1 / 16

A Flex Plan allows you to pay for:

A Flex Plan allows you to pay for:. Group Health Insurance Premiums Certain Medical Expenses Dependent or Child Care Expenses. TAX FREE !!!. What do you mean…. TAX FREE?. You can place a portion of your salary (from each pay period) into the Flex Plan before:. FICA (Social Security)

eben
Download Presentation

A Flex Plan allows you to pay for:

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. A Flex Plan allows you to pay for: Group Health Insurance Premiums Certain Medical Expenses Dependent or Child Care Expenses TAX FREE !!!

  2. What do you mean… TAX FREE?

  3. You can place a portion of your salary (from each pay period)into the Flex Plan before: • FICA (Social Security) • 7.65% • Federal Taxes • (Start at 15%) • State Taxes • (Approximately 8%) If you add up all of the taxes taken out of your paycheck each pay period, you will see that it is close to 30% - 40%!!

  4. GroupHealth Insurance Premiums • Pay your portion of the employer sponsored group health insurance premium • You will lose nothing in this plan, you will only save money • Don’t forget to sign the enrollment form

  5. Medical Care Reimbursement AccountWhat’s Reimbursable? Medical expenses NOT reimbursed by any insurance!! • Certain “over-the-counter” medications • Chiropractic Care • Massage Therapy/Body Scans • Dental / Orthodontics • Vision • Contact Lens/Solution • Deductibles/Co-payments • Laser Vision Correction

  6. Eligible Expenses In order to get expenses reimbursed, the expense must be….. MEDICALLY NECESSARY!!!! • No Vitamins or Dietary Supplements • No Toiletries/Sundry Items (toothpaste, tissue, etc.) • No lotions, soaps, creams, suntan lotion, etc. • Nothing cosmetic in nature For more information on qualified expenses, visit us on the web at www.goigoe.com.

  7. Dependent Care • Pay for child care / dependent care expenses up to $5,000 per year • If the dependent is a child the child must be under the age of 13 • If the dependent is over the age of 13, they must be physically or mentally incapable of taking care of themselves • Must provide taxpayer ID# or SS# of person or organization providing care Visit us on the web at www.goigoe.comfor more information on Dependent Care, in addition to a sample Dependent Care Receipt

  8. Plan Specifics • Plan year begins March 1, 2007 and ends February 28, 2008 • Plan Year Medical Maximum:$2,500.00 • Plan Year Dependent Care Maximum: $5,000.00 • Reimbursement Requests will be processed every other Monday (same week as payday) and will be added to your paycheck.

  9. Submitting In A Request For Reimbursement Must be received 4 FULL business days prior to processing General Rule of Thumb – submit your requests on payday for reimbursement on the following paycheck Receipts must show date of service and the description of the service that was provided Charge card or cash register receipts, or cancelled checks (without detailed description) are not acceptable Balance due statements (without detailed description) will not be accepted If your request form is filled out incorrectly, or receipts and proper documentation are missing, a letter will me emailed to you explaining why your request is being denied. • Fax, Mail, or e-mail copies of receipts to

  10. Can I stop or change contributions during the plan year? • NO, unless there is a… • Marriage • Divorce/Legal Separation • Birth • Death • Adoption/Change in Legal Guardianship • Change in spouse’s job • Change in spouse’s insurance If you have questions about a possible qualifying event, please contact your Human Resources Department or visit our website, www.goigoe.com

  11. How do I join the plan? Determine if you are an eligible employee Estimate your non-covered expenses Complete the enrollment form Complete the Evergreen Election Form

  12. What if I don’t use all the money I put into the plan? Don’t let this happen to you!! Only put in money for your planned expenses Use the worksheet provided on our website, www.goigoe.com, or in your enrollment packet You lose it!!

  13. Flex vs. No Flex • Group insurance premiums, unreimbursed medical expenses, and child care expenses • Estimated FICA, Federal Income Tax, State Income Tax (30%)

  14. Download forms and worksheets Access lists of covered/non-covered expenses Medical Care Reimbursement Account Dependent Care Reimbursement Account Direct link to the I.R.S. for complete technical information Submit questions and receive expert answers Check Flexible Benefit Plan account balance/s 24/7 Track all requests and reimbursements Visit the FSA Online store to purchase OTC items with your Debit Card. All transactions are approved at point of sale. That means NO receipt substantiation!!! Visit us on the web @ www.goigoe.com

More Related