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Download What is a Flexible Spending Account?
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YourFlex! ™ Using tax-free dollars is the smarter way to pay medical expenses YourFlex makes it easy Offered through The Capitol Group of Companies Administered by Benefit Solutions, Inc. 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. All employees that are working 35 hours per week can participate. Free to participate Separate from health/dental insurance. Benefits you, your spouse, and your dependents. YourFlex! ™ How can this benefit me? More $ in your pocket The example located on the back of the YourFlex Guidebook shows how someone making $1,600 a month could see their take-home increase by $135 a month... that is $1,620 a year back in your pocket! YourFlex! ™ How can you spend your tax-free dollars using YourFlex? Dr. Visits Prescription Co-Payments Daycare expenses Eye Glasses and/or Contact lenses Dental/Orthodontic bills YourFlex! ™ YourFlex tools for tax-savings Medical Reimbursement Dependent Care Reimbursement Private Premium Reimbursement YourFlex! ™ Medical Reimbursement The most common account in an FSA; this account allows you to provide tax-free funds that can be used for medical expenses for you, your spouse, and/or your dependents. YourFlex! ™ Medical Reimbursement 2 Options for Medical Reimbursement: General Purpose (standard) Spousal Exclusion (only select this option if your spouse contributes to an HSA). YourFlex! ™ 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! ™ 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! ™ Changes & Highlights Over-the-Counter (OTC) Medications As of January 1, 2011 we are no longer allowed to reimburse for OTC medications without a prescription. New Definition of a Dependent An employee can get reimbursed for dependents up to the end of the calendar year in which the child turns 26 years old 2013 Maximum Decrease As of January 1, 2013 the maximum for medical reimbursement accounts will be reduced to $2,500. YourFlex! ™ Quick Fact Sheet The “Plan Year” dates January 1, 2012-December 31, 2012 2 ½ month extension adopted Minimum & Maximum Medical: $3,000/yr Maximum. No minimum. Dependent Care: $5,000/family/yr Maximum. No minimum. $2,500/yr Maximum if married and filing separately. YourFlex! ™ Quick Fact Sheet Cost to the employee Free! Important dates to remember For all reimbursement accounts services must be received between January 1, 2012-March 15, 2013. All receipts must be received by April 30, 2013. YourFlex! ™ 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 YourFlex! ™ 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! ™ How do I enroll?: 3 easy steps Step 1: Estimate your upcoming annual cost Glasses? Dentistry? Daily Medications? Life happens? YourFlex! ™ How do I estimate? 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! ™ How do I enroll?: 3 easy steps Step 2: Sign up! Complete a form ONLY if you meet one of the following criteria: New Participant Current Participant making a change to your election, personal information, dependent information and/or direct deposit information Waiving participation for the plan year. *Please Note: if you are a current participant and you do not complete a form your previous plan year’s information will be rolled over into the new plan year. YourFlex! ™ How do I enroll?: 3 easy steps Step 3: Each pay period contribute pre-tax When you have qualified expenses, send in a Request for Reimbursement 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. YourFlex! ™ 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 In Richmond, VA: 804.741.4444 Call YourFlex: 800.858.9546 In Richmond, VA: 804.379.0909 YourFlex! ™ Use YourFlex to sign up for a cash benefit YourFlex! ™ Use mySource Card for Medical Reimbursements Introduction The MySource Card integrated debit card will give you the option to receive payments out of your Medical Reimbursement Account and is tied to the available balance in your account. YourFlex! ™ You Will Still Have a Choice... For each expense, you can either: Use your debit card, OR Submit a reimbursement request after services are received and then you will be reimbursed. Merchant Types The card allows employees to use the debit card at certain merchant types: Physicians Pharmacies Dentists Vision Care Offices Hospitals Supermarkets & Grocery Stores (see IIAS list) Discount Stores & Wholesale Clubs (see IIAS list) The Inventory Information Approval System (IIAS) is a system set up to automatically identify eligible transactions and only charge those items at the register. YourFlex.com - Benefit Solutions, Inc. AutoPay Requirements If the debit meets these requirements, no documentation necessary: Pre-defined co-pay amounts, or Reoccurring expenses that have been previously reimbursed with the same amount, provider & time period, or If the IIAS is used What if the Debit Does Not Equal AutoPay Requirements? Employee will need to submit a reimbursement request within 6 weeks with supporting documentation. The Card Advantage CASH FLOW Multiple Cards Allowed Integrated into existing website – one logon does it all: www.YourFlex.com How Does It Work? 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 How Does It Work? IF NOT SETTLED IN 6 WEEKS... • Any reimbursement requests received after will be applied to the debit first before being reimbursed. • You may be asked to send in a check, if no alternate receipts are available. • Card will be reactivated once paid – 3 strikes policy. How Do I enroll? • No separate application! • In order to receive a debit card you MUST provide an email address on your enrollment form. If you do not provide an email you will not receive a debit card. • Once open enrollment is complete, you will receive an email notification informing you that your mySourceCard has been mailed. Please allow 10-14 days for your mySourceCard to arrive. YourFlex! ™ Using tax-free dollars is the smarter way to pay medical expenses YourFlex makes it easy Thank you
