Transcript Flexible Spending Account

Flexible Spending Account
• An FSA is a program that allows employees to pay for
certain medical, dental, vision, and dependent child care
related expenses with pre-tax dollars. Employees like
Flexible Spending Accounts because they can pay for out
of pocket expenses with pre-tax dollars, giving you more
take-home pay. You save money by reducing your
Federal, FICA, and most State Income Tax (excluding
N.J.).
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IT IS NOT AN INSURANCE POLICY.
IS THERE ANY RISK ?
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Revocation of Election:
A Participant can not make any changes to his or her Pre-Tax
election(s) under the plan except for election changes which are
permitted within the IRS rules (i.e. marriage, death, birth of a child, divorce, loss of
coverage).
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Use-It-Or-Lose-It Rule:
If a Flexible Spending participant does not utilize their entire
Unreimbursed Medical and/or Unreimbursed Dependent Care
annual election(s) within the plan year and submit within the 90
day Run Out Period, the unclaimed portion of that election will
be forfeited.
The new IRS $500 FSA Rollover!!
On October 31, 2013, the IRS made an exciting change that affects Flexible
Spending Accounts (FSAs)! They modified the “use it, or lose it” rule which
required any leftover balance in a health FSA to be forfeited at the end of
the plan year. The new plan allows you to carry over up to $500 of your
unused health FSA balance at the end of the plan year, so you no longer have
the risk of losing your set-aside money.
What do you need to do now?
Decide how much you want to elect for 2015. Keep in mind that any unused funds
from 2015 will be rolled over into the 2016 plan year to a maximum rollover of $500.
Also keep in mind that the carryover will not impact your election limit for the 2016
plan year. For example, if you choose to elect the maximum of $2,550 for 2016, plus
any carryover from 2015 (up to $500), you could start off the 2016 plan year with a
balance of as much as $3,050.
SAMPLE FSA ELIGIBLE EXPENSES
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Out of Network Medical
Claims
Prescription Drugs
Physician Co-payments
Individual Psychiatric Care
Routine Exams
Lasik Surgery
Prescription eyeglasses
Contact Lenses/Solution
Physical Therapy
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Travel expenses for person to
receive medical care
Immunization/Flu Shots
Chiropractic Fees
Birth Control Pills
In-Vitro Fertilization
Non-cosmetic Dental
services/braces
Insulin and syringes
Certain types of over-the counter
items (i.e. band-aids, and heatingpads)
How to use your mySource card?
“Depending on which merchant you choose to
use your mySource card at, may or may not
necessitate the
need to submit a claim form...”
FSA Dependent Care
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You can use a Dependent Care Spending Account only if you pay dependent day care
expenses to be able to work. Your day care services can take place either inside or outside of
your home. If you are married, your spouse must also work, go to school full time, or be
incapable of self-care for you to be eligible.
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Only (a) dependents under the age of thirteen or (b) dependent adults or children thirteen
years or older who are mentally or physically incapable of self-care are covered.
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You cannot claim expenses if the service provider is your child or stepchild and are under age
19 or if you claim the service provider as a dependent for Federal income tax purposes.
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To be reimbursed, you must include the facility’s name, address, and tax identification
number or the Social Security number of the individual providing the dependent day care
service.
Maximum Dependent Care Contribution Limit: $5,000 per year
1.Once you select the
Reimbursement tab, you
see your account
information.
2.To view detailed
information, click the
detail link in box 2.
View Accounts
Including detailed account and balance information .
SnapClaim
File a claim and upload receipt photos directly from your Smartphone.
Debit Card Activity
View all debit card transactions and account activity.
Manage Subscriptions
Set up email notifications to keep you up-to-date on all account and health
debit card activity.
Locating and Loading the Mobile myRSC App
Simply search for "myRSC" on the App StoreSM for Apple
products or on the Google Play™ Store for Android products,
and then load as you would any other app
Logging In
Use the same username and password you use to log in to the full myRSC
website. After logging in, you will be on the home page which will list your
options
Questions about your FSA?
• O.C.A. Customer Service Line:
▫ 609-514-0777
• Mail Claims to:
▫ 3705 Quakerbridge Rd. Suite 216, Mercerville, NJ,08619
• Email claims to:
▫ [email protected]
• Fax claims to:
▫ 609-514-2778