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Using tax-free dollars is the smarter way to pay medical expenses YourFlex makes it easy Offered through The Capitol Group of Companies.

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Presentation on theme: "Using tax-free dollars is the smarter way to pay medical expenses YourFlex makes it easy Offered through The Capitol Group of Companies."— Presentation transcript:

1 Using tax-free dollars is the smarter way to pay medical expenses YourFlex makes it easy Offered through The Capitol Group of Companies

2 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. YourFlex.com - Benefit Solutions, Inc.

3 YourFlex tools for tax-savings 1.Medical Reimbursement 2.Dependent Care Reimbursement 3.Private Premium Reimbursement 4.Debit Card YourFlex.com - Benefit Solutions, Inc.

4 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.

5 Medical Reimbursement 2 Options for Medical Reimbursement: General Purpose Spousal Exclusion YourFlex.com - Benefit Solutions, Inc.

6 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. YourFlex.com - Benefit Solutions, Inc.

7 Private Premium Reimbursement A Private Premium Reimbursement Account uses tax-free dollars to reimburse for a health related insurance premium on a policy that is paid for personally (outside the company). Policy has to be in the employee’s name or for a dependent child only The policy must pay only if a specific condition occurs Can not accrue cash value Can not be for Long-Term Care or Life Insurance YourFlex.com - Benefit Solutions, Inc.

8 Quick Fact Sheet YourFlex.com - Benefit Solutions, Inc. The “Plan Year” dates April 1, 2015 – March 31, 2016 Minimum & Maximum Medical: $2,550/yr maximum. No minimum. Dependent Care: $5,000/family/yr maximum. No minimum. $2,500/yr maximum if married and filing separately.

9 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) YourFlex.com - Benefit Solutions, Inc.

10 Some of the finer points... For Medical Reimbursements, you can use the amount you have committed to contributing immediately. For Dependent Care & Private Premium you cannot you use the funds until the money is in your account YourFlex.com - Benefit Solutions, Inc.

11 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 YourFlex.com - Benefit Solutions, Inc.

12 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. YourFlex.com - Benefit Solutions, Inc.

13 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) YourFlex.com - Benefit Solutions, Inc.

14 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, 2016 to submit dates of service that are on or before June 15, 2016. YourFlex.com - Benefit Solutions, Inc.

15 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 YourFlex.com - Benefit Solutions, Inc.

16 Debit Card Emails YourFlex.com - Benefit Solutions, Inc. 6 Week Process Email #1 – Notification – debit made Email #2 – Status email – no support vs. need support Email #3 – Reminder (3 weeks later) – need receipts submitted Email #4 – Final email that card has been frozen

17 For More Details... Read the YourFlex Guidebook Visit YourFlex.com Consult Welcome Package that will be coming in the mail Call The Capitol Group: (800) 527-0669 Call FSA Administrator: (800) 858-9546. YourFlex.com - Benefit Solutions, Inc.

18 Use YourFlex to sign up for a pay increase Questions? YourFlex.com - Benefit Solutions, Inc.

19 Using tax-free dollars is the smarter way to pay medical expenses YourFlex makes it easy Thank you

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