flexible benefit plan enrollment 2010. a tax free way to pay for certain annual expenses for you and...

Flexible Benefit Plan Enrollment 2010

A tax free way to pay for certain annual expenses for you and your

family!

What is the purpose of What is the purpose of a Flex Plan?a Flex Plan?

What do you What do you mean…mean…

TAX TAX FREE?FREE?

• FICA (Social Security + Medicare)

- 7.65%• Federal Taxes

- Start at 15%• State Taxes

- Approximately 8%

Place a portion of your salary per pay period into the Flex Plan before…

A Flex Plan allows you A Flex Plan allows you to pay for: to pay for:

• Certain Medical expenses• Dependent or Child Care

expenses

TAX FREE !!!

Flex vs. No Flex vs. No FlexFlex

Spendable Income

Reimbursed Expenses

Net Pay

Taxes (2)

Taxable Gross

Pretax Expenses

Gross Pay

$22,400

$0

$22,400

$9,600

$32,000

$0

$32,000

Without Flex

$23,000

$2,000

$21,000

$9,000

$30,000

$2,000

$32,000

With Flex

• Group Health Insurance Premium Plan, MCRA, DCAPGroup Health Insurance Premium Plan, MCRA, DCAP• Estimated FICA, Federal Income Tax and State Tax at 30%Estimated FICA, Federal Income Tax and State Tax at 30%

• Medical Care Reimbursement Account redirect up to $6,000 annually

• Your Medical Care election is available to you from the first day of the plan

• Dependent Care Assistance Plan redirect up to $5,000 annually

• Dependent Care reimbursements are paid from available posted payroll contributions, dollar for dollar

Plan TypesPlan Types

• Deductibles

• Co-payments

• Over-the-counter items

• Massage Therapy

• Mileage to/from Doctor’s Office or Hospital

• Vision Services

• Laser Vision

Correction

• Dental

• Orthodontics

Qualified Medical Qualified Medical Care ExpensesCare Expenses

Reimbursable up to $6,000 per year

*For a complete list of all eligible expenses, please visit www.goigoe.com

Eligible Eligible ExpensesExpenses

In order to get expenses reimbursed, they must be…

MEDICALLY NECESSARY!

** A letter of medical necessity may be required from your physician

•No Vitamins or Dietary Supplements

•No Toiletries / Sundry Items

•No lotions, soaps, creams, etc.

Can I stop or change Can I stop or change contributions during contributions during the plan the plan year? year?

NO, unless there is a…• Marriage• Divorce/Legal Separation• Birth• Death• Adoption/Change in Legal

Guardianship• Change in spouse’s insurance

Dependent Dependent CareCare

• Dependent child must be under the age of

13

– Or dependent children who are physically or mentally

incapable of self-care

• Taxpayer ID# or SS# of person or

organization providing care required

Reimbursable up to $5,000 per year

Dependent Care covers the following

while you work:- Babysitters

- Day Care Centers

- Nursery School/Preschool

- After School Care Programs

- Summer Day Camp

- Adult Day Care

EligibleEligible ExpensesExpenses

Flex Benefits Flex Benefits CardCard

• For qualified expenses at approved locations

• No out-of-pocket expenses– Your entire election amount is loaded onto the card as of

the first day of the plan!

• No reimbursement requests to submit

• No waiting for reimbursement

Medical Care Expenses Only

• Your new Flex plan year begins July 1, 2010 and runs through June 30, 2011

• The last day to send in expenses for the 2010-2011Plan Year is August 31st following the close of the Plan Year

• Don’t forget to re-enroll!

Plan Plan HighlightsHighlights

Sending In Your Sending In Your Reimbursement Reimbursement RequestRequest

• Visit www.goigoe.com for easy submission and to track the status of your reimbursement

• Upload, e-mail, fax, or mail copies of receipts

– Receipts must show date of service

– Description of the item/service must be included

• Reimbursements will be processed on the 7th and 22nd of each month and will be distributed by your payroll department

• Requests must be received 4 business days prior to scheduled processing date

Insufficient Insufficient Data….Data….

• Charge card receipts

• Balance due statements

• If your form is filled out incorrectly, your

claim cannot be paid

Use It or Use It or Lose It!Lose It!

Don’t let this happen to you!

• Know how to use the plan & how not to use the plan

• Only put in money for planned expenses

• Use the worksheets to budget properly*Visit www.goigoe.com for more info to help you plan smarter!

• Print & Complete Forms

• Access Worksheets

• Log in & view your account

• Upload requests for reimbursement

• Send questions to Participant Services

• Shop the online FSA store

Visit us on the Visit us on the web at web at www.goigoe.comwww.goigoe.com

Participant Services

By Phone: 800-633-8818, Option 1

Via E-Mail: flex@goigoe.com

Contact Contact IgoeIgoe