Cafeteria Plans: FSA, Limited Purpose FSA, Dependent Care
Provided by National Benefit Services
www.nbsbenefits.com
Smartflex Card Information:
National Benefit Services will issue your initial medical Flex Card and will be mailed to your home. Funds will be reloaded from year to year on your card with your election for each new plan year.
Flexible Spending Account and $610 carry over provision:
Through the FSA, you elect an amount you will use during the plan year for qualified medical, dental, and vision expenses. Your full annual election is available to you up front and is loaded onto a Visa card for easy use. The FSA is a use it or lose it plan as most of your election amount does not roll into the next plan year with the exception of $610. We have a $610 carry over provision so you may roll up to $610 into the next plan year.
Limited Purpose FSA and $610 carry over provision:
The Limited Purpose FSA, is much like the full FSA, but can only be used for Dental and Vision expenses and should only be elected with the High Deductible Health Plan with the HSA. Health Care expenses should be submitted to your HSA, while Dental and Vision expenses could be submitted to your Limited Purpose FSA. The FSA is a use it or lose it plan as most of your election amount does not roll into the next plan year with the exception of $610. We have a $610 carry over provision so you may roll up to $610 into the next plan year.
Day Care FSA:
Maximum Allowable election is $5000 or $2,500 if Married and Filing Taxes Separately.
More About the Cafeteria Plans
The Cafeteria plan allows you budget for qualified expenses while reducing your taxable income through pre-tax payroll deductions.
Flexible Spending Account:
Through the FSA, you elect an amount you will use during the plan year for qualified medical, dental, and vision expenses. Your full annual election is available to you up front and is loaded onto a Visa card for easy use. No amount will be rolled over and any unused funds at the end of the plan year will be lost.
Limited Purpose FSA:
The Limited Purpose FSA, is much like the full FSA, but can only be used for Dental and Vision expenses and should only be elected with the High Deductible Health Plan with the HSA. Health Care expenses should be submitted to your HSA, Dental and Vision expense could be submitted to your Limited Purpose FSA. No amount will be rolled over and any unused funds at the end of the plan year in the Limited Purpose FSA will be lost.
Dependent Care Expense Account:
The day care expense account allows you to deduct the amount you would normally pay your day care provider pre-tax from payroll. You can submit manual claim forms for reimbursement or sign up for continual reimbursement and have the funds automatically sent to you a few days after each payroll. If you elect this plan, you cannot claim your day care expenses on your tax return at the end of the year because they will have already been deducted from your taxable income through payroll. You should talk with a qualified tax advisor to decide which option is best for you.