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Flexible Benefits Administration Services
for
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What is a Flexible Spending Account
Flexible Spending Accounts save you money
Lowers your taxable income
Increases your spendable income
Use FSA money for health care and dependent day care expenses
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How Much Could You Save?With FSAs Without FSAs
Monthly gross pay $2,500 $2,500
Pre-tax contributions to FSA Dependent day care Health care
$300$100
$0$0
Taxable Income $2,100 $2,500
Less federal, state, FICA taxes $790.65 $941.25
After-tax monthly pay $1,309.35 $1,558.75
After-tax expenses Dependent day care Health care
$0$0
$300$100
Net spendable income $1,309.35 $1,158.75
Monthly savings $150.60 $0
Annual savings $1,807.20 $0
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How Flexible Spending Accounts Work
Set aside a certain amount of your paycheck before taxes are deducted.
Money is used for eligible health care and dependent day care expenses.
You choose how much to contribute to the account.
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Flexible Spending Account Limits
Health Care FSA
Maximum Annual Contributions: $2,500 ( for August 1, 2013 to July 31, 2014.)
Eligible Expenses: Deductibles, co-pays and other expense not covered by insurance
Prescription drugs and medical supplies
Dental, orthodonticsVision, eye glasses, contacts,
eye surgeryOver the counter items*
*Effective 1/1/11, the list of eligible OTC items is changing per the Patient Protection and Affordable Care Act of 2010.
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Dependent Day Care FSA
Maximum Annual Contributions: $5,000 married/joint return for August 1, 2013 to July 31, 2014.
$2,500 married/separate return
Eligible Expenses: Child care, non-residential summer camps, and elder care that you find
necessary to work
Eligible Dependents: A child under age 13 that you claim as a dependent. A spouse or other dependent
who is physically or mentally incapable of caring for
self.
Flexible Spending Account Limits
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Know your plan’s details FSA elections only made at annual enrollment,
when you join the company, or have a “qualifying event”
Use-it-or-lose-it Rule
Reimbursement options: Debit Card Online Claim Submission Hard-copy claims mailed or faxed
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Keep your Receipts
SHDR may asks for receipts based on IRS guidelines (especially for dental services)
Welcome packet will include an envelope to store your receipts
Use of debit card at certain IIAS merchants may prevent receipt request
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Simple Access to your FSA Account
Toll-free call center – 1-800-930-2441 8am – 6pm ET
Access account balance 24/7 1- 800-413-6706
Interactive website – www.shdr.com/flex Enter claim online Access forms, eligible expense list, account
balances and plan specifics IIAS Merchant Listing
