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The IBIS 125 Advantage Plan. Presented by: Iowa Bankers Insurance and Services. IBIS 125 Advantage Plan. Employer-sponsored plan Designed to save participants’ tax dollars Used to pay for qualified expenses with pre-tax dollars. 125 Plan Components. Premium account (PREM)

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The IBIS 125 Advantage Plan

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the ibis 125 advantage plan

The IBIS 125 Advantage Plan

Presented by:

Iowa Bankers Insurance and Services

ibis 125 advantage plan
IBIS 125 Advantage Plan
  • Employer-sponsored plan
  • Designed to save participants’ tax dollars
  • Used to pay for qualified expenses with pre-tax dollars
125 plan components
125 Plan Components
  • Premium account (PREM)
  • Medical Flex Spending account (MedFSA)
  • Limited Scope Flex Spending account (LFSA)
  • Dependent Care Assistance account (DCAP)
premium account
Premium Account
  • Used to pay for:
    • Group health
    • Group dental
    • Group vision
    • Group term life under $50,000
    • Individual & Supplemental plans such as:
      • Cancer
      • Accident
      • Critical Care

Cannot be used to pay for Long-Term Care/Medical Supplement Plans

medical flex spending account medfsa
Medical Flex Spending Account (MedFSA)
  • Used to pay for uncovered medical expenses such as:
    • Qualified expenses from health, dental, & vision plans
    • Deductibles
    • Co-pays
    • Co-insurance
    • Qualified over the counter items
  • Total election available at beginning of the plan year
limited scope flex spending account lfsa
Limited Scope Flex Spending Account (LFSA)
  • For individuals with a Health Savings Account (HSA) or one whose spouse has an HSA
  • Used only to pay for:
    • Dental expenses
    • Vision expenses
  • Total annual election available at beginning of plan year
dependent care assistance account dcap
Dependent Care Assistance Account (DCAP)
  • Used to pay for:
    • Day Care related expenses for a qualifying dependent or qualifying relative who:
      • Has not attained the age of 13
      • Is physically or mentally incapable of caring for himself or herself
      • Has same principal abode for more than ½ the year
  • Only pays claims from funds available in account
  • Must be employed or looking for work to make claim
employer designed plan
Employer Designed Plan

Employer makes decisions regarding

  • Eligibility
  • Participation
  • Plan components to be offered
  • Maximum election for each plan component
  • Plan year start/end dates
  • Whether to offer grace period for “use-it-or-lose-it” ruling
participation in company plan
Participation in Company Plan
  • Enroll during your companies open enrollment period
    • Online
    • Paper Form
  • Election made is for one plan year
  • Choose plan components you wish to participate in
  • Make annual election for each component
    • Amounts will be withheld from salary on a pre-tax basis
election changes
Election Changes
  • You cannot change your annual election without a qualifying event/change in status
    • Marriage
    • Divorce
    • Birth
    • Death
    • Employment change
  • Election change must be made within 30 days of event, unless qualified under HIPAA Special Enrollment Rights
submitting claims
Submitting Claims
  • AUTOMATED: If you participate in the Iowa bankers Benefit Plan (IBBP) or the IBBP Delta Dental Plan, any claim incurred (including prescriptions) will automatically be processed through your flex account. No filing necessary.
  • MANUAL: You must complete manual claim form and attach proper receipt for all other coverage:
    • Dependent care; over-the-counter items; health and dental claims not covered by IBBP plans
    • Claims must be received by Wednesday @ 10AM to be paid on Friday.
    • Fax claims to 515-286-4244
    • Claims must be incurred and filed within plan year limits
  • 90 days to submit claims after plan year ends
use it or lose it rule
Use-It-or-Lose-It Rule
  • Elections made for one year only
  • Plan dates are January 1 to December 31
  • Have 90 days to submit claims incurred in plan year
  • Any funds not used by year end are forfeited
    • Not returned to employee
    • Revert to the employer account
grace period option
Grace Period Option
  • Employer choice, not offered by all companies
  • Extends date and allows participant to incur expenses for 2.5 months after plan year end.
    • March 15th of next year
  • Allows participants to submit claims incurred for 90 days after the end of the extended grace period
    • June 15th
  • Paid weekly on Friday
  • Direct deposited to account of your choice
  • Electronic notification of claim processing
  • Web access to reports for those who authorize:
    • Explanation of benefits (EOBs)
    • Account history
    • Annual election
termination of medfsa lfsa
Termination of MedFSA/LFSA
  • Qualified expense must be incurred before terminiation date
  • Use–it-or-lose-it rule applies
  • COBRA offered only if a positive balance in account
  • COBRA will run through plan year end or until participant stops making contribution payment
termination of dcap
Termination of DCAP
  • Use–it-or-lose-it rule applies
  • All contributions to plan must stop
  • If account has a positive balance and participant gains employment, claims may be incurred and filed after termination date until account balance is zero.
advantage of participation
Advantage of Participation
  • Increase take home pay through pre-tax elections
  • Pre-tax savings plan to help pay for expenses
  • Employer sponsored plan
  • Ease and automation of the IBIS 125 Advantage Plan
    • Simplified claims submission
    • Direct deposit
    • Online enrollment
    • Online report access
    • Toll-free customer services
presented by
Presented by:

Iowa Bankers Insurance & Services

8800 NW 62nd Avenue

PO Box 6210

Johnston, IA 50131-6210

Phone: 515-286-4300

Toll Free: 800-258-1415

Fax: 515-286-4244