Using tax-free dollarsis the smarter way to pay medical expenses

YourFlex makes it easy

SIR, Inc.Flexible Spending Account

What is a Flexible Spending Account?

A Flexible Spending Account (FSA) allows you to shift a portion of your income from taxable to tax-free to pay for allowable medical expenses.

Completely voluntary.

Free to participate—your employer pays us

Separate from health/dental insurance.

YourFlex tools for tax-savings

1.Medical Reimbursement

2.Dependent Care Reimbursement

3.Private Premium Reimbursement

4.Debit Card

Medical Reimbursement

Pay for out-of-pocket medical expenses for your whole family. Examples:

Doctor co-paysPrescription co-pays and deductiblesDental WorkVision Services

Medical Reimbursement

2 Options for Medical Reimbursement:General PurposeSpousal Exclusion

Dependent Care Reimbursement

Tax-free funds placed in aDependent Care Reimbursementaccount can be used for the physical care of a child age 12 andunder while both parents are:

WorkingSeeking employment, or Attending school.

YourFlex.com - Benefit Solutions, Inc.

Private Premium Reimbursement

A Private Premium Reimbursement Account uses tax-free dollars to reimburse for a health related insurance premium on a policy that is paid for personally (outside the company).

Policy has to be in the employee’s name or for a dependent child only

The policy must pay only if a specific condition occurs

Can not accrue cash valueCan not be for Long-Term Care or Life Insurance

Quick Fact SheetThe “Plan Year” dates

March 1st, 2014 – April 30th, 2015

Minimum & Maximum Medical: $2,500/yr

maximum. No minimum.

Dependent Care: $5,000/family/yr maximum. No minimum. $2,500/yr maximum if married and filing separately.

Important Points

ONE Chance a year to sign up

Limited Changes - the amount of money you put into your accounts cannot normally be changed during the plan year unless a life event occurs (See the YourFlex guidebook for the IRS exceptions)

Use it or Lose it ( 2 ½ month extension adopted)

.

Some of the finer points...

For Medical Reimbursements, you can use the amount you have committed to contributing immediately.

For Dependent Care & Private Premium you cannot you use the funds until the money is in your account

How does it work?: 3 easy steps

Step 1: Sign up with an Enrollment FormEstimate your expenses for the next

year based on:When services will be receivedServices must be received in the PLAN

YEAR or during the extension.Guess low to limit risk

How does it work?: 3 easy steps

Step 2: Put money in your account pre-tax automatically through payroll

Your employer will take your election amount,Divide it by the number of remaining pay periods

for the plan year, andDeduct a little out of each paycheck tax free.

How does it work?: 3 easy steps

Step 3: Take your money out of your account

Submit Reimbursement Request(All Accounts)

OrPay with Debit Card (Med Reimb. Only)

Reimbursement Request

When you have qualified expenses, send in a Request for Reimbursement with support: fax, mail, or web upload

We review the claim for compliance with IRS regulations.We send you your money back from your account within a week!

in by Tuesday at 5, out by Friday.You have through June 30, 2015 to submit dates of service that are

on or before May 15, 2015.

Debit CardImproves cash flowCard for employee and spouseTied to the available balance in your medical

reimbursement accountIntegrated on our website – YourFlex.comUsable at most merchant typesSignificantly reduces paperwork you must submitIf documentation is needed, you have 6 weeksCard good for 3 years

Debit Card Emails6 Week Process

• Email #1 – Notification – debit made• Email #2 – Status email – no support vs.

need support• Email #3 – Reminder (3 weeks later) –

need receipts submitted• Email #4 – Final email that card has been

frozen

For More Details...

Read the YourFlex GuidebookVisit YourFlex.comConsult Welcome Package that will

be coming in the mailCall The Capitol Group:

804.741.4444

Using tax-free dollarsis the smarter way to pay medical expenses

YourFlex makes it easy