FSAFEDS The Federal Flexible Spending Account Program

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Presentation transcript:

FSAFEDS The Federal Flexible Spending Account Program

FSAFEDS & Healthcare Reform

What is a Flexible Spending Account? An account where you contribute money from salary BEFORE taxes are withheld A way to save money on day care and health care services and items for you and your family Key Benefit: Pay Less Taxes - Save Money!

FSAFEDS At-a-Glance 318,000+ FSAFEDS Participants 306,000+ Health Care FSA accounts $2,015.00 average annual HCFSA election 90% of 2009 participants re-enrolled for 2010

FSAFEDS At-a-Glance (cont.)

Health Care Reform & FSAFEDS The Patient Protection and Affordable Care Act (PPACA) was signed into law on March 23, 2010 Over-the-counter (OTC) medicines and drugs (except insulin) are only eligible for reimbursement, when prescribed by a physician, effective January 1, 2011 Change affects all FSA programs

Health Care Reform (cont.) OTC expenses have not “gone away” Many OTC items, such as bandages, nasal strips and contact lens solutions are still eligible WITHOUT a prescription Those that require a prescription are STILL eligible for reimbursement These include acne treatments, allergy and cold medicines and antacids See OTC Quick Reference Guide at www.FSAFEDS.com for more information

Health Care Reform (cont.) Claims for OTC drugs and medicines MUST be accompanied by a copy of a physician’s prescription OTC expenses incurred during the Grace Period (January 1 – March 15, 2011) follow the new guidelines OTC expenses incurred in 2010, but not submitted until after January 1, 2011 (but before April 30) are not affected Plan your 2011 election carefully if you normally include OTC expenses in your election

Health Care Reform (cont.) Health care expenses for adult children, through the end of the calendar year in which they turn 26, are eligible for reimbursement through a HCFSA A child includes a son, daughter, stepchild, adopted child, eligible foster child or a child who is placed with the employee for legal adoption Includes adult children who are married Do not need to reside with participant Do not need to be financially dependent on the participant Does not include spouses of adult dependents

Federal Benefits Open Season November 8 – December 13, 2010 Enroll early to avoid the last minute rush!

Contact Us www.FSAFEDS.com FSAFEDS-HR@shps.com TTY line: 1-800-952-0450 Benefits Counselors are available Monday through Friday, 9:00 a.m. to 9:00 p.m., ET