1 / 11

FSAFEDS The Federal Flexible Spending Account Program

FSAFEDS The Federal Flexible Spending Account Program. FSAFEDS & Healthcare Reform. What is a Flexible Spending Account?. An account where you contribute money from salary BEFORE taxes are withheld A way to save money on day care and health care services and items for you and your family

kane-alston
Download Presentation

FSAFEDS The Federal Flexible Spending Account Program

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. FSAFEDS The Federal Flexible Spending Account Program

  2. FSAFEDS & Healthcare Reform

  3. What is a FlexibleSpending Account? • An account where you contribute money from salary BEFORE taxes are withheld • A way to save money on day care and health care services and items for you and your family • Key Benefit: Pay Less Taxes - Save Money!

  4. FSAFEDS At-a-Glance • 318,000+ FSAFEDS Participants • 306,000+ Health Care FSA accounts • $2,015.00 average annual HCFSA election • 90% of 2009 participants re-enrolled for 2010

  5. FSAFEDS At-a-Glance (cont.)

  6. Health Care Reform & FSAFEDS • The Patient Protection and Affordable Care Act (PPACA) was signed into law on March 23, 2010 • Over-the-counter (OTC) medicines and drugs (except insulin) are only eligible for reimbursement, when prescribed by a physician, effective January 1, 2011 • Change affects all FSA programs

  7. Health Care Reform (cont.) • OTC expenses have not “gone away” • Many OTC items, such as bandages, nasal strips and contact lens solutions are still eligible WITHOUT a prescription • Those that require a prescription are STILL eligible for reimbursement • These include acne treatments, allergy and cold medicines and antacids • See OTC Quick Reference Guide at www.FSAFEDS.com for more information

  8. Health Care Reform (cont.) • Claims for OTC drugs and medicines MUST be accompanied by a copy of a physician’s prescription • OTC expenses incurred during the Grace Period (January 1 – March 15, 2011) follow the new guidelines • OTC expenses incurred in 2010, but not submitted until after January 1, 2011 (but before April 30) are not affected • Plan your 2011 election carefully if you normally include OTC expenses in your election

  9. Health Care Reform (cont.) • Health care expenses for adult children, through the end of the calendar year in which they turn 26, are eligible for reimbursement through a HCFSA • A child includes a son, daughter, stepchild, adopted child, eligible foster child or a child who is placed with the employee for legal adoption • Includes adult children who are married • Do not need to reside with participant • Do not need to be financially dependent on the participant • Does not include spouses of adult dependents

  10. Federal Benefits Open SeasonNovember 8 – December 13, 2010Enroll early to avoid the last minute rush!

  11. Contact Us • www.FSAFEDS.com • FSAFEDS-HR@shps.com • 1-877-FSAFEDS (372-3337) • TTY line: 1-800-952-0450 • Benefits Counselors are available Monday through Friday, 9:00 a.m. to 9:00 p.m., ET

More Related