Presentation is loading. Please wait.

Presentation is loading. Please wait.

Flexible spending accounts City of Eugene. Benefits available Pre-tax payments for your premiums MedicalDentalVision Healthcare flexible spending account.

Similar presentations


Presentation on theme: "Flexible spending accounts City of Eugene. Benefits available Pre-tax payments for your premiums MedicalDentalVision Healthcare flexible spending account."— Presentation transcript:

1 Flexible spending accounts City of Eugene

2 Benefits available Pre-tax payments for your premiums MedicalDentalVision Healthcare flexible spending account Eligible medical care expenses Spouse’s medical care expenses Dependent’s medical care expenses Dependent care flexible spending account Work related dependent care costs Includes care for adult dependents Commuter Expense Account Parking Expenses Mass Transit Expenses

3 How your benefits help you save money $2,500 for healthcare expenses $5,000 for dependent care expenses $2,366 MORE for other things! Salary: $40,000 Premiums: $520 Medical care: $2,500 Dependent care: $5,000 Taxable income: $31,980 Federal income tax State income tax Social security tax Take home: $22,546 Molly’s Income Salary: $40,000 Federal income tax State income tax Social security tax Take home: $28,200 Premiums: $520 Medical care: $2,500 Dependent care: $5,000 Left over: $20,180 Molly’s Income

4 $2500 maximum Maximum election Entire election available Uniform coverage Change in status to modify election Irrevocable election Band aids First aid kit Neti pot Reading glasses For example Co-pays Deductibles Coinsurance Orthodontia Glasses For example Aspirin Neosporin Cough medicine Prescription drugs For example Is the goods or service treating or curing a medical condition? How does the goods or service treat the medical condition? Would you purchase the goods or service without the medical condition? Letter of medical necessity Your healthcare flexible spending account (health FSA) Eligible expenses Over the counter items Expenses not covered by your medical, dental or vision plan Prescriptions and over the counter medicines with a prescription Other medical treatments List of eligible expenses Massage therapy – if not covered by your medical plan Health related classes Home medical equipment For example Change in status (1) Change in marriage (2) Change in number of dependents (3) Change in employment status (4) Change in dependent eligibility

5 Your dependent care flexible spending account (DCAP) Eligible expenses (1) Expenses for gainful employment (2) Expense for a qualifying individual (3) Expenses for care of the qualified individual Are working full or part time Are attending school full time You are working and your spouse is incapable of providing care You and your spouse… A dependent under 13 A spouse or person who is physically or mentally incapable of self care and lives with for more than half the year This includes Summer day camp for dependents under 13 After or before school programs for dependents under 13 Preschool and prekindergarten Examples $5000 filing jointly $2500 filing separately Maximum election Only amount contributed Account balance Change in status to modify election Irrevocable election Change in status (1) Change in marriage (2) Change in number of dependents (3) Change in the cost of care (4) Change in dependent eligibility

6 Your commuter expense account (TRA) Eligible expenses (1) Parking for work expenses (2) Transit costs for your commute (3) Vanpooling costs for your commute Monthly parking pass for a parking garage near work Daily pass to ride public transit Yearly pass for transit Examples Parking: $250/month Transit: $80/month Maximum election Only amount contributed Account balance You may cease, increase or decrease your election each month. Modifiable election

7 Additional expense considerations Health Care/Dependent Care (1) The goods or service was incurred between January 1 to December 31 (2) The goods or service was incurred within the 75 day grace period Transportation (1) The goods or service was incurred between January 1 to December 31 Expense must be in the plan year Health Care/Dependent Care All requests and documentation received by June 15 Transportation All requests and documentation must be received within 180 days of when the expense was incurred or March 31 whichever is earlier. Run out period Tip 1: Your entire health FSA election is available on Jan. 1 Tip 2: Your DCAP and transit account will be limited to funds contributed Tip 3: EOBs are the best form of documentation

8 How does it work?

9 Enrolling in your benefits $2,500 health FSA $5,000 DCAP $250 parking $80 public transit Maximum election AutoPay or benefits card Check Direct deposit Deposits Step 1: Make your election BE CONSERVATIVE Step 2: AutoPay, benefits card or manual reimbursement? Step 3: Will you participate in the direct deposit program? Step 4: Complete all forms & submit to Risk Services by 5:00pm on December 12 th.

10 Requesting reimbursement Submit a paper claim by fax, email or mail Submit online with no form through WealthCare portal Manual Claims processed under your insurance are given to BHS to reimburse the out of pocket costs automatically AutoPay Dependent care expenses Manual reimbursement Medical care expenses Manual reimbursement AutoPay Medical care expenses Manual reimbursement AutoPay Benefits card Transit expenses Manual reimbursement Benefits card

11 Understanding AutoPay Medical carrier processes claim and sends file to BHS BHS processes the claims BHS pays the member from their FSA account How does it work? No claims or documentation to submit Sign up for direct deposit and your money will automatically be deposited into your bank account Benefits of AutoPay If you prefer the Benefits Card (cannot have both) If you have other health insurance coverage (COB) If you have a domestic partner on your coverage who is not a tax dependent Why not choose AutoPay?

12 Understanding your benefits card Merchant category code for eligible retailers and providers Inventory information approval system for eligible healthcare expenses Point of sale access to your health FSA or transit account Unnecessary for set copays, accepted recurring fees and prescriptions Submitting documentation Limited to expenses within the plan year or grace period Timing limitations

13 Tips when using the Benefits Card Members not eligible for AutoPay Members who do not want to wait for reimbursement Who should select the Benefits Card Review the letter you received from BHS Contact customer service if you need further assistance Send in requested documentation as soon as possible If your card gets shut off The patient receiving care A description of the service or goods Who delivered the goods or service The date of service Final out of pocket cost to you What to include with documentation Tip 1: Save all of your receipts and documentation in case you receive a letter from BHS. Tip 2: Remember to submit all of your documentation within 45 days of receiving a letter Tip 3: EOBs are the best form of documentation

14 Resources and account monitoring Forms including your claim forms and the Letter of Medical Necessity Find a list of eligible and ineligible expenses Request to share your Personal Health Information with family and friends Additional Q&A resources BenefitHelp Solutions online Submit reimbursement requests online with no claim forms Review your account balance and all reimbursement requests Change your member communication preferences WealthCare portal Learn how your plan works Summary plan description

15 Make your election Decide how you’re going to use your benefit Before the end of open enrollment Incur eligible expenses Contribute to your accounts During the plan year Request reimbursement and submit documentation for all expenses At the end of the plan year Putting it all together

16 Things to remember You need to re-enroll every year. You have until 5:00pm on December 12 th to make your elections. Unless you enroll in AutoPay you may have to submit documentation for your expenses. Your plan includes a 75-day grace period. Not all day care like expenses qualify for reimbursement through your dependent care account…so ask questions.

17 Any questions?


Download ppt "Flexible spending accounts City of Eugene. Benefits available Pre-tax payments for your premiums MedicalDentalVision Healthcare flexible spending account."

Similar presentations


Ads by Google