Transcript Document
FastFacts Feature Presentation February 17th, 2009 We are using audio during this session, so please dial in to our conference line… Phone number: 877-468-2134 Participant code: 182500 Today’s Topic • We’ll be taking a look at… Flexible Spending Account (FSA) Update Today’s Presenter • Michael McCormick Benefits Consultant/Trainer Session Segments • Presentation – Michael will address support staff, pre-retirement. – During Michael’s presentation, your phone will be muted. • Q&A – After the presentation, we’ll hold a Q&A session. – We’ll open up the phone lines, and you’ll 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 you’re having technical difficulties, you can email us at: [email protected] • You can also send us an instant message! – GoogleTalk – [email protected] – AOL Instant Messenger – HopkinsFastFacts – MSN – [email protected] Survey • Survey – At the end of this FastFacts session, we’ll ask you to complete a short survey. – Your honest comments will help us to enhance and improve future FastFacts sessions. FSA Update Flexible Spending Accounts 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.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.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 33rd St, Suite D100, Baltimore, MD 21218 [email protected] Thank you! Q&A • We’re 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. • We’ll be answering questions in the order that we receive them. • We’ll also be answering the questions that were emailed to us during the presentation. • If there’s a question that we can’t answer, we’ll do some research after this session, and then email the answer to all participants. 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 protected] 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/ Thanks again!