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SASI. Better Benefits Solutions. 125 Cafeteria Plans, Section 132 Transportation, Health Reimbursements, 401K Recordkeeping, etc. What is a Section 125 Cafeteria “FSA” Plan?. It is an employer-sponsored plan which allows employees to pay for certain qualified expenses on a pre-tax basis.

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slide1

SASI

Better Benefits Solutions

125 Cafeteria Plans, Section 132 Transportation, Health Reimbursements, 401K Recordkeeping, etc.

slide2

What is a Section 125 Cafeteria “FSA” Plan?

It is an employer-sponsored plan which allows employees to pay for certain qualified expenses on a pre-tax basis.

Types of plans:

  • Insurance Premiums
  • Out of pocket medical expenses
  • Dependent Care expenses

The Federal Government gives you a “tax break”. The IRS explains the rules and regulations of this type of plan in Code Section 125.

slide3

What are the advantages of an FSA Plan?

Reduce your taxes

Increase your take-home pay

Pay for rising healthcare expenses with pre-tax dollars

Example of tax savings on your paycheck stub

Monthly Income $3000

Medical Insurance Deduction -$ 300 (minus deduction)

Medical Expenses -$ 100 (minus expense)

Taxable Income $2600

Federal, State and FICA Taxes -$ 728 (minus taxes)

Monthly Take Home Pay $1872

Monthly Savings with 125 Plan $ 112

Yearly Savings with 125 Plan $1344

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What is a Health Care Expense?

A healthcare expense is a medical expense not covered by your insurance. The IRS has decided that certain expenses are allowable in your Section 125 Cafeteria (FSA) Plan.

The full amount of your health care election is available to you at any time during the plan year regardless of the dollars that have been taken out of payroll to date. Any health care expenses pertaining to you, your spouse, and/or any dependents on your tax return are allowed.

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Eligible Health Care Expenses

  • Medical and dental deductible and co-payments
  • Eye exams, contact lenses/solutions and glasses
  • Lasik Eye Surgery
  • Prescription Drugs
  • Dental Care (Orthodontia, cleanings, caps, gum disease, filings, etc)
  • Physical Therapy
  • Chiropractic Care
  • Hearing Aids
  • Smoking Cessation
  • Over-the-counter (OTC) Products

Full list of eligible expenses available on our web-site www.sasiplans.com

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Ineligible Health Care Expenses

  • Cosmetic Procedures
  • Electrolysis or Hair Removal
  • Funeral Expenses
  • Health Club Dues
  • Household help
  • Nutritional Supplements
  • Maternity clothes
  • Personal Use Items
  • Teeth Whitening
  • Weight-loss Program not part of a specific disease treatment
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Over-the-counter (OTC) Products

Eligible OTC Products

Ineligible OTC Products

•Allergy prevention and treatment

•   Antacids

•   Asthma medicines

•   Band-aids

•   Cold and flu remedies

•   Decongestants

•   Diabetic supplies •   Lactose intolerance supplies •   Pain relievers

•   Sleep aids

•Baby Products (e.g. formula, lotion) 

  • Dental products

(e.g. toothbrush, toothpaste, dental floss)

  • Deodorant
  • Face & Eye Cream
  • Feminine Products (e.g. tampons)
  • Kleenex

• Suntan Lotions / Sun Glasses

•  Teeth Whitening Kits

•  Vitamins

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DependentCare Spending Accounts

Use pre-tax dollars for dependent care expenses that incur while your and your spouse work, look for work or go to school.

Eligible Expenses:

  • Licensed day care centers, nursery school, or day camp (overnight camp is not an eligible)
  • Care for you child, who is a dependent under age 13, in or outside your home, by someone other than your spouse or dependent under age 19.
  • Care of a physically or mentally disabled spouse or dependent, provided that the spouse or dependent spends at least eight hours per day in your home.
  • You can review a full discussion of eligible expenses in IRS Publication 503.
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How do I submit a claim for reimbursements?

You choose the method that works best for you to submit your claims to SASI.

Mail

Fax

E-Mail

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Reimbursement Payments

Health care claims

You will be reimbursed 100% of allowable expenses up to your maximum annual election thru your paycheck.

Childcare claims

You will be reimbursed 100% of allowable expenses up to the amount that has been deducted from payroll.

You will receive your reimbursement by check or direct deposit.

slide11

Election Changes

In order to change your election you must have a “life event’ such as:

Marriage

Divorce

Birth or adoption of a child

Death of spouse or dependent

Change of employment (or coverage) of spouse

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Use It or Lose It

Be careful about making your annual election for medical and dependent care expenses. Forecasting your expenses will reduce the risk of losing part of your annual election.

If money remains in your FSA at the end of the plan year plus the additional 2 ½ month grace period, you must forfeit it!. Most participants plan carefully, and forfeitures are infrequent and usually small.

Review your monthly statements or go the SASI Web Site at www.sasiplans.com . Check your remaining account balances regularly. Remember, expenses must be incurred within the plan year or the following 2 ½ month grace period.

CHOOSE YOUR ELECTION CAREFULLY…IF YOU DON’T USE IT, YOU LOSE IT.

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SASI Secure Web-site

Once you are enrolled, you can log onto the web-site under employee login to create a personal log in. You will see:

Your personal account balances, check history, claims status, and historical transactions.

Claim forms, Summary Plan Description (SPD)

Allowable eligible expenses

Currents news and events

Frequently Asked Questions (FAQ)

www.sasiplans.com

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Questions ??

Any questions please call SASI

at 1-800-752-3539

7:30a.m. to 4:30p.m CTS

or e-mail us at

sasi@sasiplans.com