![]() It is an alternative to the traditional method of filing claims. The MasterCard Debit Card is a convenient debit card that can simplify the process of paying for eligible expenses. Sign up for direct deposit TODAY to get your reimbursement faster. No more waiting for the mail or wasting time at the bank. There is no need to resubmit your claim.Įliminate the hassle of manual checks and have your reimbursements deposited for you directly into your account. If the claim cannot be paid in full, the system will reimburse you as the money accumulates in your account. When submitting a healthcare reimbursement claim, you will be reimbursed the total amount for that claim up to the total annual plan year election amount, regardless how much is in your account at that time.įor a dependent care claim, individual health/disability premium and adoption assistance plan, you will be reimbursed the amount on your claim up to the total amount in your account at the time the claim is submitted. You will have a defined period of time after the end of the plan year to submit receipts that were incurred during the plan year. You may fax or mail your claims.Īll claims must be incurred during your plan year to be eligible for reimbursement. You will be provided with claim forms that must be completed and returned with your receipts. Previous balances are also unacceptable in lieu of an itemized statement.ĭependent care receipts must include your dependent’s name and the time period you are paying. Cancelled checks are not acceptable in lieu of a receipt. All receipts and Explanation of Benefits statements must include the date of service, services rendered and the provider and patient’s name. If you are filing a paper claim for the Health Care Reimbursement Account, you must first file the claim with your insurance carrier, if the service is covered under your contract. Please check with your Plan Administrator for more information on whether this provision applies to your FSA Plan. Funds will rollover automatically, and can be made available for use in the following plan year. Please use the personal worksheet in this brochure to help estimate your election.Ĭertain plans allow for the rollover of up to $500 of unused Medical FSA funds at the end of the plan year. With the “Use it or Lose It” rule, any monies taken pre-tax must be used in the plan year to pay for qualified, elected benefits or they will be forfeited. You should carefully estimate the total amount you elect to set aside in your account. The amount of money you save in taxes depends in part on the elections you have made. For most employees this reduction is insignificant compared to the value of paying lower taxes today. Please contact your Human Resource Department if you experience a change in status.Īny reduction in your taxable pay for Social Security purposes may also lead to a reduction in your Social Security benefits. For example, if you gain a dependent, you increase your contribution, if you lose a dependent, you decrease your contribution. A change of family status may include marriage, divorce, birth, adoption, death or a loss of spouse’s employment.Ĭhanges in the contribution amount must be consistent with the change in your family status. According to IRS regulations, you may only change your elections at the beginning of each plan year unless you experience a change in your family status. Once enrolled, you may not change your annual election amount. Using your healthcare and/or dependent care FSA account is even easier with a convenient debit card (if available with your plan) and secure Employee Portal and Mobile Application that lets you see your balance, view statements, and see alerts about required actions. 6.You get $588 more in your take-home pay each year! $49 x 12 = $588 a 1.6% increaseĮnrollment is quick and easy.You essentially get a raise by increasing your take-home pay. 4.That drops your taxes by 5% to $931-a savings of $49 per month.3.Now let’s say you decide to contribute 5% or $150 per month to your FSA account(s).That means you pay about $980 in Federal and Social Security taxes (assuming a 32.67% rate). As you incur eligible expenses throughout the year, you can get reimbursed with tax-free dollars from your spending account. ![]() A dependent care FSA allows you to do the same, but for dependent care expenses. (Check with your HR department to learn which FSA accounts your employer is offering.)Ī healthcare Flexible Spending Account (FSA) allows you to set aside money for non-reimbursed healthcare expenses on a pre-tax basis. ![]() You can pay less in taxes and increase your take-home pay by signing up for a healthcare FSA, a dependent care FSA, or both. ![]()
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