Benefit from an FSA Increase Your Spending Power How an FSA Works - - PowerPoint PPT Presentation
Benefit from an FSA Increase Your Spending Power How an FSA Works You project your qualified expenses during the plan year You agree to have that amount taken from your paycheck in equal installments on a pre-tax basis during the plan year
Increase Your Spending Power
You project your qualified expenses during the plan year You agree to have that amount taken from your paycheck in equal installments on a pre-tax basis during the plan year You use the funds to reimburse qualified expenses There are two types of FSA Accounts: Health FSA & Dependent Care FSA
You increase your spending power by receiving a portion of your income pre-tax (no federal income or payroll taxes or state income taxes) You can also easily budget for higher cost health care expenses
You can spend your entire election at any point during the plan year (You may even negotiate a prompt-pay discount with your provider!)
You can reimburse all qualified family members’ qualified expenses, even if they’re not covered on your medical plan You draw funds directly from your Health FSA via the debit card we send you
The election amount you select cannot change unless you experience a qualifying life event Per IRS regulations, you forfeit any remaining balances at the end of the plan year
You may be required to provide follow-up documentation for certain purchases when you use your debit card You generally don’t have to provide any follow up documentation when you use your card for plan copays, recurring expenses, and qualified OTC equipment and supplies
Yours, whether or not you’re enrolled in a GIC medical plan Your legally married spouse’s, whether or not your spouse is enrolled in your medical plan Your tax dependents’ and your children’s (to age 26), whether or not they’re enrolled in your medical plan Note: Your domestic partner’s or ex-spouse’s expenses are not qualified for reimbursement per federal regulations
W H A T I S I T ? The IRS requires that we verify all card transactions are for eligible expenses Sometimes, the details that are provided to us for Debit Card transactions is not enough, so we will request you send substantiation for us to approve the expense. W H E N D O W E N E E D I T ? Only send information in if we request it. We have many auto-substantiation processes that we use to prevent our need for a request.
Medical Plan Cost Sharing Office Copays Hospital Copays Prescription Copays Deductibles Dentistry Fillings Root canals Implants Crowns Orthodontia Vision Prescription glasses Prescription sunglasses Contact lenses and solution Vision-correction surgery Over-the-Counter Equipment and supplies (bandages, splints, crutches, etc.) Over-the-counter drugs and medicine when you have a prescription. See our Eligible Expense handout for more examples of Qualified Expenses
A C C E P T A B L E A detailed receipt that shows all of these:
U N A C C E P T A B L E
It’s easy to submit substantiation for a claim right through our Mobile App, Online Portal, Fax, Mail, or Secure Email!
The Benefit Strategies mobile application is available on iOS & Android Use the app to view your balance and important filing dates File claims! Use your devices camera to take a picture of your receipt and upload it through your phone! View Benefit Strategies contact information and resources
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Funds in a Dependent Care FSA may be used towards expenses for the care of your child(ren) while you (and your spouse if married) are at work or attending school full time.
You can pay your child care related expenses with pre-tax dollars Eligible Dependents are children up to age 13 or tax dependents of any age who are mentally or physically incapable of self-care reside with you.
Day Care Centers Baby Sitters (In & out of your home) Before & After School Programs Vacation Day-Camps Note: Kindergarten and overnight camp expenses are not eligible
Unlike a Health FSA, you can’t access any more than you’ve had withheld from your paycheck at any point in the year
The election amount you select cannot change unless you experience a qualifying life event You forfeit any remaining balances at the end of the plan year You can pay your provider with a debit card tied to your account
Use our calculator to estimate the qualified expenses that you’ll incur from July 1st, 2019 and June 30th, 2020 Please visit:
benstrat.com/group-insurance-commission-fsa
Follow the instructions to enroll in your FSA After July 1, log onto your account at benstrat.com Sign up online for communication preferences (e-mails, texts, notification of transactions, etc.)
Mon → Thurs: 8:00am – 6:00pm ET Friday: 8:00am – 5:00pm ET Live Chat: benstrat.com
Text-To-Chat: 877-353-9442 Toll-Free: 877-353-9442 Language translation service available
(Automated system available at all times)
Email: commonwealth@benstrat.com
We’ve got you covered.