FX-1019-080117_OCSO ORANGE COUNTY SHERIFF’S OFFICE ENROLLING IN AN FSA Total Administrative Services Corporation www.tasconline.com
FLEXIBLE SPENDING ACCOUNTS • TASC administers your Flexible Spending Account (FSA) • FSA is a FREE benefit to you, paid for by your employer • You will save significant tax dollars by participating in the benefit! Total Administrative Services Corporation www.tasconline.com
TODAY’S OBJECTIVES To help you understand… • The benefits of an FSA. • Why you should participate. • How to put money in the plan! • How to enroll. • How to pay for eligible expenses. Total Administrative Services Corporation www.tasconline.com
FLEXIBLE SPENDING ACCOUNTS • Designed to save you money. • Money in an FSA is never taxed. • Every dollar you contribute is pre-tax , reducing your taxable income and increasing your take home pay! Total Administrative Services Corporation www.tasconline.com
FSA SAVINGS EXAMPLE Annual Salary: $35,000 Out-of-Pocket Medical/Dental Expenses: $ 1,000/year Out-of-Pocket Dependent Care Expenses: $ 2,500/year Without FSA With FSA Gross Pay $ 35,000 $ 35,000 FSA Contribution - $ 0 - $ 3,500 Taxable Income $ 35,000 $ 31,500 Taxes (Fed, State, FICA) - $ 10,500 - $ 9,450 Out-of-Pocket Expenses - $ 3,500 - $ 3,500 Reimbursement from FSA + $ 0 +$ 3,500 Take-Home Pay $ 21,000 $ 22,050 You save $1,050 per year! Total Administrative Services Corporation www.tasconline.com
MEDICAL FSA • With rising healthcare costs, every penny counts. • Elect pre-tax dollars to be used toward eligible healthcare expenses. • $2,600 maximum contribution per year. • Annual contribution is 100% available on the first day of the Plan Year. • Up to $500 carryover Total Administrative Services Corporation www.tasconline.com
MEDICAL FSA ELIGIBLE EXPENSES Eligible Expenses Ineligible Expenses • • Co-pays and deductibles Insurance premiums • • Medical office visits Cosmetic procedures • • Prescription drugs Personal hygiene products • • Dental/orthodontia care Vitamins/supplements (Dr. Rx) • • Vision care Diet products/food • • Vaccinations Health club fees (Dr. Rx) • Smoking cessation programs • See complete listing of eligible and ineligible items Mileage to-from doctor at http://www.tasconline.com/biz-resource- appointments center/eligible-expenses/. OTC drugs/medications require a prescription or a Prescription Order Form to be eligible for FSA reimbursement. Total Administrative Services Corporation www.tasconline.com
HOW MUCH SHOULD YOU CONTRIBUTE? Estimate out-of-pocket expenses for the Plan Year for you and your qualified dependents. They do not need to be on your insurance to qualify. Employee (self), Spouse, for Medical FSA and/or Dependents for Dependent Care expenses Qualified Dependents You may carry over up to $500 of unused healthcare FSA funds from year to year. Medical FSAs are capped at $2,600 per year, per employee. Total Administrative Services Corporation www.tasconline.com
DEPENDENT CARE FSA • Elect pre-tax dollars to pay for eligible dependent day care services. • Funds are available for reimbursement only as they are deducted from your paychecks and contributed to the Plan (money-in, money-out). • $5,000 maximum contribution per year. Total Administrative Services Corporation www.tasconline.com
DEPENDENT CARE FSA ELIGIBLE EXPENSES Eligible Expenses: Ineligible Expenses: • Daycare expenses • Tuition • Before and after school care • Transportation • Nanny expenses • Activity fees/supplies • Nursery school • Field trips • Registration fees • Overnight camp • Elder care Total Administrative Services Corporation www.tasconline.com
LIMITED FSA A Limited Purpose Flexible Spending Account is a savings option for employee who are enrolled in a Health Savings Account (HSA). When you (or your spouse) enroll in an HSA Plan, you may no longer participate in a full coverage Medical FSA. Instead, you are eligible for a Limited Purpose FSA through your employer-sponsored FSA plan that allows you to contribute to an FSA for vision and dental expenses only. Total Administrative Services Corporation www.tasconline.com
LIMITED PURPOSE ELIGIBLE EXPENSES Dental Expenses: Vision Expenses: • Braces and Orthodontia • Eye Exams • Cleanings • Prescription eyeglass/contacts • Crowns • Contact Lens Solution • Fillings • Laser eye Surgery; LASIK • Dentures • Prescription drugs/medications • Co-payments and deductibles • Co-payments and deductibles Total Administrative Services Corporation www.tasconline.com
CARRYOVER FEATURE • Remember: Healthcare FSA balances up to $500 rollover to the new plan year. • Putting money in a Medical FSA is smart and safe. • Keep your money yours ! Everyone has co-payments, deductibles, prescriptions, and vision and dental expenses. It all adds up! • Be Smart – place $500 minimum in a Medical FSA – NO RISK. • SAVE Money! Total Administrative Services Corporation www.tasconline.com
ACCOUNT MANAGEMENT • You will receive a TASC MasterCard • Contains 12-digit TASC ID • It acts as a debit card and will come pre-loaded with the amount of your annual election (1 st day of plan year) . • The TASC Card will also work with Dependent Care FSA. • Swipe your TASC Card at point of purchase to access funds. • Features unique MyCash account for reimbursement funds. Total Administrative Services Corporation www.tasconline.com
ACCOUNT MANAGEMENT • Welcome Kit • Contains 12-digit TASC ID • MyTASC online account management • Request a reimbursement • Set auto notifications • View account overview • Manage card • MyTASC Mobile App • View account overview • Submit requests for reimbursement with receipts • TASC Card • Swipe at point of purchase to access funds • MyCash reimbursement account Total Administrative Services Corporation www.tasconline.com
YOUR PLAN DETAILS PLAN YEAR 2017 Healthcare Maximum $2,600 Dependent Care Maximum $5,000 Enrollment Period August 6-24, 2018 Final Enrollment Deadline August 24, 2018 Carryover Maximum $500 Runout Period 90 days Eligibility: Full-time employees working over 30 hours per week; do NOT need to be on the health insurance to participate. No minimum amount required to participate in the plan. No cost to participate. Total Administrative Services Corporation www.tasconline.com
CUSTOMER CARE • Toll-free: 800-422-4661 • Monday-Friday, 8-5, all time zones • Online: MyService Request • Go to www.tasconline.com • Log in to MyTASC account • Click Contact Us Total Administrative Services Corporation www.tasconline.com
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