PayFlexBetter then ever

About This Presentation

Title:

PayFlexBetter then ever

Description:

Contact Lenses and Lens Solution. Infertility Treatment. Laser Eye Surgery. Over-the-Counter Items ... Contact your institution Benefits Office. Contact ... – PowerPoint PPT presentation

Number of Views:54

Avg rating:3.0/5.0

Slides: 16

Provided by: SBar7

Category:

more less

Transcript and Presenter's Notes

Title: PayFlexBetter then ever

1
TEXAS AM SYSTEM

PayFlex-Better then ever!
Pay Fewer Taxes and Reduce Your Medical and
Daycare Costs... with PayFlex!
No more monthly fees!
PayFlex Debit Card Option!

2
Got PayFlex, Pass it on!

Already participating, great! Tell a colleague or
co-worker! Not in PayFlex? Take a look at it this
year!
3
How can you LOWER YOUR TAXES?

Enroll in PayFlex, set aside a portion of your
pay in a PayFlex account BEFORE taxes are
withheld. Use this money to pay for
out-of-pocket health care and day care expenses
for yourself and eligible family members.

4
TEXAS AM PAYFLEX

Two Types of Accounts
The Healthcare Reimbursement Account for IRS
eligible medical, dental, eye care and hearing
care expenses
The Daycare Expense Reimbursement Account. For
child care or adult daycare

5
Eligible Health Care Expense Examples

Prescription Drugs
Eyeglasses and Eye Exams
Acupuncture
Hearing Testing, Hearing Aids and Hearing Aid
Batteries

Medical/Prescription Drug/Dental/Vision Plan
Co-payments, Deductibles
Coinsurance
Birth Control Pills
Chiropractic Care
Contact Lenses and Lens Solution
Infertility Treatment
Laser Eye Surgery
Over-the-Counter Items
Orthodontia

6
Eligible Daycare Expense Examples

Care of a dependent under age 13
Care of a dependent who is physically or mentally
incapable of caring for himself or herself
Custodial or Elderly Care
Dependent Daycare
Summer Camp, excluding overnight camps.
After / Before School Care
Sick Child Facility
Au Pair Services
Montessori School
Nanny, including FICA and FUTA

7
AM FLEX

What does this mean for you?
and
Tax Advantage
As you incur eligible health care expenses and/or
dependent day care expenses throughout the plan
year, you submit a claim, and you will be
reimbursed with tax-free dollars from your
PayFlex account!

8
Annual Limits

The Health Care Expense Reimbursement
Account 20 monthly minimum, 4,800 annual
maximum
The Day Care Reimbursement Account. (2,500
if married and filing separate returns) 40
monthly minimum, 5,000 annual maximum
Contribute you know absolutely, positively
you and eligible tax dependents will spend
during the plan year!

9
New For 2008/2009 Plan Yr!

No more monthly account fees! Texas AM System
will waive fees for all participants!
PayFlex Debit MasterCard option available! (9
annual fee) Unlimited use of the card! Eligible
dependents can each have their own card at no
addl fee!

10
The PayFlex Card
11
WHAT IS IT?

The PayFlex Card is a debit MasterCard card
that accesses your PayFlex spending account
to pay for IRS-QUALIFIED medical and/or
dependent day care expenses.
1 Advantage of the card CASH FLOW-Use the card
to pay for eligible out-of-pocket health care or
daycare expenses INSTEAD OF DOLLARS OUT OF YOUR
OWN POCKET!
Use at qualified merchants only
Please save your documentation for one year!
PayFlex may request documentation based on IRS
guidelines.

12
HOW CAN I SIGN UP?

First, plan, plan, plan! Are you or an eligible
dependent thinking about LASIK-dentures-crowns-ort
hodontia?
Use the Savings Calculator at www.mypayflex.com
to estimate known expenses for the upcoming
plan year Currently enrolled?
You will need to reenroll during open enrollment
elect the card option if desired.

13
How can I get money back from my accounts?

Use the PayFlex Card for direct, immediate access
to your Health Care Expense Reimbursement
Account or
Complete a PayFlex claim form and submit it to
PayFlex Systems, Inc. (administrator) via fax or
mail or
Use PayFlex Express claims at www.mypayflex.com

14
Four Important Facts!!!!

Carefully consider your prior year's expenses to
estimate your elections for the 2008/2009 plan
year.
At the end of each 12 month plan year, you have
an additional 2 ½ months, until November 15th, to
incur eligible Health Care and/or Daycare
Expenses. In other words, we will give you a
grace period to incur more claims and use up any
balance remaining on August 30th!
If you use the Flex Convenience Card, save your
receipts PayFlex may ask you to submit them for
particular expenses per IRS guidelines.
You have until the December 31st claims filing
deadline following each plan year to submit all
claims!