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Flexible Spending Account

Flexible Spending Account . University of Dayton Open Enrollment. What is a Flexible Spending Account?. A Flexible Spending Account is an IRS regulated pre-tax benefit. Also known as a Section 125 Plan Cafeteria Plan FSA . 3 Reasons why you Should Participate… . Money, money, money!

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Flexible Spending Account

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  1. Flexible Spending Account University of Dayton Open Enrollment

  2. What is a Flexible Spending Account? • A Flexible Spending Account is an IRS regulated pre-tax benefit. • Also known as a • Section 125 Plan • Cafeteria Plan • FSA

  3. 3 Reasons why you Should Participate… • Money, money, money! • Pay less in taxes • Increase your spendable income • Save 25-40% • So where does the tax savings come from? • Federal and State Income Taxes

  4. Paycheck Illustration

  5. University of Dayton • Plan Year: January 1 – December 31 • Details: • Grace Period for Medical (No OTC after 12/31/2010) • Run-Out Period: 32 days after Grace • Direct Deposit Available • FSA Benefit Limitations: • Medical: $5,000/year • Limited Medical: $5,000/year • Dependent Care: $5,000/year (If single or married filing jointly) or $2,500/year (If filing separately)

  6. Planning Your Participation • Your Election • Election – No Changes Unless • Change of status • Don’t lose anything… plan ahead! • Use Worksheets • Plan Conservatively • 24-hour Account Access • Reminder Letters

  7. What are eligible expenses? • STILL WORTH NOTING! • As of January 1, 2011, if you have an FSA, HRA or HSA, you are no longer permitted to use your account funds to purchase OTC drugs and medicines (e.g. Advil, ibuprofen, cough syrup) unless you have a Note of Medical Necessity (NMN) or a prescription from your doctor. • Eligible expenses include… • Co-pays and prescriptions • Eye exams, contacts, contact lens solution, prescription sunglasses, laser eye surgery …and MUCH more!

  8. The Reimbursement Process • Submit Eligible Claims Through: • Online • Email • Fax • Regular mail • Include Documentation • Per IRS regulations, all documentation must include: • Signed and Dated Claim Form • Patient and Provider Names • Date, Cost and Description of Service

  9. www.myCafeteriaPlan.com

  10. Employee Account Homepage

  11. Online Claim Entry

  12. Online Claim Entry

  13. Claim Detail

  14. How do I sign up? • Complete Your Enrollment Form • Submit Your Form to HR Staff • Look Forward to a Great Benefit

  15. Thank You! BusinessPlans, Inc. - myCafeteriaPlan 432 East Pearl Street Miamisburg, OH 45342 Phone: (937) 865-6500 Toll-Free: (800) 865-6543 Email: Customer_Service@myCafeteriaPlan.com

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