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Your Flexible Benefit Program take care ® by WageWorks.

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Presentation on theme: "Your Flexible Benefit Program take care ® by WageWorks."— Presentation transcript:

1 Your Flexible Benefit Program take care ® by WageWorks

2 Flex benefits overview 2 Why youll want to participate How it works

3 What is a flexible benefit plan? Its a benefit provided by your employer that lets you set aside a certain amount of your paycheck into an account before paying income taxes. During the year you can use funds in the account to pay for: qualified healthcare expenses not covered by insurance day-care expenses for a dependent child or elder so you can work Elections can only be made/changed during open enrollment or after a qualified family status change, as your plan allows. 3

4 What expenses qualify? The Health FSA is used to pay for expenses not covered by insurance. These include expenses you pay for you and your family: Doctors Office Visits Prescription drugs Prescribed Over-the-counter (OTC) medication Eye exams and surgeries Glasses and contacts Dental and Orthodontics And more 4

5 What expenses qualify? The Dependent Care FSA is used to pay for work- related day care expenses. These include expenses you pay for your qualifying dependents: Day care/nursery school Before/After school care Summer day camp/Summer day care Elder day care 5

6 What is the biggest advantage? 6 You can save 25-40% on payroll taxes. The portion of your salary that you elect to put into the plan is not taxed. You save: Federal income tax State and local taxes (where applicable) Social security tax (assuming the employees salary is below the maximum social security wage base).

7 When can I use the money in my account? Total annual Health FSA election is available to use on the first day of the plan year. Day-care elections are available each time a contribution from your paycheck is made to your Dependent Day-care account. 7

8 How to sign up for your benefits 8

9 How do I enroll? 9 Go to FSAWorks4Me.com/takecare to see how much you can save by contributing to your flex accounts: Health FSA Dependent Day-Care FSA Other benefits your plan may offer Sign up during open enrollment (via BeneTrac) Contact your Human Resource representative with questions

10 How to access your funds 10

11 Accessing Your Account Funds During The Plan Year 11 Pay By Card Use at point-of-service for qualified health care expenses Great for co-pays, prescriptions & other eligible out-of-pocket expenses not covered by the health plan Pay Me Back Traditional Claims reimbursement Payments made daily Check reimbursement or Direct deposit

12 Managing your account 12 Web site Interactive voice Customer Service Representative

13 Participant Website Check account balance Create a claim online Print forms Sign up for direct deposit 13 takecarewageworks.com

14 Participant Services Interactive voice – 24 hours a day Customer Service Representative 8 a.m. – 7 p.m. Eastern time. 8 a.m. – 7 p.m. Central Time 14

15 Questions?

16 Thank You! take care ® by WageWorks


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