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Using tax-free dollars is the smarter way to pay medical expenses

Published byLilian Lyons Modified over 6 years ago

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Presentation on theme: "Using tax-free dollars is the smarter way to pay medical expenses"— Presentation transcript:

1 Using tax-free dollars is the smarter way to pay medical expenses
YourFlex makes it easy

2 Parent Child Development Corporation Flexible Spending Account
What is a Flexible Spending Account? A Flexible Spending Account (FSA) allows you to shift a portion of your income from taxable to tax-free to pay for allowable medical expenses. Completely voluntary. Free to participate—your employer pays us Separate from health/dental insurance. YourFlex.com - Benefit Solutions, Inc.

3 YourFlex tools for tax-savings
Medical Reimbursement Dependent Care Reimbursement Private Premium Reimbursement Debit Card YourFlex.com - Benefit Solutions, Inc.

4 Medical Reimbursement
Pay for out-of-pocket medical expenses for your whole family. Examples: Doctor co-pays Prescription co-pays and deductibles Dental Work Vision Services YourFlex.com - Benefit Solutions, Inc.

5 Medical Reimbursement
2 Options for Medical Reimbursement: General Purpose Spousal Exclusion YourFlex.com - Benefit Solutions, Inc.

6 Dependent Care Reimbursement
Tax-free funds placed in a Dependent Care Reimbursement account can be used for the physical care of a child age 12 and under while both parents are: Working Seeking employment, or Attending school. YourFlex.com - Benefit Solutions, Inc.

7 Private Premium Reimbursement
A Private Premium Reimbursement Account uses tax-free dollars to reimburse for a health related insurance premium on a policy that is paid for personally (outside the company). Policy has to be in the employee’s name or for a dependent child only The policy must pay only if a specific condition occurs Can not accrue cash value Can not be for Long-Term Care or Life Insurance YourFlex.com - Benefit Solutions, Inc.

8 Quick Fact Sheet April 1, 2016 – March 31, 2017
The “Plan Year” dates April 1, 2016 – March 31, 2017 Minimum & Maximum Medical: $2,550/yr maximum. No minimum. Dependent Care: $5,000/family/yr maximum. No minimum. $2,500/yr maximum if married and filing separately. YourFlex.com - Benefit Solutions, Inc.

9 Important Points ONE Chance a year to sign up
Limited Changes - the amount of money you put into your accounts cannot normally be changed during the plan year unless a life event occurs (See the YourFlex guidebook for the IRS exceptions) Use it or Lose it ( 2 ½ month extension adopted) YourFlex.com - Benefit Solutions, Inc.

10 Some of the finer points...
For Medical Reimbursements, you can use the amount you have committed to contributing immediately. For Dependent Care & Private Premium you cannot you use the funds until the money is in your account YourFlex.com - Benefit Solutions, Inc.

11 How does it work?: 3 easy steps
Step 1: Sign up with an Enrollment Form Estimate your expenses for the next year based on: When services will be received Services must be received in the PLAN YEAR or during the extension. Guess low to limit risk YourFlex.com - Benefit Solutions, Inc.

12 How does it work?: 3 easy steps
Step 2: Put money in your account pre-tax automatically through payroll Your employer will take your election amount, Divide it by the number of remaining pay periods for the plan year, and Deduct a little out of each paycheck tax free. YourFlex.com - Benefit Solutions, Inc.

13 How does it work?: 3 easy steps
Step 3: Take your money out of your account Submit Reimbursement Request (All Accounts) Or Pay with Debit Card (Med Reimb. Only) YourFlex.com - Benefit Solutions, Inc.

14 Reimbursement Request
When you have qualified expenses, send in a Request for Reimbursement with support: fax, mail, or web upload We review the claim for compliance with IRS regulations. We send you your money back from your account within a week! in by Tuesday at 5, out by Friday. You have through July 31, 2016 to submit dates of service that are on or before June 15, 2016. YourFlex.com - Benefit Solutions, Inc.

15 Debit Card Improves cash flow Card for employee and spouse
Tied to the available balance in your medical reimbursement account Integrated on our website – YourFlex.com Usable at most merchant types Significantly reduces paperwork you must submit If documentation is needed, you have 6 weeks Card good for 3 years YourFlex.com - Benefit Solutions, Inc.

16 Debit Card Emails 6 Week Process Email #1 – Notification – debit made
#2 – Status – no support vs. need support #3 – Reminder (3 weeks later) – need receipts submitted #4 – Final that card has been frozen YourFlex.com - Benefit Solutions, Inc.

17 For More Details... Read the YourFlex Guidebook Visit YourFlex.com
Consult Welcome Package that will be coming in the mail Call Benefit Solutions: 1-(800) In Richmond, Virginia call: (804) YourFlex.com - Benefit Solutions, Inc.

18 Use YourFlex to sign up for a pay increase Questions?
YourFlex.com - Benefit Solutions, Inc.

19 Using tax-free dollars is the smarter way to pay medical expenses
YourFlex makes it easy Thank you

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