What s an FSA? FLEXIBLE SPENDING SPENDING ACCOUNT
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1 What s an FSA? FLEXIBLE SPENDING SPENDING ACCOUNT ACCOUNT
2 Agenda 1. FSA Basics Who is Eligible? 2. Using Your FSA What Expenses are Eligible Contributing to Your FSA Using Your FSA Online FSA Debit Card 3. Advantages 4. Enrollment Sign up during Open Enrollment Completing Enrollment: What to Expect 5. Tools and Resources Get Answers Online at the FSA Resource Center Compare Costs and Save 6. Dependent Care FSA Tax Savings What Expenses are Eligible Contributing to Your FSA
3 What is an FSA? Your FSA is a savings account with great tax benefits. Established by your employer You contribute pre-tax dollars Use it to pay for your health care expenses Because you contribute to your FSA with pre-tax dollars through payroll deduction, you enjoy tax savings.
4 How Does an FSA Work with My Health Plan? Some costs are paid by your medical insurance You receive medical services Health care provider sends a claim Insurance processes the claim against your medical plan Some costs are yours to pay: Remaining money for your deductible or your percentage of the cost. A copay for doctors office or therapy visits Payments for prescriptions, dental, vision or other medical services. These costs are eligible expenses you can use your FSA to: Pay providers by submitting a medical claim for payment Pay yourself back for eligible expenses that you ve already paid out of pocket Note: eligible expenses under Internal Revenue Code Section 213(d).
5 Tax Advantages FEDERAL TAX BREAKS APPLY Other tax advantages depend on your state regulations. Contributions made through pre-tax payroll deductions reduce your taxable income and saves on taxes. Contributions to an FSA are, generally, not subject to wage withholdings Payments from an FSA for eligible expenses are not taxable
6 FSA Advantages You Are In Control Use an FSA debit card at pharmacies and doctors offices (if a debit card comes with your FSA). Sign up for direct deposit. You decide the amount of money to contribute over the year (current year maximum is $2,550). Easy to review and submit expenses online. Reduce what you pay in taxes. Contribute from each paycheck on a pre-tax basis.
7 Planning Your FSA Contribution Usually, you will lose any money left in your FSA at the end of the calendar year. Employer Set-up Options: Carryover: Up to $500 of FSA money carries over at year end Run-Out Period: An extra period of time to submit claims for eligible expenses from the previous year. (3 months)
8 What Can I Pay For? FSA Eligible Expenses Your costs for medical services claims, deductibles, coinsurance or copays. Out-of-pocket expenses for dental, vision and prescriptions. Dental care Orthodontia Eye exams Laser eye surgery Glasses and contact lenses Hearing aids Nicotine gum, patches or smoking cessation programs Diabetes supplies See a list of eligible expenses on your member website, highmarkbcbs.com. Learn more at the FSA Resource Center: highmarkbcbs-fsa.com.
9 Who Is Eligible? FSA funds can be used for qualified tax dependents. An adult child and/or domestic partner may not be an eligible dependent consult your tax advisor.
10 How You Save On Taxes In most cases, FSA contributions are not subject to federal income tax, FICA tax, and in some states, state tax. This chart illustrates tax savings that can be generated through an FSA. Without FSA Gross pay $45,000 Taxes and social security ($13,494) Net take-home pay $31,506 Out-of-pocket health care costs ($2,000) Spendable income $29,506 With FSA Gross pay $45,000 Pre-tax health care FSA deduction ($2,000) Taxable pay $43,000 Taxes and social security ($12,894) Spendable income $30,106 This family has a gross income of $45,000 and an annual FSA contribution of $2,000. Using a 25 percent tax bracket, this family would have saved $600 in taxes with an FSA.
11 Establishing Your FSA During open enrollment, decide to enroll in an FSA. Decide how much money to deduct from your pay and contribute to your FSA. Contribution is deducted before income is taxed.
12 Finish Your FSA Setup You have the option to: Sign up for direct deposit Request notices of FSA activity Request additional debit cards (if your FSA comes with a debit card)
13 What to Expect in Your Mailbox You will get a FSA Welcome Postcard
14 Using Your FSA Online Managing your FSA is convenient, because All access is through your member website. Spending data is linked to claims information You can use any computer or mobile device. On the member website, you can: View your FSA balance View and pay claims Track contributions and payments Submit a new claim Upload and store receipts Order more debit cards (if your FSA comes with a debit card)
15 Using Your Debit Card Use your card at doctors offices, hospitals and pharmacies. It pulls funds directly from your FSA. Only to be used for eligible medical expenses such as copays, deductible and coinsurance. You will get one debit card in the mail. You can order up to three more cards, personalized for family members (over age 18).
16 Plan Activity Statements The Plan Activity Statement shows both claims information and spending account activity in a single user-friendly statement. Go to the Claims tab on the member website Download your statement by clicking on a recent claim
17 Knowledge is Power Learn more at the FSA Resource Center: highmarkbcbs-fsa.com Explore FSA basics: How to save on taxes What expenses are eligible How much to contribute Visit often for answers and helpful resources: Quick Start Guide FAQs How-to Videos FSA
18 Save on Care Your member website has tools to help you spend your health care dollars wisely. The Care Cost Estimator can help you: Understand the real costs of care Compare the convenience and quality of providers Make smart care decisions and save money Use your member website to: Learn about health care, procedures and medications Find cost-efficient and quality providers Understand the world of health care
19 What s a Dependent Care FSA?
20 Dependent Care FSA Use it like a health care FSA, to decrease your taxes You decide how much to contribute for the year Your contribution is taken from each paycheck on a pretax basis. Use these funds to pay for dependent care services
21 Eligible Dependents A spouse, parent or child who: Is physically or mentally unable to care for themselves and lives with you (at any age.) Or your dependent child who: Has not reached age 13
22 Types of Eligible Care Dependent care services that you (or your spouse) need in order to work, seek employment or go to school: Licensed daycare providers Before and after school care for children under 13 Summer day camps for children under 13 Care provided in your home Non-medical home or daycare for eligible disabled dependents Registration fees Educational expenses for preschool
23 Expenses Not Covered You cannot use your FSA to pay for: Educational expenses for kindergarten level and above Overnight camps Food or clothing Elder care outside the home Transportation expenses
24 Your Dependent Care FSA Contribution Current maximum annual amount for Dependent Care FSA $5,000 ($2,500 if married filing separately) Employer Set-up Options: Run-Out Period: An extra period of time to submit claims for eligible expenses from the previous year Plan Year Extension: Additional months to incur and submit claims against the previous year s FSA.
25 When To Request Payments You can only be paid back for up to the amount that you have actually deposited into your account. You may submit an expense with the needed receipts as soon as you have incurred the expense. Once approved, it will be paid out as soon as there is enough money from your payroll contributions in your account.
26 How You Save On Taxes The amount you save depends on your tax situation and circumstances.* Here s an example of the potential savings. Without Dependent Care FSA Gross pay $36,000 Taxes at 24.5% ($8,820) Net take-home pay $27,180 Out-of-pocket day care costs ($5,000) Spendable income $22,180 With Dependent Care FSA Gross pay $36,000 Pre-tax day care deduction ($5,000) Taxable pay $31,000 Taxes at 24.5% ($7,595) Spendable income $23,405 This employee earns $36,000 annually and has day care expenses of $5,000 per year. By participating in the dependent care FSA, the employee increases his or her spendable income by $1,225 for the year.
27 Dependent Care FSA Online Your Dependent Care FSA is on your member website, highmarkbcbs.com. With a computer or any mobile device, you can log in to one secure, convenient location to: View your Dependent Care FSA balance Upload and store receipts Submit a new expense Track contributions and payments
28 The FSA Resource Center Has the Answers Explore Dependent Care FSA basics How to save on taxes What expenses are covered How much to contribute Visit the FSA Resource Center to learn more: highmarkbcbs-fsa.com. FSA Highmark Blue Cross Blue Shield is an independent licensee of the Blue Cross and Blue Shield Association. 09/15 CS
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