flexible benefit plan enrollment 2010. a tax free way to pay for certain annual expenses for you and...
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Flexible Benefit Plan Enrollment 2010
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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?
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What do you What do you mean…mean…
TAX TAX FREE?FREE?
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• 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…
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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 !!!
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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%
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• 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
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• 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
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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.
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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
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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
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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
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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
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• 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
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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
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Insufficient Insufficient Data….Data….
• Charge card receipts
• Balance due statements
• If your form is filled out incorrectly, your
claim cannot be paid
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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!
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• 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
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Participant Services
By Phone: 800-633-8818, Option 1
Via E-Mail: [email protected]
Contact Contact IgoeIgoe