Flexible Spending Accounts
Effective January 1, 2014
MEDICAL EXPENSE ACCOUNT
- Pre-tax (FIT, SIT, FICA)
- Annual Election in November for January 1st effective date
- Family Status Change
- $120 Minimum/$2,750 Maximum
- Amount elected is available as of January 1st
- Must incur expense between January 1 and December 31, and submit for reimbursement within 90 days of December 31.
- Claims processed daily
Medical Expense Account - Examples of Medical Expenses
- Deductibles, Cost Share amounts and Co-pays for Medical, Dental or Prescription Drugs
- Orthodontia services
- Radial Keratotomy Surgery (laser eye surgery)
- Smoking cessation programs
- Hearing devices and batteries
- Contact lens supplies - cleaning solution, etc.
Medical Expense Account - Example
Monthly Income |
$2,083 |
|
|
Medical Expenses |
$100 |
|
|
Take Home Pay Without Flex |
|
$1,358 |
|
Take Home Pay With Flex |
|
$1,388 |
|
Additional Income Per Pay |
|
|
$30 |
Additional Income Per Year |
|
|
$360 |
DEPENDENT CARE ACCOUNT
- Pretax (FIT, SIT, FICA)
- Available for Children age 13 and under
- Annual Enrollment is November for January 1 effective date
- Family Status, Needs or Provider Change
- $300 Minimum; $5,000 Maximum (per household)
- Must incur expense between January 1 and December 31, and submit for reimbursement within 90 day
- Reimbursed up to account balance
- Claims processed daily
Dependent Care Account - Example
Monthly Income |
$2,083 |
|
|
Dependent Care Expenses |
$416 |
|
|
Take Home Pay Without Flex |
|
$1,042 |
|
Take Home Pay With Flex |
|
$1,167 |
|
Additional Income per Pay |
|
|
$155 |
Additional Income per Year |
|
|
$1,860 |
Flexible Spending Accounts - Example
Monthly Income |
$2,083 |
|
|
Medical Expenses |
$100 |
|
|
Dependent Care Expenses |
$416 |
|
|
Take Home Pay without Flex |
|
$942 |
|
Take Home Pay with Flex |
|
$1,097 |
|
Additional Income per Pay |
|
|
$155 |
Additional Income per Year |
|
|
$1,860 |
Annual Open Enrollment
- November of each year for January 1 effective date
- Can add or change election during Annual Enrollment