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Using Healthcare and Dependent Care Flexible Spending Accounts An FSA = An Opportunity to Save
Imagine… There is $300 in the HR office for every employee to pick up, no strings attached. How many of you would pass that up?
©2009. ADP. Confidential Material. Got one of these?
©2009. ADP. Confidential Material. Want your software at a discount?
©2009. ADP. Confidential Material. How about great savings on hardware?
©2009. ADP. Confidential Material.
What is a Flexible Spending Account (FSA)? Two types: Healthcare Dependent Care You do not pay federal income tax on the funds in your account. Its like getting a coupon for a discount up to 40%.
Determine amount you want deducted from your paycheck Money is put into your account before taxes are taken out How does it work?
It saves you money It isnt tied to a certain kind of healthcare plan, like a high deductible plan Its easy to use ©2009. ADP. Confidential Material. Why should I use an FSA?
Use the funds in your FSA to pay for eligible expenses FSA funds dont carry over to the next year and you have to re-enroll every year Its easier than you might think to spend all your FSA dollars ©2009. ADP. Confidential Material. How do I get my money back?
©2009. ADP. Confidential Material. Tax Saving Example Or, how can bringing home less of my paycheck help me get more for my money? By using her FSA, Kim brought home an additional $534 for the year! Example of annual savings With FSA Without FSA Kims taxable income $55,000 $55,000 Pre-tax money deposited into her FSA -$1,500 -$0 Kims remaining taxable income $53,500 $55,000 Minus Federal, Medicare and Social Security taxes*-$19,073 -$19,607 Take-home pay spent on FSA-eligible health care expenses -$0 -$1,500 Kims remaining take-home pay $34,427 $33,893
©2009. ADP. Confidential Material. Save BIG on Eligible Health Care FSA Expenses Examples of eligible expenses: Deductibles and co-payments Vision expenses (prescription eyeglasses, contact lenses) Dental expenses Prescription drugs Certain over-the-counter (OTC) drugs and medicines For a more comprehensive list, visit: Save on things you buy every day
©2009. ADP. Confidential Material. Ineligible Health Care FSA Expenses Examples of ineligible expenses: Cosmetic surgery Teeth bleaching Health club memberships Insurance premiums For a more comprehensive list, visit: A few things cant be reimbursed
©2009. ADP. Confidential Material. Save BIG on Dependent Care FSA Expenses Daycare and after-school care for your children while you work If youre married, your spouse must work, be a full-time student or be disabled A dependent is defined as: A child under age 13 (tax dependent) A spouse or tax dependent who is mentally or physically incapable of caring for himself
©2009. ADP. Confidential Material. Dependent Care FSA Expenses Eligible Licensed nursery schools (Pre-K and under) Day care centers Day camps Care inside your home Ineligible Educational expenses for school-age children Overnight camps Food Transportation Extracurricular activities
©2009. ADP. Confidential Material. When can I sign up? FSA elections can be made: During your employers annual Open Enrollment period When you initially meet eligibility requirements If you have a qualified status change (based on plan design), for example, a change in: Legal marital status Number of dependents Employment status Dependent who ceases to meet eligibility
©2009. ADP. Confidential Material. Contributions Healthcare Your employer determines plan maximum and minimum Dependent Care Your employer determines plan maximum (no more than the IRS limit of $5,000 per family) and minimum Note: Your annual election goal amount is evenly divided among your paychecks throughout the year
©2009. ADP. Confidential Material. Reimbursements Eligible expenses can be reimbursed: 1.After the service is delivered by submitting a claim form 2.Reimbursements are: Made via check or Direct Deposit reimbursement Processed based on your employers schedule
©2009. ADP. Confidential Material. Additional Information 24-hour access to account information Claim forms Substantiation forms FAQs hour access to recorded account information Live representatives available 8 a.m. – 8 p.m. Eastern Time (Monday through Friday)
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