Flexible Spending Account
A Flexible Spending Account (FSA) allows you to have money deducted from your pay on a pre-tax basis and put into an account that you can use to pay for eligible expenses. There are two types of accounts, Medical and Dependent Day Care.
Click Here for a copy of the Flexible Spending Account Summary Plan Description.
How Does It Work?
If you participate, you will elect to have a specified amount of pre-tax money deducted from your paycheck each pay period. These dollars are subtracted from your gross earnings before taxes and put into a flexible spending account. Once enrolled, you will be issued a debit card to access funds in your Flexible Spending Account. Present your card at the time of payment to make qualified purchases for medical goods and services, as well as dependent day-care services. Alternatively, you may submit a receipt for a qualified expense, and be reimbursed from this account.
Click Here for a copy of the Flex Facts Flexible Spending Account Employee Guide.
Who Is Eligible to Participate?
Anyone who is eligible for health benefits is eligible to enroll in the FSA plan. Even if you decide not to elect health benefits, you may still enroll in the Flexible Spending Plan. Please see the Eligibility page for further details.
Contributing money to a FSA can save you money. Click here for the Flex Facts FSA overview brochure.
How Do I Enroll?
To enroll in either the Medical or Dependent Care Flexible Spending Accounts, you must make an election during the Open Enrollment period. Open Enrollment will be held every Fall. Elections made during the Open Enrollment period become effective on January 1st. New employees may join the first of the Plan Year (January 1st) following the date the eligibility requirements are met.
What is Our Plan Year and When Would I Need to Use the Money in my Account By?
The plan year is January 1st through December 31st. However the Board has also included in your plan a 2-1/2 month extended Grace Period. This allows employees who participate in the Plan ending December 31st to incur claims through March 15th of the following year. This provides participants with an extra 2-1/2 months to use their contributions. For example, the first plan year is from January 1, 2012 through December 31, 2012, however employees participating in the medical FSA may continue to incur and submit claims until March 15, 2013.
How Much Can I Contribute?
The maximum you can contribute to the Medical Flexible Spending Account in 2012 is $2500.
For a Dependent Care Flexible Spending Account:
-
$5,000 for a married couple filing jointly
-
$5,000 for a single parent
-
$2,500 for a married person filing separately
When Do The Contributions Begin?
Contributions will begin your first pay period in January. Contributions will be divided among the number of pays you receive throughout the year, 20 pays for 10 month employees and 24 pays for 12 month employees.
Important! The “Use It Or Lose It” Rule
If you contribute dollars to a reimbursement account and do not use all the monies you deposit, you will lose any remaining balance in the account at the end of the eligible claims period. This rule exists because the IRS has established strict guidelines for plans with tax advantages. Estimate carefully the amount you want to contribute to your FSA, and only contribute dollars you're confident will be used before the end of the eligible claims period. If you need assistance, representatives are available to help you in determining what amount you should contribute.
What Expenses Can I Submit for Reimbursement Through the Medical FSA ?
Common expenses that are eligible include; co-pays, deductibles, prescriptions, vision and dental expenses. In order to be eligible the expenses must:
1. Be for medical care.
2. Be incurred by you, your spouse or your eligible dependents.
3. Be incurred during the period of coverage.
4. Not be reimbursed by any other source. (Per IRS regulations, qualified medical expenses are not paid for or reimbursed for under any other health plan coverage. Therefore you cannot use your FSA card for copays that you are submitting for reimbursement through Aetna.)
For a listing of eligible expenses:
What About Over the Counter Medications?
Beginning January 1, 2011, participants are no longer able to use money from their Flexible Spending Account for reimbursement for over-the-counter drugs that are not prescribed by a doctor. To be reimbursed for over the counter medications, you must submit your claim with a prescription from your doctor. This new rule does not apply to reimbursements for the cost of insulin, which will continue to be permitted, even if purchased without a prescription.
What Expenses Fall Under the Dependent Day Care FSA?
Common expenses that are eligible include; daycare facilities, after school programs, summer day camp, and in home babysitters. In order to be eligible the expenses must:
1. Be for employment related expenses.
2. Be incurred to allow you and your spouse (if applicable) to be gainfully employed.
3. Be for your child who is under the age of 13 or for your spouse or tax dependent who lives in your home and is incapable of self-care.
How Do I Get Reimbursed For Expenses?
The easiest way to use your funds is by using your debit card at the point of service. The card can be used at any medical or dependent care facility that accepts MasterCard. You can also use your card at most pharmacies. When you use your card funds are automatically deducted from your account to pay for eligible expenses.
Flex Facts, an administrator of pre-tax employee benefit plans specializing in Medical & Dependent Care Flexible Spending Accounts, will be responsible for processing all claims for the Cinnaminson Board of Education employees and their dependents.
Please note that you should retain all of your receipts. The IRS requires that the administrator request copies of receipts for certain claims. If you are required to send in receipts an e-mail or letter will be sent to you the business day after you use your card. If you are not able to use your card at the point of service you can file a claim online, by fax or by mail.
To file electronically log into your Flex Facts FSA account, click on the “Request Reimbursement” link under “My Accounts” on the top left hand side of the screen then follow the on-line instructions.
To file via fax or mail complete a Claim Form and send it along with a copy of the EOB to:
Flex Facts Claims Department, 7 Grant Avenue, Lakewood, NJ 08701, Fax 877-747-8564
You can download the claim form at www.flexfacts.com or on the Forms tab of your on-line Employee Benefit Handbook. Manual claims are reimbursed via direct deposit or manual check. To speed up the reimbursement process please sign up for direct deposit by logging into your account as described below.
Accessing Your Account On-Line
Once your enrollment is received and entered into the system you will be able to access your account information on-line:
2. Click on the “Participant Login” button on the top right hand side of the screen.
3. Your first time logging into your account you will have to click on the “Create Account” button.
4. Enter in the information requested. You will need the following information:
5. Set up your username and password. Note that your password must be at least 7 characters long and include at least one number and one letter. Once you log into your account you can access your account information including balances and claims history.
You can also access your account information between 8:30 AM and 8:30 PM by calling 877-94-FACTS (877-943-2287).
|
