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Flexible Spending Accounts 2014. Save Taxes and Manage Health Care Costs Presented by Sam Ramirez. Who, What, When, Where, Why & How?. Q: What are flexible spending accounts? A: Accounts where you can set aside pre-tax dollars to pay for medical or dependent care expenses

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flexible spending accounts 2014

Flexible Spending Accounts 2014

Save Taxes and Manage Health Care Costs

Presented by Sam Ramirez

who what when where why how
Who, What, When, Where, Why & How?
  • Q: What are flexible spending accounts?
  • A: Accounts where you can set aside pre-tax dollars to pay for medical or dependent care expenses
  • Q: Why should you want to learn more?
  • A: To save tax dollars, smooth out costs
  • Q: Who administers the benefit for B-W?
  • A: Finance, Human Resources and Payroll
who what when where why how3
Who, What, When, Where, Why & How?
  • Q: Who is eligible to participate?
  • A: B-W Employees, even if they do not have our health care plan, special rules apply for Dependent Care Account
  • Q: What accounts are available?
  • A: Medical Care and Dependent Care Reimbursement Accounts
  • Q: How much can I set aside in each account?
  • A: Up to $2500 in medical and $5000 in dependent care account
who what when where why how4
Who, What, When, Where, Why & How?
  • Q: How do I determine how much to set aside?
  • A: Review past expenses and be a little conservative
  • Q: Can I change the amount I set aside?
  • A: Generally not unless it is a qualifying event.
  • Q: What are some eligible expenses?
  • A: Co-pays, co-insurance, deductibles, items that are not covered by plan (glasses, braces, etc.)
  • Q: What are some ineligible expenses?
  • A: Vitamins, face-lifts, OTC drugs etc.
who what when where why how5
Who, What, When, Where, Why & How?
  • Q: When do I have access to the money?
  • A: Immediately, for medical care, after it has been deducted from your pay for dependent care
  • Q: When must expenses be incurred?
  • A: January 1, 2014 through December 31, 2014
  • Q: How does expense reimbursement work?
  • A: Submit claim form to Finance
what is the reimbursement process
What is the Reimbursement Process?
  • First, enroll
  • Incur eligible expense – get receipt
  • You can request reimbursement for medical anytime after it’s been deducted for dependent care
  • As you incur eligible expenses and you pay for a service – submit claim form and receipt
  • Within a few days you will receive your check
who what when where why how7
Who, What, When, Where, Why & How?
  • Q: What happens if I have money left over?
  • A: NEW - Beginning in 2014 for year 2015, up to $500 in unused funds from medical account can be carried over .
  • Q: How does it actually save me money?
  • A: Reduces gross taxable income
  • Q: Who do I submit claims to?
  • A: Finance – Lisa Giesen
who what when where why how8
Who, What, When, Where, Why & How?
  • Q: Where do I get claims forms?
  • A: HR or on-line bw.edu/resources/hr/forms
  • Q: How long does it take to get money?
  • A: Not long – couple of days
  • Q: When is the last day I can submit a claim for this year (2013)?
  • A: March 15, 2014
who what when where why how9
Who, What, When, Where, Why & How?
  • Q: Do I need to re-enroll every year?
  • A: Yes
  • Q: What if the amount I am going to set aside next year is the same, do I still have to re-enroll?
  • A: YES!
  • Q: Where do I get the enrollment form?
  • A: Visit HR’s web site.
how do i complete enrollment form for medical
How Do I Complete Enrollment Form for Medical?
  • Complete top portion
    • Name, last 4 digits SSN, department
    • Check New Enrollment
  • Biweekly (24 pays)
    • First line – biweekly amount
    • Second line – Total for Year
  • Monthly (12 pays)
    • First line – Monthly amount
    • Second line – Total for Year
dependent care vs health care
Dependent Care vs. Health Care
  • Medical Reimbursement Account is for employee, spouse and dependent children health-related expenses
  • Dependent Care Reimbursement Account is for spouses, parents and typically dependent children of employees – after school care – nursing home – etc.
to learn more
To Learn More
  • www.bw.edu/resources/hr
  • www.bw.edu/resources/hr/forms