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Flexible Benefit Plan Enrollment 2010

Flexible Benefit Plan Enrollment 2010. What is the purpose of a Flex Plan?. A tax free way to pay for certain annual expenses for you and your family!. What do you mean…. TAX FREE?.

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Flexible Benefit Plan Enrollment 2010

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  1. Flexible Benefit Plan Enrollment 2010

  2. What is the purpose of a Flex Plan? A tax free way to pay for certain annual expenses for you and your family!

  3. What do you mean… TAX FREE?

  4. Place a portion of your salary per pay period into the Flex Plan before… • FICA (Social Security + Medicare) - 7.65% • Federal Taxes - Start at 15% • State Taxes - Approximately 8%

  5. A Flex Plan allows you to pay for: • Certain Medical expenses • Dependent or Child Care expenses TAX FREE !!!

  6. Without Flex With Flex Gross Pay $32,000 $32,000 Pretax Expenses $0 $2,000 Taxable Gross $32,000 $30,000 Taxes (2) $9,600 $9,000 Net Pay $22,400 $21,000 Reimbursed Expenses $0 $2,000 Spendable Income $22,400 $23,000 Flex vs. No Flex • Group Health Insurance Premium Plan, MCRA, DCAP • Estimated FICA, Federal Income Tax and State Tax at 30%

  7. Plan Types • Medical Care Reimbursement Account redirect up to $6,000 annually • Your Medical Care election is available to you from the first day of the plan • Dependent Care Assistance Plan redirect up to $5,000 annually • Dependent Care reimbursements are paid from available posted payroll contributions, dollar for dollar

  8. Deductibles Co-payments Over-the-counter items Massage Therapy Mileage to/from Doctor’s Office or Hospital Vision Services Laser Vision Correction Dental Orthodontics Qualified Medical Care Expenses Reimbursable up to $6,000 per year *For a complete list of all eligible expenses, please visit www.goigoe.com

  9. Eligible Expenses In order to get expenses reimbursed, they must be… MEDICALLY NECESSARY! • No Vitamins or Dietary Supplements • No Toiletries / Sundry Items • No lotions, soaps, creams, etc. ** A letter of medical necessity may be required from your physician

  10. Can I stop or change contributions during the plan year? NO, unless there is a… • Marriage • Divorce/Legal Separation • Birth • Death • Adoption/Change in Legal Guardianship • Change in spouse’s insurance

  11. Dependent Care • Dependent child must be under the age of13 • Or dependent children who are physically or mentally incapable of self-care • Taxpayer ID# or SS# of person or organization providing care required Reimbursable up to $5,000 per year

  12. EligibleExpenses Dependent Care covers the following while you work: - Babysitters - Day Care Centers - Nursery School/Preschool - After School Care Programs • Summer Day Camp • Adult Day Care

  13. Flex Benefits Card • For qualified expenses at approved locations • No out-of-pocket expenses • Your entire election amount is loaded onto the card as of the first day of the plan! • No reimbursement requests to submit • No waiting for reimbursement Medical Care Expenses Only

  14. Plan Highlights • Your new Flex plan year begins July 1, 2010 and runs through June 30, 2011 • The last day to send in expenses for the 2010-2011Plan Year is August 31st following the close of the Plan Year • Don’t forget to re-enroll!

  15. Sending In Your Reimbursement Request • Visit www.goigoe.com for easy submission and to track the status of your reimbursement • Upload, e-mail, fax, or mail copies of receipts • Receipts must show date of service • Description of the item/service must be included • Reimbursements will be processed on the 7th and 22nd of each month and will be distributed by your payroll department • Requests must be received 4 business days prior to scheduled processing date

  16. Insufficient Data…. • Charge card receipts • Balance due statements • If your form is filled out incorrectly, your claim cannot be paid

  17. Use It or Lose It! Don’t let this happen to you! • Know how to use the plan & how not to use the plan • Only put in money for plannedexpenses • Use the worksheets to budget properly*Visit www.goigoe.com for more info to help you plan smarter!

  18. Visit us on the web at www.goigoe.com • Print & Complete Forms • Access Worksheets • Log in & view your account • Upload requests for reimbursement • Send questions to Participant Services • Shop the online FSA store

  19. Contact Igoe Participant Services By Phone: 800-633-8818, Option 1 Via E-Mail: flex@goigoe.com

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