Benefit from an FSA. Increase Your Spending Power

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1 Benefit from an FSA Increase Your Spending Power

2 How an FSA Works You project your qualified expenses during the plan year You agree to have that amount taken from your paycheck in equal installments on a pre-tax basis during the plan year You use the funds to reimburse qualified expenses There are two types of FSA Accounts: Health FSA & Dependent Care FSA

3 Benefits of a Health FSA You increase your spending power by receiving a portion of your income pre-tax (no federal income or payroll taxes or state income taxes) You can also easily budget for higher cost health care expenses You can spend your entire election at any point during the plan year (You may even negotiate a prompt-pay discount with your provider!) It s like an interest-free loan You can reimburse all qualified family members qualified expenses, even if they re not covered on your medical plan You draw funds directly from your Health FSA via the debit card we send you

4 Important Information The election amount you select cannot change unless you experience a qualifying life event Per IRS regulations, you forfeit any remaining balances at the end of the plan year Use our online tools to make a careful election You have additional time at the end of the plan year to spend your balance You may be required to provide follow-up documentation for certain purchases when you use your debit card You generally don t have to provide any follow up documentation when you use your card for plan copays, recurring expenses, and qualified OTC equipment and supplies

5 Whose Expenses Are Qualified? Yours, whether or not you re enrolled in a GIC medical plan Your legally married spouse s, whether or not your spouse is enrolled in your medical plan Your tax dependents and your children s (to age 26), whether or not they re enrolled in your medical plan Note: Your domestic partner s or ex-spouse s expenses are not qualified for reimbursement per federal regulations

6 Substantiation WHAT IS IT? The IRS requires that we verify all card transactions are for eligible expenses Sometimes, the details that are provided to us for Debit Card transactions is not enough, so we will request you send substantiation for us to approve the expense. WHEN DO WE NEED IT? Only send information in if we request it. We have many auto-substantiation processes that we use to prevent our need for a request.

7 Health FSA Qualified Expenses Medical Plan Dentistry Vision Over-the-Counter Cost Sharing Office Copays Hospital Copays Fillings Root canals Prescription glasses Prescription sunglasses Equipment and supplies (bandages, splints, crutches, etc.) Prescription Copays Implants Contact lenses and Over-the-counter drugs Deductibles Crowns Orthodontia solution Vision-correction surgery and medicine when you have a prescription. See our Eligible Expense handout for more examples of Qualified Expenses

8 Forms of Substantiation ACCEPTABLE A detailed receipt that shows all of these: Date the expense was incurred Name of provider of expense UNACCEPTABLE Cancelled checks Credit card receipts or statements A balance forward statement Description of expense Amount of the expense It s easy to submit substantiation for a claim right through our Mobile App, Online Portal, Fax, Mail, or Secure !

9 Mobile Account Access The Benefit Strategies mobile application is available on ios & Android Use the app to view your balance and important filing dates File claims! Use your devices camera to take a picture of your receipt and upload it through your phone! View Benefit Strategies contact information and resources 9

10 Benefits of a Dependent Care FSA Funds in a Dependent Care FSA may be used towards expenses for the care of your child(ren) while you (and your spouse if married) are at work or attending school full time. You can pay your child care related expenses with pre-tax dollars Eligible Dependents are children up to age 13 or tax dependents of any age who are mentally or physically incapable of self-care reside with you.

11 Dependent Care FSA Eligible Settings Day Care Centers Baby Sitters Before & After Vacation Day-Camps (In & out of your home) School Programs Note: Kindergarten and overnight camp expenses are not eligible

12 Important Information Unlike a Health FSA, you can t access any more than you ve had withheld from your paycheck at any point in the year The election amount you select cannot change unless you experience a qualifying life event You forfeit any remaining balances at the end of the plan year You can pay your provider with a debit card tied to your account

13 Use our calculator to estimate the qualified expenses that you ll incur from July 1 st, 2019 and June 30 th, 2020 Next Steps on Either Account Please visit: benstrat.com/group-insurance-commission-fsa Follow the instructions to enroll in your FSA After July 1, log onto your account at benstrat.com Sign up online for communication preferences ( s, texts, notification of transactions, etc.)

14 Customer Relations Mon Thurs: 8:00am 6:00pm ET Friday: 8:00am 5:00pm ET Live Chat: benstrat.com Have Questions? We ve got you covered. Text-To-Chat: FlexGIC ( ) Toll-Free: FlexGIC ( ) Language translation service available (Automated system available at all times)