YourFlex! ™ 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.
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Transcript YourFlex! ™ 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.
YourFlex!
™
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!
™
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!
™
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!
™
YourFlex.com - Benefit Solutions, Inc.
Medical Reimbursement
2 Options for Medical Reimbursement:
General Purpose
Spousal Exclusion
YourFlex!
™
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!
™
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!
™
YourFlex.com - Benefit Solutions, Inc.
Quick Fact Sheet
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.
YourFlex!
™
YourFlex.com - Benefit Solutions, Inc.
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!
™
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!
™
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!
™
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!
™
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!
™
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!
™
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!
™
YourFlex.com - Benefit Solutions, Inc.
Debit Card Emails
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
YourFlex.com - Benefit Solutions, Inc.
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!
™
YourFlex.com - Benefit Solutions, Inc.
Use YourFlex to sign up for a
pay increase
Questions?
YourFlex!
™
YourFlex.com - Benefit Solutions, Inc.
YourFlex!
™
Using tax-free dollars
is the smarter way to pay medical expenses
YourFlex makes it easy
Thank you