Presentation is loading. Please wait.

Presentation is loading. Please wait.

COUNTY OF SANTA CRUZ HEALTH CARE FLEXIBLE SPENDING ACCOUNT.

Similar presentations


Presentation on theme: "COUNTY OF SANTA CRUZ HEALTH CARE FLEXIBLE SPENDING ACCOUNT."— Presentation transcript:

1 COUNTY OF SANTA CRUZ HEALTH CARE FLEXIBLE SPENDING ACCOUNT

2 Health Care FSA Employee-funded account for the reimbursement of expenses not covered by insurance Pre-tax funding of elective contributions for known, budgetable expenses $2,400 plan year maximum benefit election Uniform Coverage Rule: full benefit is available on any day of the Plan Year

3 Health Care FSA Claims Administrator: Creative Benefits, Inc. Internet access to claims status and account balances Direct Deposit of claim payments is available Optional Health Care FSA Payment (Debit) Card - Additional $14.40 annual fee - Annual fee for the Payment Card is deducted from the participants FSA account in January

4 Health Care FSA Eligibility for participation in the FSA: - Employees in permanent, budgeted positions, and employees in positions defined as limited term - Employees do not have to be covered in any of the Countys group insurance plans in order to participate in the Health Care FSA - Dependents must meet IRS definitions in order for their expenses to be covered

5 Health Care FSA Example of Estimated Tax Savings

6 Health Care FSA EXAMPLES OF ELIGIBLE EXPENSES EXAMPLES OF INELIGIBLE EXPENSES Services provided by a licensed health care practitioner Vitamins and dietary supplements Provider Co-Pays, deductibles, RX Co-Pays Cosmetic surgery or procedures Over-the-counter medicines and supplies Athletic or health club memberships Eye glasses, contact lenses and solutions, LASIK Teeth whitening Dental and Orthodontic expenses

7 Health Care FSA Expenses have to be incurred during the Plan Year (January 1 through December 31) Plan Year is extended 2 ½ months into the next Plan Year for eligible expenses to be incurred Claims incurred from 1/1/08 through 3/15/09 can be reimbursed from the 2007 Health Care FSA account if a surplus exists at the end of the plan year on 12/31/07

8 Health Care FSA eligible expenses will be reimbursed from the prior years balance first, then from the current years balance all expenses that are to be reimbursed from the 2007 Plan Years election must be submitted by 3/31/08 Un-reimbursed contributions are forfeited by the plan participant Receipts must be provided to Creative Benefits for all expenses

9 Flexible Benefit Plan Employee Enrollment Health Care FSA enrollment cannot be changed during the plan year without a qualified status event: Death / divorce / legal separation Marriage Change in number of dependents Change in employment status

10

11

12 TAX CALCULATOR

13

14 TAX CALCULATOR password: creative

15

16 COUNTY OF SANTA CRUZ HEALTH CARE FLEXIBLE SPENDING ACCOUNT


Download ppt "COUNTY OF SANTA CRUZ HEALTH CARE FLEXIBLE SPENDING ACCOUNT."

Similar presentations


Ads by Google