Flexible Spending Accounts Presented by: Cynthia D. Adams, CEBS Integrated Benefit Services (800) 981-9998 (800) 681-9916 - FAX www.integratedbenefitservices.com.

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Presentation transcript:

Flexible Spending Accounts Presented by: Cynthia D. Adams, CEBS Integrated Benefit Services (800) (800) FAX Making your health care $$ go further

What is a Flexible Spending Account A Flexible Spending Account (FSA) is an individual account set up in your name to reimburse you for eligible out-of-pocket health care and dependent care expenses incurred by you and your dependents. Contributions made to an FSA are taken on a pre-tax basis.

How the FSA plan works $$ currently paid towards out-of-pocket medical expenses and child care expenses are deducted from your paycheck on a pre-tax basis. Your income is lowered by these deductions and you pay less federal, state and social security taxes. When you incur an expense, you submit it for reimbursement and receive a tax-free reimbursement for the expense. Your annual amount for medical expenses is available for reimbursement at any time during the plan year regardless of the amount you have contributed

Tax Benefits of an FSA Your contributions to an FSA are deducted on a pre-tax basis The taxable amount of your paycheck is reduced, creating tax savings. The lower your “taxable income” the lower your taxes!

Example of Tax Savings Annual Compensation$50,000 Without FlexWith Flex Medical Premium$3,500 Medical/dental/vision/OTC expenses$4,000 Taxable Income$50,000$42,500 FICA/Medicare at 7.65%$3,825$3,251 Federal Income tax at 28%$14,000$11,900 State income tax at 9.3%$4,650$3,953 Medical Premium$3,500 Medical/dental/vision/OTC expenses$4,000 NET INCOME$20,025$23,396 TAKE HOME PAY$3,371

The FSA is designed to: Expand your current employee benefits Increase your spending income Lower your Federal, State and Social Security Taxes Receive tax-free reimbursements for your out- of-pocket health care and dependent care expenses, including expenses incurred for your eligibleover-the-counter (OTC) medical purchases Meet you unique benefit needs

How Much to Contribute Estimate your annual out-of-pocket expenses Check out the Integrated Benefits Services website and use the on-line calculator to calculate your tax benefits based on your personal pay and expenses

A Word of Caution You can only make your election annually unless you have a change in status, such as the birth of a baby, marriage, or change’s in your spouse’s job Funds cannot be transferred between reimbursement accounts Expenses generally must be incurred in the active plan year Any money left in your account at the end of the plan year is forfeited… so don’t over-estimate your expenses and use all your $$ that you set aside

Does the FSA work for you? Yes, if….  You pay a co-pay when you go to the doctor  You pay a co-pay when you pick up a prescription  You wear glasses or contacts  You pay for services when you go to the dentist  You buy Tylenol, Advil, band-aids, nasal spray, eye drops, contact lens solution, etc.