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Section 125 Flexible Spending Accounts with the Verity National Star Card

Section 125 Flexible Spending Accounts with the Verity National Star Card Two Types of Flexible Spending Accounts Health Care FSA What is a Health Care FSA? – PowerPoint PPT presentation

Title: Section 125 Flexible Spending Accounts with the Verity National Star Card

Section 125 Flexible Spending Accounts with

theVerity National Star Card

Two Types of Flexible Spending Accounts

Dependent Care FSA

  • Health Care FSA

What is a Health Care FSA?

  • A Health Care FSA is a program employees can

use to pay for

  • medical expenses that are not reimbursed through

    insurance

  • or any other arrangement.
  • Health Care FSA Eligible Expenses(If not

    covered by your primary medical insurance)

    • Deductibles and Co-pays
    • Contact Lenses
    • Special Tests
    • Laboratory Fees
    • Prescription Drugs
    • Coinsurance
    • Psychotherapy
    • Fertility Treatments
    • Crutches
    • Eyeglasses
    • Vision Care
    • Hearing Aid Devices
    • Dental Expenses
    • Optometrist Services
    • Physical Exams
    • Acupuncture
    • Orthodontia
    • X-Rays

    How do I Estimate FSA Contributions in Advance?

    • Review similar expenses over the last couple of

    years.

  • Consider changes to family health care needs that

    may occur during the year.

  • Use the worksheet at www.VerityNational.com/prospe

    ritybank to balance risk of forfeiture versus tax

    saving opportunities.

  • For the 2010 Plan year, the FSA plan has a

    minimum annual election amount of 300.00 and a

    maximum annual election amount of 6000.00, and

    if you elect less than 500 in the FSA plan there

    is a one time charge of 12 deducted from

    What is a Dependent Care FSA?

    • Dependent Care Accounts (DCAs) reimburse elder

    or child care expenses that allow the employee

    and his or her spouse to be gainfully employed.

    election per household is 5000

    Dependent Care Eligible Expenses(For Eligible

    Tax Dependents)

    • After-school care or extended day care programs
    • Au pair
    • Babysitter
    • Before-school care
    • Day Camp
    • Elder Care
    • Nanny
    • Preschool /

    Do I Need to Enroll to Participate in an FSA?

    • If you are currently enrolled and want to keep

    your FSA election the same you will not need to

    reenroll. If you are not currently enrolled or

    would like to make changes to your FSA election

    you will need to complete the online enrollment.

  • NOTE If you elected less than
  • the 300 you will need to reenroll.
  • Can I Participate in both Health and Dependent

    Care FSAs?

    • Yes!
    • However, IRS regulations require the accounts

    to operate separately. You cannot

    use funds from one to pay for expenses

    Verity National Star Card

    • Instant access to your account funds
    • Automatically issued when you enroll
    • Rarely required to pay out-of-pocket
    • Virtually eliminates claim forms and receipts
    • No more waiting for reimbursement checks
    • Instant online access to your account balance

    How do I Use the Card?

    • Star Card is restricted to use for

    FSA-eligible services and purchases,

    per the IRS

  • Smart technology allows only the appropriate

    account to be debited

  • Not eligible for use at ATMs or other unqualified

    Provider doesnt Accept Credit Cards?

    • Pay for eligible expense(s) out-of-pocket and

    then.

  • Mail, fax, or email claim form and receipt to
  • Verity National Group, Inc.
  • P.O. Box 780159
  • San Antonio, TX 78278
  • Fax (210) 348-7112
  • Email Section125_Claims_at_VerityNational.com
  • Thank YouThe Verity National Star Card Team

    Section 125 Flexible Spending Accounts

    • Please consider taking advantage of this

    convenient, cost-saving benefit

  • Sign Up Today!

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