1 Flexible Benefits Administration Services for. 2 What is a Flexible Spending Account  Flexible Spending Accounts save you money  Lowers your taxable.

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Presentation transcript:

1 Flexible Benefits Administration Services for

2 What is a Flexible Spending Account  Flexible Spending Accounts save you money  Lowers your taxable income  Increases your spendable income  Use FSA money for health care and dependent day care expenses

3 How Much Could You Save? With FSAsWithout FSAs Monthly gross pay$2,500 Pre-tax contributions to FSA Dependent day care Health care $300 $100 $0 Taxable Income$2,100$2,500 Less federal, state, FICA taxes$790.65$ After-tax monthly pay$1,309.35$1, After-tax expenses Dependent day care Health care $0 $300 $100 Net spendable income$1,309.35$1, Monthly savings$150.60$0 Annual savings$1,807.20$0

4 How Flexible Spending Accounts Work  Set aside a certain amount of your paycheck before taxes are deducted.  Money is used for eligible health care and dependent day care expenses.  You choose how much to contribute to the account.

5 Flexible Spending Account Limits Health Care FSA Maximum Annual Contributions:$2,500 ( for August 1, 2013 to July 31, 2014.) Eligible Expenses:Deductibles, co-pays and other expense not covered by insurance Prescription drugs and medical supplies Dental, orthodontics Vision, eye glasses, contacts, eye surgery Over the counter items* *Effective 1/1/11, the list of eligible OTC items is changing per the Patient Protection and Affordable Care Act of 2010.

6 Dependent Day Care FSA Maximum Annual Contributions: $5,000 married/joint return for August 1, 2013 to July 31, $2,500 married/separate return Eligible Expenses:Child care, non-residential summer camps, and elder care that you find necessary to work Eligible Dependents:A child under age 13 that you claim as a dependent. A spouse or other dependent who is physically or mentally incapable of caring for self. Flexible Spending Account Limits

7 Know your plan’s details  FSA elections only made at annual enrollment, when you join the company, or have a “qualifying event”  Use-it-or-lose-it Rule  Reimbursement options:  Debit Card  Online Claim Submission  Hard-copy claims mailed or faxed

8 Keep your Receipts  SHDR may asks for receipts based on IRS guidelines (especially for dental services)  Welcome packet will include an envelope to store your receipts  Use of debit card at certain IIAS merchants may prevent receipt request

9 Simple Access to your FSA Account  Toll-free call center – am – 6pm ET  Access account balance 24/  Interactive website –  Enter claim online  Access forms, eligible expense list, account balances and plan specifics  IIAS Merchant Listing