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Published byVictoria Stone Modified over 7 years ago
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Using tax-free dollars is the smarter way to pay medical expenses
YourFlex makes it easy
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Parent Child Development Corporation Flexible Spending Account
What is a Flexible Spending Account? A Flexible Spending Account (FSA) allows you to shift a portion of your income from taxable to tax-free to pay for allowable medical expenses. Completely voluntary. Free to participate—your employer pays us Separate from health/dental insurance. .
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YourFlex tools for tax-savings
Medical Reimbursement Dependent Care Reimbursement Private Premium Debit Card
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Medical Reimbursement
Pay for out-of-pocket medical expenses for your whole family. Examples: Doctor co-pays Prescription co-pays and deductibles Dental Work Vision Services YourFlex.com - Benefit Solutions, Inc.
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Medical Reimbursement
2 Options for Medical Reimbursement: General Purpose Spousal Exclusion Limited Purpose
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Dependent Care Reimbursement
Tax-free funds placed in a Dependent Care Reimbursement account can be used for the physical care of a child age 12 and under while both parents are: Working Seeking employment, or Attending school.
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Quick Fact Sheet April 1, 2017 – March 31, 2018
The “Plan Year” dates April 1, 2017 – March 31, 2018 Minimum & Maximum Medical: $2,600/yr maximum. No minimum. Dependent Care: $5,000/family/yr maximum. No minimum. $2,500/yr maximum if married and filing separately.
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Important Points ONE Chance a year to sign up
Limited Changes - the amount of money you put into your accounts cannot normally be changed during the plan year unless a life event occurs (See the YourFlex guidebook for the IRS exceptions) Use it or Lose it ( 2 ½ month extension adopted)
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Some of the finer points...
For Medical Reimbursements, you can use the amount you have committed to contributing immediately. For Dependent Care you cannot you use the funds until the money is in your account
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How does it work?: 3 easy steps
Step 1: Sign up with an Enrollment Form Estimate your expenses for the next year based on: When services will be received Services must be received in the PLAN YEAR or during the extension. Guess low to limit risk
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How does it work?: 3 easy steps
Step 2: Put money in your account pre-tax automatically through payroll Your employer will take your election amount, Divide it by the number of remaining pay periods for the plan year, and Deduct a little out of each paycheck tax free. .
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How does it work?: 3 easy steps
Step 3: Take your money out of your account Submit Reimbursement Request (All Accounts) Or Pay with Debit Card (Med Reimb. Only)
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Reimbursement Request
When you have qualified expenses, send in a Request for Reimbursement with support: fax, mail, or web upload We review the claim for compliance with IRS regulations. We send you your money back from your account within a week! in by Tuesday at 5, out by Friday. You have through July 31, 2018 to submit dates of service that are on or before June 15, 2018.
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Debit Card Improves cash flow Card for employee and spouse
Tied to the available balance in your medical reimbursement account Integrated on our website – YourFlex.com Usable at most merchant types Significantly reduces paperwork you must submit If documentation is needed, you have 6 weeks Card good for 3 years
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Debit Card Emails 6 Week Process Email #1 – Notification – debit made
#2 – Status – no support vs. need support #3 – Reminder (3 weeks later) – need receipts submitted #4 – Final that card has been frozen
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For More Details... Read the YourFlex Guidebook Visit YourFlex.com
Consult Welcome Package that will be coming in the mail Call The Capitol Group: 1-(800) In Richmond, Virginia call: (804)
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Use YourFlex to sign up for a tax savings Questions?
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Using tax-free dollars is the smarter way to pay medical expenses
YourFlex makes it easy Thank you
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