set aside for expenses during the plan year. You can use money from your FSA for yourself, your spouse, or any of your eligible dependents, even if they are not covered by your health plan. And the program is designed to be as simple, fast, and convenient as possible. Saving has never been this easy. Now with Carryover, you can carryover up to $500 from year to year. Your FSA is even better. The calculator at www.wageworks.com/takecare-myfsa is a great place to start.

Why You Need It Save an average of 30% on everyday healthcare expenses Use several easy, no-hassle payment and reimbursement options Access your full election amount starting on day one [Employer Name] sponsors this program, brought to you by WageWorks, to help you save on important health and dependent daycare expenses by using pre-tax dollars. Your FSA can cover a wide range of needs, for many of the big out-of-pocket expenses and everyday purchases that you already pay for. You decide whether to open a healthcare account, a dependent care account, or both. And you choose how much to set aside for expenses during the plan year. You can use money from your FSA for yourself, your spouse, or any of your eligible dependents, even if they are not covered by your health plan. And the program is designed to be as simple, fast, and convenient as possible. Saving has never been this easy. It’s important to remember that the money in your FSA does not roll over from year to year, so make sure to calculate your expenses carefully when planning how much to set aside for the year. The calculator at www.wageworks.com/myfsa is a great place to start.

How It Works Determine how much to contribute Estimate how much you’ll need Elect how much to contribute Funds are taken from your paycheck before taxes Start saving up to hundreds of dollars in one year Savings result from lower overall taxes The program works by setting aside some of your pay before taxes are deducted. The money is still yours to spend on eligible expenses, but you don’t pay taxes on it. Before you enroll, you should estimate your healthcare and/or dependent daycare expenses for the upcoming year, so you can decide how much to set aside through your FSA. WageWorks offers easy online calculators that help you project these expenses, plus you’ll find examples and a worksheet in your enrollment materials. Then choose how much to defer in each account when you enroll. Your savings works by reducing the amount of your income that’s subject to federal income tax, FICA (Social Security) tax, and in most states, state income tax. Exactly how much you save depends on how much you spend on healthcare and dependent care expenses each year, and on your tax situation. Most people can save from $30 to $40 in taxes for every $100 set aside through their FSA.

What You Get Less Risk, Less Worry More Flexibility More Savings Carryover up to $500 left in your account when the plan year ends No more “use it or lose it” risk More Flexibility Spend your money when and how it suits you best No need to rush to spend at the end of the plan year More Savings Less risk means you can increase your savings by using your FSA more

How You Use It Use your take care® Flex Benefits Card to pay instantly Works like a debit card, just swipe and go Funds come directly from your Healthcare FSA No PIN required This program features on-the-spot access to your account with the take care Flex Benefits Card. Use it just like a debit card for copays, prescriptions, over-the-counter products, and more. The card gives you a fast and easy way to get immediate access to your account, without having to pay and wait for a reimbursement check. Note that although the take care Flex Benefits Card is technically a debit card, you will need to select “credit” at the register when you pay for services. Also, you should still hang on to your receipts in case WageWorks needs to verify that an expense is eligible.

No Card, No Problem Pay Me Back Traditional claims Fast reimbursement It’s your money. Your FSA just helps you save it from taxes, and gives you control over how you spend it on your health and your family. The program is built for maximum convenience and control. You choose when and how to spend the money in your account. Use Pay Me Back to send in traditional claims, and get quick reimbursement. To keep track of your money, you can get information about your account balance, recent activity, claims in progress, and more at any time with the convenient online tools at www.takecareWageWorks.com.

How You Manage It Use take care® MyFlexsmMobile app File a claim and get reimbursed quickly View transactions and benefit account balances using a single login Snap a photo of receipts and submit them for payment Receive confirmation emails when claims are received, processed, or paid Receive text messages when card verification is required, a transaction is denied, or a claim has been processed Or online at takecareWageWorks.com

How Much You Can Contribute Maximum of $2,600 (Minimum of $250) IRS sets the contributions guidelines Contribution limits may change during the year Full amount available on day one You can access your full election amount on the first day of the new plan year Everyone has expenses for healthcare that aren’t covered by your health plan or other benefits. [Employer Name] offers the FSA program to help you save money when you pay for these important expenses. You can use your FSA to pay for copays, coinsurance, and deductibles when you visit the doctor, for prescriptions, and for other out-of-pocket healthcare expenses you incur. You can also use it for most dental and vision care needs that aren’t covered by your insurance. You can even use your FSA for a wide range of everyday, over-the-counter products to care for your health. Now that a prescription is required for over-the-counter medicines, make sure to get the prescription first before purchasing the item. You still will be able to purchase many items, such as contact lens solution and bandages, without a prescription. See the eligible expense lists available on www.takecarewageworks.com for more details. You can also use your FSA to pay for your eligible dependents’ healthcare expenses—even if they’re not enrolled in your health plan. Eligible dependents include anyone you can legally claim as a dependent on your federal income tax form.

Eligible Expenses Use Your Healthcare FSA to pay for: Prescriptions for almost any medical condition Prescribed over-the-counter medicines, e.g. aspirin, cough syrup Co-payments, co-insurance, and deductibles Dental care, both preventive and restorative Orthodontia, child and adult Vision care, eyeglasses, contact lenses, solutions Eye surgery, including laser vision correction Counseling and therapy Psychology and psychiatry Chiropractic care and acupuncture See www.wageworks.com/takecare-mynewfsa for more Here are some of the most popular healthcare expenses that are typically covered by your FSA. Please note that to be eligible, expenses typically need to be for a specific medical condition, not for general wellness. For more information and a full list of expenses, check out the information available at www.takecarewageworks.com.

How You Get It Enroll online or by phone: Follow LCS Open Enrollment / New Hire instructions Visit LCS Risk Management / Flexible Spending Account Or call (352) 253-6660 Enrollment is easy. Just follow the instructions in your open enrollment materials. [Employer-specific instructions here]. But make sure you enroll in time! Typically you can only sign up during your regular, annual benefits open enrollment period. You may be able to change your election if you experience a “qualifying event” during the year such as getting married, having a child, or changing your work status. Please see the open enrollment materials for details.

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