2018 Flexible Spending Account (FSA) & Commuter Benefits Open Enrollment

Transcription

1 2018 Flexible Spending Account (FSA) & Commuter Benefits Open Enrollment Plan Year: January 1, 2018 December 31, 2018 Presented by: Greg St. Geme Date: November 21,

2 Our Role: 1. Assist BSI to evaluate the entire benefits market to design and negotiate high quality, cost effective benefits 2. Assist BSI s HR with managing the Open Enrollment and ongoing support of the benefits program 3. Assist employees with questions, life events, claim problems, etc. via the Benefits Help Desk *Melita works for our clients not the insurance carriers so we are here to help you 2

3 FSA / Commuter Open Enrollment & Qualifying Events 4 things to know.. 1 Open Enrollment is your annual opportunity to: Determine if you are eligible to participate Determine how much to contribute 2 Enrollment elections are effective 1/1/18. If currently enrolled in the 2017 FSA and/or Commuter plans, you must re-enroll to participate in Commuter Open Enrollment occurs two times per year. During this time, you must enroll in order to participate effective January 1, After OE, your election is irrevocable for the plan year unless you have a change in status or other qualified event as defined in the IRS Regulations and your plan permits such qualified changes. 3

4 Flexible Spending Accounts 4

5 Flexible Spending Account (FSA) Enables you to defer money on a pre-tax basis to pay for out-of-pocket expenses for health care and/or dependent care costs Maximum Annual Contribution for Healthcare Expenses: $2,650 (previously $2,600) Maximum Annual Contribution for Dependent Care Expenses: $5,000 ($2,500 if married & filing separately) Important Restriction: Be conservative when determining your annual election amounts. You can only change or cancel contributions if there is a qualifying life event. 5

6 Eligible FSA Expenses Healthcare Account: Office visits and Rx copays Deductibles Dental and orthodontia expenses Vision expenses Over-the-counter drugs with doctor s prescription Acupuncture, chiropractic, rehabilitation Health club memberships Homeopathic care See for more Dependent Care Account: Must be for dependent children 12 and under unless they are physically or mentally impaired Must enable you and your spouse to work, actively look for work or be a full time student May not be educational in nature (i.e. school tuition) See for more information on eligible expenses 6

7 Accessing Your Account Funds During the Plan Year take care Flex Benefits Card The take care Flex Benefits Debit Card can only be used for eligible expenses and is only accepted at qualified locations. o Qualified locations include pharmacies, doctor s offices, online drug stores for contacts, dentist offices, optical shops, hospitals, and day care facilities MyFlexMobile App Employees can file claims directly from their mobile device and check balances Pay Me Back Employees can submit a claim online via - Allow a few business days for claims to be processed - Reimbursement checks issued once per week - Watch your account for adjudication of claim requests 7

8 FSA Balance Rollover & Claims Filing Period The FSA Plan Year is: January 1, 2018 December 31, 2018 Claims must be incurred during the plan year and filed within 90 days of the end of the plan year Our plan has a rollover provision that allows you to rollover up to $500 of unused health care account balance to the next plan year Any unused funds in your Health Care Spending account above $500 at the end of the claims filing period will be forfeited as required by the IRS 8

9 Commuter Benefits 9

10 What Are Commuter Benefits? Allows employee to defer money on a pre-tax basis to be used to pay for: Public transit as part of your daily commute to work Qualified parking as part of your daily commute to work Eligible expenses include: Bus, light rail, regional rail, streetcar, trolley, subway, or ferry Vanpool Parking at or near work Parking at or near public transportation Simple and Flexible: Participants can enroll two times per year January 1 st or July 1st No use-it-or-lose-it provision like FSA 10

11 Commuter Program Enrollment is simple: Determine how much to contribute Funds are taken from your paycheck pre-tax Pause, change, or cancel your contributions two times per year Jan 1st or July 1st Reimbursement options: For all TRANSIT purchases, debit card MUST be used. For PARKING purchases, participants can utilize: Debit card Pay Me Back (traditional claims reimbursement) take care MyFlexsMobile app to submit receipts Contribution Limits Transit is $260 per month (previously $255) Parking is $260 per month (previously $255) 11

12 Enrollment 12

13 Online Enrollment Log into Paycom ( Steps to complete the enrollment/declination process: 13

14 Online Enrollment 14

15 Online Enrollment 15

16 Online Enrollment Select the Finalize button 16

17 Online Enrollment Sign & Submit once all plans are completed Contact Kim Blalock for questions regarding the Paycom enrollment process 17

18 Reminders 18

19 2018 Open Enrollment - Reminders Your 2017 FSA enrollment elections Will Not roll over into 2018, YOU MUST MAKE ELECTIONS FOR THE 2018 PLAN YEAR Determine how much to contribute Funds are taken from your paycheck pre-tax Open Enrollment pertains to Health Care, Dependent Care and Commuter spending accounts only Employees are required to login into Paycom and make open enrollment elections for the 2018 Plan year Website address is: For Commuter Benefits, employees can enroll during December for a January 1st or June for a July 1st 2018 effective dates Deadline to enroll: Friday, December 8,

20 Current 2017 FSA Participants Key Items to Remember: 2017 plan year FSA participants will have 90 days to submit claims that were incurred between January 1, 2017 (or your new hire eligibility date for 2017 hires) and December 31, 2017 All Claims Must Be Submitted to WageWorks prior to 9:00 pm PST on March 31, 2018 WageWorks will not provide any reminder notices on current account balance. Access your WageWorks account to view your current balance 2017 rollover balances in excess of $500 in the Health Care account at the end of the claims filing period cannot be refunded to you per the IRS, these funds will be forfeited All Money remaining in the Dependent Care account at the end of the claims filing period cannot be refunded to you per the IRS, these funds will be forfeited 20

21 Employee Resources 21

22 BSI Employee Benefit Website ( 1. Log onto: 2. Available 24 x 7 3. Access benefit summaries, policy number and customer service numbers 4. Access provider directories 5. Access cost information 22

23 take care WageWorks Participant Services Interactive voice 24 hours a day Customer Service Representative 8 a.m. 7 p.m. Central Time FlexHelp@takecareWageWorks.com 23

24 Melita Benefits Help Desk Have questions about benefits? Need help enrolling or adding a dependent? Can t get a claim resolved? We re here to help! Melita Benefits Help Desk helpdesk@melitagroup.com x2 Monday through Friday, 8:00 am 5:00 pm PST 24