Presentation on theme: "Using tax-free dollars is the smarter way to pay medical expenses YourFlex makes it easy Offered through The Capitol Group of Companies."— Presentation transcript:
Using tax-free dollars is the smarter way to pay medical expenses YourFlex makes it easy Offered through The Capitol Group of Companies
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.
YourFlex tools for tax-savings 1.Medical Reimbursement 2.Dependent Care Reimbursement 3.Private Premium Reimbursement 4.Debit Card YourFlex.com - Benefit Solutions, Inc.
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.
Medical Reimbursement 2 Options for Medical Reimbursement: General Purpose Spousal Exclusion YourFlex.com - Benefit Solutions, Inc.
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.
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.
Quick Fact Sheet YourFlex.com - Benefit Solutions, Inc. The “Plan Year” dates April 1, 2015 – March 31, 2016 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.
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.
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.
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.
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.
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.
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.
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.
Debit Card Emails YourFlex.com - Benefit Solutions, Inc. 6 Week Process Email #1 – Notification – debit made Email #2 – Status email – no support vs. need support Email #3 – Reminder (3 weeks later) – need receipts submitted Email #4 – Final email that card has been frozen
For More Details... Read the YourFlex Guidebook Visit YourFlex.com Consult Welcome Package that will be coming in the mail Call The Capitol Group: (800) 527-0669 Call FSA Administrator: (800) 858-9546. YourFlex.com - Benefit Solutions, Inc.
Use YourFlex to sign up for a pay increase Questions? YourFlex.com - Benefit Solutions, Inc.
Using tax-free dollars is the smarter way to pay medical expenses YourFlex makes it easy Thank you