0 © 2014 WageWorks, Inc. All rights reserved. Understanding Flexible Spending Accounts An educational presentation from WageWorks, Inc.

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Presentation transcript:

0 © 2014 WageWorks, Inc. All rights reserved. Understanding Flexible Spending Accounts An educational presentation from WageWorks, Inc.

1 What is an FSA An IRS-approved, tax-free account that saves on:  Qualified out-of-pocket medical and dependent care expenses  Federal and state income tax  Social Security taxes ©2013 WageWorks Inc. All rights reserved.

2 Types of Flexible Spending Accounts ©2013 WageWorks Inc. All rights reserved. Medical Expense FSA  Dependent Care FSA

3 FSA Contribution Amounts Medical Expense FSA $240 Annually minimum ($10 per pay) $2,550 Annually maximum Dependent Care FSA $5,000 maximum (Depending on Tax Filing Status) ©2013 WageWorks Inc. All rights reserved.

4 Medical FSA Elect pre-tax dollars to pay for eligible Medical expenses:  Medical  Dental  Vision ©2013 WageWorks Inc. All rights reserved.

5 © 2014 WageWorks, Inc. All rights reserved. Medical Expense FSA Co-pays and deductibles Prescription drugs/medications Dental/orthodontia care Glasses / Lasik / Contacts/ Solution Medical Equipment Drug & Alcohol Treatment Hearing aids Mileage to-and-from doctor appointments See Wage Works Complete listWage Works Ineligible Expenses: Insurance premiums Non-prescription OTC items Cosmetic procedures Personal hygiene products Diet products/food Non-prescription glasses See complete ineligible list Please note: OTC drugs/medications require a prescription or Letter of Medical Necessity to be eligible for FSA reimbursement. Eligible Expenses:

6 ©2014 WageWorks Inc. All rights reserved. WHEN ARE MY FUNDS AVAILABLE? The total amount of your Medical FSA annual contribution is available to you the first day of your effective date. The funds are advanced to you upfront. NOTE: Dependent Care FSA funds are available only as they are deducted from your paychecks (money-in, money-out). Funds cannot crossover between each FSA type (i.e., Medical FSA funds cannot be used for Dependent Care expenses.)

7 Dependent Care Flexible Spending Account Examples of DFSA eligible expenses: Day care expenses Summer camps Adult day care, etc. ©2013 WageWorks Inc. All rights reserved. Qualifications:  Dependent care for children under age 13  Dependent who is physically or mentally incapable of self-care including elderly parents.  Your daycare provider must claim your payments as income and pay tax

8 ©2014 WageWorks Inc. All rights reserved. Forfeiture – “Use It or Lose It” Use It or Lose It” - FSA balances do NOT rollover! You must spend all the money in your account by the end of the Plan year/Grace period, or your remaining balance will be forfeited. This is an IRS Rule. The Plan Year is April 1 to March 31. TIPS: Be conservative. Set aside only dollars you will actually use. Access your account to check balance frequently Grace Period runs for up to 2 ½ months after the plan year ends (June 14 th ) Medical Expense Reimbursement ONLY Run Out Period ends June 30 th.

9 © 2014 WageWorks, Inc. All rights reserved. ***Important Notice*** All claims are adjudicated. This means that Wage Works will verify all expenses by requesting documentation / receipts. The best receipts are Explanation of Benefits from insurance carriers as it will contain all of the information required (date of service, provider name, amount charged and patient’s responsibility, etc.). This is an IRS requirement.

10 Contact Information: Wage Works com Customer Service # www.wageworks. com