- 1 Section 125 Flexible Spending Accounts with the Verity National Star Card - PowerPoint PPT Presentation
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Section 125 Flexible Spending Accounts with the Verity National Star Card - PowerPoint PPT Presentation
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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
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
- Fertility Treatments
- Vision Care
- Hearing Aid Devices
- Dental Expenses
- Optometrist Services
- Physical Exams
How do I Estimate FSA Contributions in Advance?
- Review similar expenses over the last couple of
may occur during the year.
ritybank to balance risk of forfeiture versus tax
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
- After-school care or extended day care programs
- Au pair
- Before-school care
- Day Camp
- Elder Care
- 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.
Can I Participate in both Health and Dependent
- 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
account to be debited
Provider doesnt Accept Credit Cards?
- Pay for eligible expense(s) out-of-pocket and
Thank YouThe Verity National Star Card Team
Section 125 Flexible Spending Accounts
- Please consider taking advantage of this
convenient, cost-saving benefit
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