Flexible Spending Accounts

1
Flexible Spending Accounts
2
Tax Savings

• Tax Free Spending Accounts
• You pay NO TAXES on the amount you put into a Tax
  Free Spending Account
• Save an average of 28 in taxes

• Earn 100
• transfer to
• Tax Free
• Spending Acct 100
• Pay Expense 100
• TAXES PAID 0

3
City and County of Broomfield

• Health Care FSA Maximum Contribution 5000 per
  plan year (1/1-12/31)
• Dependent Care Maximum 5000
• IRS set maximum per household
• Child needs to be 13 or younger
• Qualified Transit
• No use it or lose it rule (balances will carry
  forward for 180 days. If not claimed, a new
  expense needs to be incurred)
• 2009 Limits for Transit 115/month

4
Employee Tax Savings
Employee Tax Savings equals 1,640.32 by
participating in the FSA.
5
Debit Card

• Participants will receive a debit card to access
  their funds!
• KEEP YOUR RECEIPTS!
• There will be times in which we will ask you for
  further substantiation of your purchase.
• We will not ask for receipts for copays, approved
  repetitive expenses (with form) and anything
  purchased at Walgreens, Walmart, King Soopers,
  Safeway, Albertsons, etc.
• No charge for additional cards

6
Claim Form

• If you do not use the debit card, you can submit
  a paper claim.
• Claim forms can be found online at
  www.24hourflex.com
• Attach copies of your receipts and fax, mail, or
  email the forms in from our website.
• If you have any questions, contact our help
  center at 303-369-7886, 800-651-4855

7
IRS RULES

• Your Participation Form cannot be changed during
  the plan year unless you have a Change of Status
  (you then have 30 days to adjust your FSA)
• Money set aside in one area cannot be used to pay
  expenses in another
• Expenses must occur within the Plan year and
  Grace period (January 1, 2009 - March 15, 2010)
• USE IT OR LOSE IT! Unused funds FORFEITED 45
  days after the end of the Grace Period (April
  30).

8
How Do I Join?

• Decide how much you want to set aside in each
  account for the year (Remember, this is a
  SPENDING account!)
• Fill out the participation form in your packet
• Turn it into HR
• Start giving yourself a raise!