flexible spending account university of dayton open enrollment
TRANSCRIPT
Flexible Spending Account
University of Dayton Open Enrollment
What is a Flexible Spending Account?
• A Flexible Spending Account is an IRS regulated pre-tax benefit.– Also known as a
• Section 125 Plan• Cafeteria Plan• FSA
3 Reasons why you Should Participate…
• Money, money, money!– Pay less in taxes– Increase your spendable income– Save 25-40%
• So where does the tax savings come from?– Federal and State Income Taxes
Paycheck Illustration
University of Dayton
• Plan Year: January 1 – December 31• Details:
– Grace Period for Medical (No OTC after 12/31/2010)– Run-Out Period: 32 days after Grace– Direct Deposit Available
• FSA Benefit Limitations:– Medical: $5,000/year– Limited Medical: $5,000/year– Dependent Care: $5,000/year (If single or married
filing jointly) or $2,500/year (If filing separately)
Planning Your Participation
• Your Election• Election – No Changes Unless• Change of status
• Don’t lose anything… plan ahead!
• Use Worksheets• Plan Conservatively• 24-hour Account Access • Reminder Letters
What are eligible expenses?
• Eligible expenses include…– Co-pays and prescriptions– Eye exams, contacts, contact lens solution,
prescription sunglasses, laser eye surgery …and MUCH more!
STILL WORTH NOTING!
As of January 1, 2011, if you have an FSA, HRA or HSA, you are no longer permitted to
use your account funds to purchase OTC drugs and medicines (e.g. Advil, ibuprofen,
cough syrup) unless you have a Note of Medical Necessity (NMN) or a prescription from
your doctor.
The Reimbursement Process
• Submit Eligible Claims Through:• Online• Email• Fax• Regular mail
• Include Documentation– Per IRS regulations, all documentation must include:
• Signed and Dated Claim Form• Patient and Provider Names• Date, Cost and Description of Service
www.myCafeteriaPlan.com
Employee Account Homepage
Online Claim Entry
Online Claim Entry
Claim Detail
How do I sign up?
• Complete Your Enrollment Form
• Submit Your Form to HR Staff• Look Forward to a Great
Benefit
Thank You!
BusinessPlans, Inc. - myCafeteriaPlan 432 East Pearl Street
Miamisburg, OH 45342Phone: (937) 865-6500
Toll-Free: (800) 865-6543Email: