Presentation on theme: "FastFacts Feature Presentation February 17 th, 2009 We are using audio during this session, so please dial in to our conference line… Phone number: 877-468-2134."— Presentation transcript:
FastFacts Feature Presentation February 17 th, 2009 We are using audio during this session, so please dial in to our conference line… Phone number: 877-468-2134 Participant code: 182500
Todays Topic Well be taking a look at… Flexible Spending Account (FSA) Update
Todays Presenter Michael McCormick Benefits Consultant/Trainer
Session Segments Presentation –Michael will address support staff, pre-retirement. –During Michaels presentation, your phone will be muted. Q&A –After the presentation, well hold a Q&A session. –Well open up the phone lines, and youll be able to ask questions. –Michael will answer as many of your questions as time allows.
Contact Us If you would like to submit a question during the presentation or if youre having technical difficulties, you can email us at: firstname.lastname@example.org email@example.com You can also send us an instant message! –GoogleTalk – HopkinsFastFacts@gmail.comHopkinsFastFacts@gmail.com –AOL Instant Messenger – HopkinsFastFacts –MSN – FastFacts@jhu.edu
Survey –At the end of this FastFacts session, well ask you to complete a short survey. –Your honest comments will help us to enhance and improve future FastFacts sessions.
Agenda: What is a Flexible Spending Account (FSA)? What are eligible expenses? How do I get reimbursed? Flexible Spending Accounts
Administered by WageWorks Tax-free dollars are used to pay for certain medical and dependent care expenses –Health Care FSA (Medical/Dental) - $5,000/yr. –Dependent Care FSA - $5,000/yr. (family limit) Use It…or…Lose It
Eligible Expenses Health Care FSA –Deductibles, copays, coinsurance, glasses/contacts, over-the-counter medications, etc. Dependent Care FSA –Daycare, before and after care, summer day camp, sitter for elderly parent. Complete list at www.wageworks.comwww.wageworks.com
Reimbursement Reimbursement card Pay My Provider Submit claim forms
Pay My Provider Once your WageWorks account has been established, you may access your account online and elect to cut a check from your account using this feature. Proof of the expense will be required.
Submitting Claims Use the WageWorks forms to submit claims for health care and dependent care. Fax along with the proof of expense. WageWorks will send a check or you may elect direct deposit of your reimbursement.
Reimbursement Card Participants in the HC FSA receive a WageWorks reimbursement card (or their 2009 elected amount is loaded onto their existing card). Designed to function as a debit card drawing from your FSA account. IRS rules govern the use of the cards.
Using the FSA Card Why use the card? –Eliminates need to pay out of pocket at the time of purchase. Does not eliminate the need to substantiate claims. SAVE ALL RECIEPTS and be prepared to submit them. –If you do not provide requested info, your card will be deactivated until expenses are substantiated.
Where can the card be used? At merchants that have a valid merchant category code such as pharmacies, doctor offices. A list of the certified merchants can be found at www.sig-is.orgwww.sig-is.org –Under Publications, click on IIAS Merchant List
For Your Information… If the merchant/provider has no code, the card will be denied at point of sale/service. You will need to pay for the expenses and submit a Pay Me Back Claim Form for reimbursement.
FSA Reimbursement When activating your reimbursement card online, update your email address in the contact information box since all WageWorks communication to participants is by email. If you would prefer to receive paper statements, you can elect to do so at any time by logging in, selecting the FSA, then choosing View Account Statement.
Flexible Spending Accounts Conclusion Today we covered… Use for eligible expenses; medical, dental and daycare Save all receipts / proof of purchase Contact WageWorks first for any issues –1-877-924-3967
Benefits Service Center Mon – Fri 8:30 to 5:00 410-516-2000 Fax 443-997-5820 1101 E 33 rd St, Suite D100, Baltimore, MD 21218 firstname.lastname@example.org
Were going to open the phone lines now! There will be a slight pause, and then a recorded voice will provide instructions on how to ask questions over this conference call line. Well be answering questions in the order that we receive them. Well also be answering the questions that were emailed to us during the presentation. If theres a question that we cant answer, well do some research after this session, and then email the answer to all participants. Q&A
Thank You! Thank you for participating! We would love to hear from you. –Are there certain topics that you would like us to cover in future FastFacts sessions? –Would you like to be a FastFacts presenter? –Please email us at: email@example.com
Survey Before we close, please take the time to complete a short survey. Your feedback will help us as we plan future FastFacts sessions. Click this link to access the survey… http://connect.johnshopkins.edu/fastfactssurvey/ http://connect.johnshopkins.edu/fastfactssurvey/ Thanks again!