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1 Reimbursement Account ® 1 Reimbursement Account ®

1 Reimbursement Account ® - PowerPoint Presentation

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Uploaded On 2018-03-10

1 Reimbursement Account ® - PPT Presentation

Medical FSA Annual Maximum 260000 Flexible Spending Accounts FSAs let you pay for certain health and dependent care expenses with pretax dollars If you spend pretax dollars for a qualified expense the value of those dollars is increased because you are paying no tax ID: 645518

claim care dependent expenses care claim expenses dependent fsa plan medical year card expense 2018 pay service mail submit

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Slide1

1

Reimbursement Account

®

Medical FSA Annual Maximum

$

2,600.00Slide2

Flexible Spending Accounts (FSAs) let you pay for certain health and dependent care expenses with “pre-tax” dollars.

If you spend “pre-tax” dollars for a qualified expense, the value of those dollars is increased because you are paying no tax.

An FSA is great way to reduce the amount of tax you pay and increase the value of your benefit programs. What is a Flexible Spending Account?Slide3

Your Plan Year Information

Your new plan will be effective May 1, 2017 and will run through April 30, 2018.

For your Medical Expense benefit only, the IRS allows you to roll over up to $500 remaining at the end of your plan year to the following plan year.This applies to both the Limited FSA (with HSA) or general purpose medical FSA.Slide4

Health Care Expense Eligibility

Orthodontia treatment

Rx co-payments

Acupuncture

Chiropractic

Contraceptive Prescriptions

Psychiatrist/Counseling

Durable Medical Equipment

Lasik Eye Surgery

OTC

supplies

Deductibles

Co-insurance

PPO, HMO or EPO

co-payments

Dental expenses

Vision expenses

Eye glasses,

contact lenses

Contact solutions, cleaners

Diabetic suppliesSlide5

Health Care Expense Eligibility

For those with a Limited Medical FSA and HSA

Only Dental Expenses and Vision Expenses

until the statutory deductible has been met.

That is $1300 for employee only coverage and $2600

for employee plus family coverage.Slide6

Dependent Care

Reimbursement Account

Dependent Care FSA. Elect up to

$5,000

Single/Married ($

2,500

Married/Separate

)

Dependent

Care FSASlide7

Your Plan Year Information

Your new plan will be effective May 1, 2017 and will run through April 30, 2018.

For your Dependent Care benefit only, the IRS allows you to make claims 2 ½ months after the last day of your Plan Year.This means you will be able to make claims until July 15, 2018, and you have until July 31, 2018 to submit those claims.Slide8

Do I Qualify for the Dependent Care FSA?

YES, as long as...

You & your spouse are gainfully employed or looking for work

OR

You are a single, working parent

OR

Your spouse is a full-time student for at least 5 months during the calendar yearSlide9

Eligible Dependent Care Expenses

Care before & after normal school hours for a child 12 or under.

Beginning with Kindergarten, it is mandatory that the cost of care and the cost of schooling be separated. Only the cost of care is reimbursable. Care before & after normal school hours qualifies.

Day camps

Au pair or nanny expenses

(including their associated

payroll taxes)

Day care for a disabled spouse

or dependent parent that lives with you.Slide10

How to access our website for your client info:

Go to

www.div125.comClick on “for Employee” linkType your SSN in the LOGIN ID field

Do not use dashes or spacesYour employer code is 87288558

Enter your E-mail Address

Retrieve your temporary PW via E-mail

Log on and enter SSN and temporary PW

You can then personalize your ID and passwordSlide11

We have 4 ways to submit a claim:

Mail us the claim.

Fax us the claim directly.E-mail the claim to us.Use our online claim serviceSlide12

We have 2 ways for reimbursement:

Debit Card

Direct DepositSlide13

How does this work for the debit card?

The mySource Debit Card allows you to pay for certain expenses at healthcare providers with the simple swipe of a card and backup submission.

Cards are sent straight to your homes!

Gives you the opportunity to maximize your benefits.Don’t forget to keep your receipts as you may be asked to produce them.Slide14

“Swipe” to pay Medical, Dental, Vision and Dependent Care expenses

“PIN” not needed. “Credit” transaction at Merchants accepting MasterCard

®Paper Claim not necessary for some transactions - Everyone must retain their receipts to substantiate a claim, if requested

- File paper claim if an establishment does not have electronic swipe equipment - We set up healthcare provider co-pays to auto adjudicate according to your health plansSlide15

How do I know if I have to submit a claim form and receipt?

If you need to submit paperwork, you will receive an email within 24 hours. The email will tell you that the swipe has been recognized, but that you need to substantiate the claim.Slide16

What information must be submitted for my claim to be approved?

The date of

SERVICE (not date of payment)Person for whom expense occurredThe dollar amount you are claimingThe type of service or name of Rx

The location providing the service - (Dr. Office, Pharmacy, Daycare center)Your name and company name.Slide17

What’s Next cont’d

You get cards in about 7 to 10 business days.

You call the toll-free number or log on to www.myrsc.com for card activation.

Cards are officially ready for use!Slide18

Thank You

We would like to welcome you to the Diversified Administration,

Inc. family.

We are very happy to be working with you; and hope we will be able to meet all of your needs when it comes to administering your cafeteria plan.