Dental, Vision and FSA Plans Kellogg Community College Jason Erickson 10/29/ Meritain Health

Transcription

1 Dental, Vision and FSA Plans Kellogg Community College Jason Erickson 10/29/ Meritain Health

2 Dental Benefits 2 Meritain Health

3 Vision Benefits $ per Calendar Year per Covered Person Benefits can be used for: Eye Exam Lenses (including contact lenses) and Frames 3 Meritain Health

4 Dependent Eligibility Dental & Vision Coverage for unmarried dependent child(ren) ages will be available through calendar year of attaining age 25. (Example: Turn 25 in July, coverage until Dec 31) Dependent child(ren) over 19 must be a full time student. Orthodontia coverage will be available to covered person under age Meritain Health

5 5 Meritain Health Questions

6 What is a Flexible Spending Account (FSA)? A tax-effective, money-saving option that will help you pay for qualified health care expenses that aren t covered by your medical plan, and for dependent care services. Funds are deducted pre-tax from your employer pay check. Approximately 25%-30% in tax savings. 6 Meritain Health

7 What is a Flexible Spending Account (FSA)? Kellogg Community College offers you an opportunity to participate in two Flexible Spending Account Programs: Healthcare FSA or Limited Healthcare FSA (if you have a Health Savings Account) Dependent Care FSA 7 Meritain Health

8 Healthcare FSA For healthcare expenses if you do not have a Health Savings Account (HSA) Maximum amount you can contribute is: $2,500 per year Can be used for most medical expenses not covered by your health plan including: - Deductible, coinsurance, copays, prescription drugs, dental, vision, hearing and orthodontic care. 8 Meritain Health

9 Limited Flexible Spending Account If you have a Health Savings Account (HSA), the Flexible Spending Account is limited or restricted to: Dental Expenses Vision Expenses Medical and Rx only AFTER the high deductible has been met. 9 Meritain Health

10 Dependent Care FSA Maximum amount you can contribute is: $5,000 per year Expenses are eligible for child care under age 13 or elder care for IRS dependents. Tax ID or Social Security Number and receipt are required for reimbursement. Reimbursable only after services have been incurred and money has already been deducted from payroll. 10 Meritain Health

11 Maximize Your Savings Potential Plan carefully! The amount of money you want to contribute to your FSA accounts are elected in advance. If you underestimate, you may deplete your FSA before the end of the year, losing some of your tax-savings. If you overestimate, you risk forfeiture of any unused FSA funds. Kellogg Community College has elected to allow you to roll up to $500 from the previous plan year. 11 Meritain Health

12 Information about your new: Benny Debit Card Card can be used for debiting your Healthcare Spending Account and your Dependent Care. - DCA can only swipe for funds available. Know your balance! Additional debit cards? New participants are issued 2 cards at the beginning of the plan year. Additional cards are $5.00/card and the fee will be deducted from your Healthcare Spending Account. Cards are reloaded each year, so do not throw out your card. 12 Meritain Health

13 The Benny Card Process Check your mail Use for eligible expenses Enroll 13 Meritain Health

14 Benny Card: Eligible Expenses 14 Meritain Health

15 Benny Card: Ineligible Expenses 15 Meritain Health

16 Participating Stores and Supermarkets Many of your local stores and supermarkets will accept your benefits debit card, such as: Meijer WAL-MART Stores Rite Aid Sam s Club CVS/Pharmacy Kroger Target Walgreens This is just a partial listing. 16 Meritain Health

17 FSA Reimbursement Made Easy! The IRS requires proof that you received medical services before claims can be reimbursed by your Flexible Spending Account (FSA). Submit a complete and signed FSA reimbursement form with your healthcare and or dependent care receipts. Claims can be submitted at any time. Don t wait! 17 Meritain Health

18 Substantiation of FSA Claims The IRS regulations require all debit card transactions to be substantiated. Meritain Health may request further information regarding your FSA debit card transactions. Additional claims information is requested by letter from Meritain Health asking that you submit the required documentation. If you do not respond and the requested information is not received the result is outstanding card swipes. After three letters have been sent with no response, your card will be temporarily deactivated until we receive the required documentation. TIP! Ask your provider to bill the insurance before using your Benny card. Insurance estimates do not match the actual balance and result in substantiation letters. Call your provider with your card information when the insurance company has processed the claim. 18 Meritain Health

19 Direct Deposit Fast and Easy way to be reimbursed on expenses. When you submit a claim for reimbursement, the funds will be directly deposited into your checking account. Use the direct deposit form to sign up. Return the form to Meritain Health to complete the setup. 19 Meritain Health

20 FSA Reminders & Deadlines Over the counter items that contain a medication or drug are not eligible for reimbursement through your FSA without a doctor s prescription. Must re-establish the account each year. Healthcare and Dependent care FSA Deadlines for new plan year 1/1/ /31/2016 You have until 2/28/2017 to submit claims for expenses incurred until 12/31/ Meritain Health

21 FSA Reminders & Deadlines Do you have Questions about your account, Status of a Claim, FSA Balances? flexonline@meritain.com Web: Call: Meritain customer service Meritain Health

22 22 Meritain Health QUESTIONS