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What is an FSA?
- The IRS Code (Section 125) allows you to put
pre-tax dollars into an account and spend those funds tax-free for certain eligible expenses.
- Pre-tax dollars are deducted from your gross
Your FSA Benefit Washington County What is an FSA? Cafeteria Plan - - PowerPoint PPT Presentation
Your FSA Benefit Washington County What is an FSA? Cafeteria Plan - - PowerPoint PPT Presentation
Your FSA Benefit Washington County What is an FSA? Cafeteria Plan Section 125 Plan The IRS Code (Section 125) allows you to put pre-tax dollars into an account and spend those funds tax-free for certain eligible expenses.
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What are Eligible Expenses?
The IRS allows two types of eligible expenses, and determines what is eligible in each category:
- Healthcare Expenses
- Dependent Care Expenses
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Your Healthcare Account
Unreimbursed healthcare costs not covered by any insurance plan:
- Medical
- Dental
- Vision
- Prescription
- Alternative Care
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Your Healthcare Account
Sample Healthcare Expenses: Co-pays Eyeglasses/Contacts Deductibles Hearing Aids Coinsurance Massage Therapy Prescription Drugs Naturopath Lasik Eye Surgery Acupuncture Chiropractic Tobacco Cessation Dental/Orthodontia Over-the-Counter items
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Healthcare Account
Annual Maximum: $2,500 Plan Year: January 1, 2017 – March 15, 2018 Entire Election Is Available from Day 1 How long do I have to submit claims: Up to 90 days following the end of the plan year (Date of service must be within Jan. 1 – Mar. 15)
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Benny Card MasterCard
- Access Funds at Point of Payment
- No Waiting for Reimbursement
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Benny Card MasterCard
- Where can you use the Benny Card?
- Medical Merchants
- Doctor Offices
- Dental Offices
- Pharmacies
- Orthodontists
- Eye Clinics
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Benny Card MasterCard
How the Benny Card Works:
- Participating Vendors
- Automatic Approval
- Swipe the Card
- Save Receipts
- Send if Requested
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Dependent Care Account
Day-care Expenses for
- Children 12 and Under
- Disabled Spouse or Parent
- IRS Annual Contribution Limit:
- $5,000 (Single or Married Filing Jointly)
- $2,500 (Married Filing Separately)
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Dependent Care Account
Custodial Care such as:
- Before and after school day-care
- Day camps
- Pre-kindergarten classes
- Care-provider transportation
- Application fees
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Dependent Care Account
Important Restriction:
- Reimbursement Is Limited to Available Funds
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www.pacificsource.com/psa
- View Account Status
- Payment Information
- Submit a Claim
Online Account Access
- Flex Benefits |
- MyFlex Log
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How to Use the Plan
How to Get Reimbursed:
- 1. Submit Manual Claim
a) Website b) Fax c) US Mail
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How to Use the Plan
Reimbursement:
- Within Four Days of Claim
- Direct Deposit
- Check
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The “Fine Print”
- Funds Cannot Be Moved Between
Accounts
- “Use It or Lose It” (90 Day
Claim Submission)
- Qualifying Event to Change
Election
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