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TaxSaver Flexible Benefits Plan - PowerPoint PPT Presentation


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TaxSaver Flexible Benefits Plan. Tax Saver. Two Levels of Participation: Premium Only Spending Accounts. Premium Only. Allows employees to shelter premiums for: Health Insurance Group Benefits Life Ins.* Dental Insurance Vision Insurance *Excludes Dependent Premium.

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Presentation Transcript
slide2

Tax Saver

  • Two Levels of Participation:
    • Premium Only
    • Spending Accounts
slide3

Premium Only

  • Allows employees to shelter premiums for:
  • Health Insurance
  • Group Benefits Life Ins.*
  • Dental Insurance
  • Vision Insurance
  • *Excludes Dependent Premium
stipulations
Stipulations:
  • IRS rules state that you will not be allowed to make changes to your tax sheltered insurances unless you incur a change in status or,
  • During the Annual Enrollment Period.
status change examples
Status Change Examples:
  • Change in Marital Status – Marriage, Divorce, Legal Separation, Annulment
  • Change in the number of tax dependents – Birth, Adoption, Death
  • Change in employment status of employee, spouse, or dependents – Termination, LWOP, FMLA, F/T to P/T
when may i enroll
When May I Enroll?
  • During Annual Enrollment or
  • Within 30 days of a change in family status
slide8

Premium Only

  • No Cost to Participate
  • No Reenrollment
slide9

Spending Accounts

  • Health Care
  • Dependent Care
slide10

HC Eligible Expenses:

  • Medical deductibles and co-payments
    • (office visits, physicals, etc.)
  • Dental expenses
    • (check-ups, cleanings, braces)
  • Vision expenses
    • (exams, glasses, contacts)
  • Prescription drugs
slide12

HC Acct vs. Tax Deduct

  • You may only claim medical expenses that are in excess of 7.5% of your gross income and you are required to itemize to take the deduction (7.5% of a $30,000 is $2,250).
  • The minimum for the HC account is $100 per year so you can reap the tax benefits without having to contribute a large amount of money.
slide13

HC Acct and Insurance

  • Prescriptions
  • Deductibles
  • Co-Pays
  • Co-Insurances
slide14

Spending Accounts

Dependent Care – Cost of care for children & elderly adults to enable you to work.

slide15

DC – Eligible Expenses

  • Day-Care for Pre-K age or under.
  • Before/After School care for children up to age 12.
  • Summer Camp (up to age 12).
  • Care for an elderly adult.
slide17

DC Acct vs. Tax Deduct

If you claim the DC expenses as a tax deduct, the maximum expenses allowed is $3,000.00 for one dependent and $6,000.00 for two or more.

example
Example:
  • If your gross annual income is $30,000.00 and you have one child in daycare with annual expenses of $5,000.00 your savings, under the tax saver plan, would equal $1,075.00 and your savings under the Tax Credit would be $810.00.
slide20

Spending Acctount Fees

$ 5.10 per month

$ Must reenroll each year

slide21

Annual Contribution

Annual Maximum:

*Health Care Acct. - $2,500 Max

*Dependent Care Acct. - $5,000 Max

Annual Minimum:

*HC and/or DC acct. is $100.00.

slide22

Flexibility

  • Debit Card
  • Change in Family Status
  • Grace Period
slide23

Use It or Lose It

  • Plan members should estimate their expenses carefully because remaining funds at the end of the plan year are forfeited.
slide24

Questions?

For more information,

visit our website at: www.lsuagcenter.com