Flexible Spending Account

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Presentation transcript:

Flexible Spending Account University of Dayton Open Enrollment

What is a Flexible Spending Account? A Flexible Spending Account is an IRS regulated pre-tax benefit. Also known as a Section 125 Plan Cafeteria Plan FSA

3 Reasons why you Should Participate… Money, money, money! Pay less in taxes Increase your spendable income Save 25-40% So where does the tax savings come from? Federal and State Income Taxes

Paycheck Illustration

University of Dayton Plan Year: January 1 – December 31 Details: Grace Period for Medical (No OTC after 12/31/2010) Run-Out Period: 32 days after Grace Direct Deposit Available FSA Benefit Limitations: Medical: $5,000/year Limited Medical: $5,000/year Dependent Care: $5,000/year (If single or married filing jointly) or $2,500/year (If filing separately)

Planning Your Participation Your Election Election – No Changes Unless Change of status Don’t lose anything… plan ahead! Use Worksheets Plan Conservatively 24-hour Account Access Reminder Letters

What are eligible expenses? Eligible expenses include… Co-pays and prescriptions Eye exams, contacts, contact lens solution, prescription sunglasses, laser eye surgery …and MUCH more! STILL WORTH NOTING! As of January 1, 2011, if you have an FSA, HRA or HSA, you are no longer permitted to use your account funds to purchase OTC drugs and medicines (e.g. Advil, ibuprofen, cough syrup) unless you have a Note of Medical Necessity (NMN) or a prescription from your doctor.

The Reimbursement Process Submit Eligible Claims Through: Online Email Fax Regular mail Include Documentation Per IRS regulations, all documentation must include: Signed and Dated Claim Form Patient and Provider Names Date, Cost and Description of Service

www.myCafeteriaPlan.com

Employee Account Homepage

Online Claim Entry

Online Claim Entry

Claim Detail

How do I sign up? Complete Your Enrollment Form Submit Your Form to HR Staff Look Forward to a Great Benefit

BusinessPlans, Inc. - myCafeteriaPlan Thank You! BusinessPlans, Inc. - myCafeteriaPlan 432 East Pearl Street Miamisburg, OH 45342 Phone: (937) 865-6500 Toll-Free: (800) 865-6543 Email: Customer_Service@myCafeteriaPlan.com