Save Taxes and Manage Health Care Costs Presented by Sam Ramirez.

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Presentation transcript:

Save Taxes and Manage Health Care Costs Presented by Sam Ramirez

Q: What are flexible spending accounts? A: Accounts where you can set aside pre-tax dollars to pay for medical or dependent care expenses Q: Why should you want to learn more? A: To save tax dollars, smooth out costs Q: Who administers the benefit for B-W? A: Finance, Human Resources and Payroll

Q: Who is eligible to participate? A: B-W Employees, even if they do not have our health care plan, special rules apply for Dependent Care Account Q: What accounts are available? A: Medical Care and Dependent Care Reimbursement Accounts Q: How much can I set aside in each account? A: Up to $2500 in medical and $5000 in dependent care account

Q: How do I determine how much to set aside? A: Review past expenses and be a little conservative Q: Can I change the amount I set aside? A: Generally not unless it is a qualifying event. Q: What are some eligible expenses? A: Co-pays, co-insurance, deductibles, items that are not covered by plan (glasses, braces, etc.) Q: What are some ineligible expenses? A: Vitamins, face-lifts, OTC drugs, animal drugs, etc.

Q: When do I have access to the money? A: Immediately, for medical care, after it has been deducted from your pay for dependent care Q: When must expenses be incurred? A: January 1, 2014 through December 31, 2014 Q: How does expense reimbursement work? A: Submit claim form to Finance

First, enroll Incur eligible expense – get receipt You can request reimbursement for medical anytime after it’s been deducted for dependent care As you incur eligible expenses and you pay for a service – submit claim form and receipt Within a few days you will receive your check

Q: What happens if I have money left over? A: NEW - Beginning in 2014 for year 2015, up to $500 in unused funds from medical account can be carried over. Anything over $500 is forfeited. Q: How does it actually save me money? A: Reduces gross taxable income Q: Who do I submit claims to? A: Finance – Lisa Giesen

Q: Where do I get claims forms? A: HR or on-line bw.edu/resources/hr/forms Q: How long does it take to get money? A: Not long – couple of days Q: When is the last day I can submit a claim for this year (2014)? A: March 31, 2015

Q: Do I need to re-enroll every year? A: Yes Q: What if the amount I am going to set aside next year is the same, do I still have to re- enroll? A: YES! Q: Where do I get the enrollment form? A: Visit HR’s web site.

Complete top portion Name, last 4 digits SSN, department Check New Enrollment Biweekly (24 pays) First line – biweekly amount Second line – Total for Year Monthly (12 pays) First line – Monthly amount Second line – Total for Year

Medical Reimbursement Account is for employee, spouse and dependent children health-related expenses Dependent Care Reimbursement Account is for spouses, parents and typically dependent children of employees – after school care – nursing home – etc.