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Maximize Tax Savings with YourFlex

YourFlex offers a Flexible Spending Account (FSA) that allows you to use tax-free dollars to pay for medical expenses. Sign up now with YourFlex for maximum tax savings!

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Maximize Tax Savings with YourFlex

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  1. Using tax-free dollarsis the smarter way to pay medical expenses YourFlex makes it easy Offered through The Capitol Group of Companies

  2. Parent Child Development CorporationFlexible Spending Account What is a Flexible Spending Account? • A Flexible Spending Account (FSA) allows you to shift a portion of your income from taxable to tax-free to pay for allowable medical expenses. • Completely voluntary. • Free to participate—your employer pays us • Separate from health/dental insurance. YourFlex.com - Benefit Solutions, Inc.

  3. YourFlex tools for tax-savings • Medical Reimbursement • Dependent Care Reimbursement • Private Premium Reimbursement • Debit Card YourFlex.com - Benefit Solutions, Inc.

  4. Medical Reimbursement Pay for out-of-pocket medical expenses for your whole family. Examples: • Doctor co-pays • Prescription co-pays and deductibles • Dental Work • Vision Services YourFlex.com - Benefit Solutions, Inc.

  5. Medical Reimbursement 2 Options for Medical Reimbursement: • General Purpose • Spousal Exclusion YourFlex.com - Benefit Solutions, Inc.

  6. Dependent Care Reimbursement Tax-free funds placed in a Dependent Care Reimbursement account can be used for the physical care of a child age 12 and under while both parents are: • Working • Seeking employment, or • Attending school. YourFlex.com - Benefit Solutions, Inc.

  7. Private Premium Reimbursement A Private Premium Reimbursement Account uses tax-free dollars to reimburse for a health related insurance premium on a policy that is paid for personally (outside the company). • Policy has to be in the employee’s name or for a dependent child only • The policy must pay only if a specific condition occurs • Can not accrue cash value • Can not be for Long-Term Care or Life Insurance YourFlex.com - Benefit Solutions, Inc.

  8. Quick Fact Sheet • The “Plan Year” dates • April 1, 2015 – March 31, 2016 • Minimum & Maximum • Medical: $2,550/yr maximum. No minimum. • Dependent Care: $5,000/family/yr maximum. No minimum. $2,500/yr maximum if married and filing separately. YourFlex.com - Benefit Solutions, Inc.

  9. Important Points • ONEChance a year to sign up • Limited Changes - the amount of money you put into your accounts cannot normally be changed during the plan year unless a life event occurs (See the YourFlex guidebook for the IRS exceptions) • Use it or Lose it ( 2 ½ month extension adopted) YourFlex.com - Benefit Solutions, Inc.

  10. Some of the finer points... • For Medical Reimbursements, you can use the amount you have committed to contributing immediately. • For Dependent Care & Private Premium you cannot you use the funds until the money is in your account YourFlex.com - Benefit Solutions, Inc.

  11. How does it work?: 3 easy steps Step 1: Sign up with an Enrollment Form • Estimate your expenses for the next year based on: • When services will be received • Services must be received in the PLAN YEAR or during the extension. • Guess low to limit risk YourFlex.com - Benefit Solutions, Inc.

  12. How does it work?: 3 easy steps Step 2: Put money in your account pre-tax automatically through payroll • Your employer will take your election amount, • Divide it by the number of remaining pay periods for the plan year, and • Deduct a little out of each paycheck tax free. YourFlex.com - Benefit Solutions, Inc.

  13. How does it work?: 3 easy steps Step 3: Take your money out of your account Submit Reimbursement Request (All Accounts) Or Pay with Debit Card (Med Reimb. Only) YourFlex.com - Benefit Solutions, Inc.

  14. Reimbursement Request • When you have qualified expenses, send in a Request for Reimbursement with support: fax, mail, or web upload • We review the claim for compliance with IRS regulations. • We send you your money back from your account within a week! in by Tuesday at 5, out by Friday. • You have through July 31, 2016 to submit dates of service that are on or before June 15, 2016. YourFlex.com - Benefit Solutions, Inc.

  15. Debit Card • Improves cash flow • Card for employee and spouse • Tied to the available balance in your medical reimbursement account • Integrated on our website – YourFlex.com • Usable at most merchant types • Significantly reduces paperwork you must submit • If documentation is needed, you have 6 weeks • Card good for 3 years YourFlex.com - Benefit Solutions, Inc.

  16. Debit Card Emails 6 Week Process • Email #1 – Notification – debit made • Email #2 – Status email – no support vs. need support • Email #3 – Reminder (3 weeks later) – need receipts submitted • Email #4 – Final email that card has been frozen YourFlex.com - Benefit Solutions, Inc.

  17. For More Details... • Read the YourFlex Guidebook • Visit YourFlex.com • Consult Welcome Package that will be coming in the mail • Call The Capitol Group: (800) 527-0669 • Call FSA Administrator: (800) 858-9546. YourFlex.com - Benefit Solutions, Inc.

  18. Use YourFlex to sign up for a pay increase Questions? YourFlex.com - Benefit Solutions, Inc.

  19. Using tax-free dollarsis the smarter way to pay medical expenses YourFlex makes it easy Thank you

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