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Benefits Enrollment
Flexible Spending Accounts
The Flexible Spending Account program allows you to make contributions before tax (reducing your taxable income) and to receive tax free reimbursement for your out-of-pocket daycare and healthcare expenses. BCPS provides you with two Flexible Spending Account (FSA) options. You may sign up for up to $4,000 per year in the healthcare account and up to $5,000 per year in the dependent care spending account during Open Enrollment. If you have a qualifying life event you may sign up for a FSA, or increase or decrease your contribution, within 30 days of the event by contacting the Office of Benefits & Retirement via email at benefits@bcps.org or by calling 410-887-4142.
FSA Administrator is HFS Benefits (HFS)
HFS Benefits is the new FSA administrator for BCPS effective September 1, 2008. Their website is www.hfsbenefits.com and their customer service line is 410-771-1331 press option #2. HFS will handle claims incurred during the new plan year. Links to HFS forms appear below:
Announcement October 1, 2008
Claim Form
Debit Card Substantiation Form
Direct Deposit Authorization
Debit Card Flyer
Overview
FSA Grace Period
Recent IRS rulings permit employers to provide extended time for you to incur claims during the plan year. That means you have from September 1 through November 15 to incur expenses that can be paid with money you set aside for this year. The deadline for submitting claims for the prior plan year is November 30.
Dependent Care FSA
You can set aside from $500-$5,000 per family, per plan year (September 1 – August 31) to pay for dependent care expenses if you (and your spouse if married) work or attend school full-time. Eligible expenses as determined by the IRS are what you pay to qualified providers for dependent care for children until they reach age 13 or other dependents not capable of self-care who are considered your dependent for federal income tax purposes. Qualified dependent care providers must identify their federal taxpayer identification number of their social security number on receipts provided for reimbursement through your FSA.
Amounts you pay for dependent care using FSA funds cannot be claimed on your federal income tax return for dependent care tax credit. In most cases, the FSA provides greater tax-savings than claiming the tax credit for expenses you paid with after-tax dollars.
Health Care FSA
You can set aside from $100-$4,000 per family, per plan year (September 1 – August 31) to pay for out-of-pocket health care expenses for yourself and your dependents claimed for federal income tax purposes. You do not have to participate in a BCPS health plan to establish a Health Care FSA. This year you will also be offered the convenience of using a debit card to use the funds you set aside in your health care FSA. The debit card can be used for allowed expenses only at any medical provider location or retail outlet that accepts MasterCard. When using your FSA debit card, you may be required to provide receipts following your purchase or service – it’s important to keep all your receipts when using the card in case you are asked to provide documentation of your charges.
All BCPS health plans have office visit and prescription co-pay amounts that you can pay through a Health Care FSA. If you are enrolled in the CareFirst Triple Choice plan, you also have to pay deductible and coinsurance amounts for services other than office visits.
Eligible expenses that can be reimbursed through a Health Care FSA are determined by the IRS (Publication #502). Examples include medical and prescription plan copayments, deductibles, balances you must pay after your benefit plan has made payment, your share of the costs for orthodontia, and even some services (such as LASIK surgery to correct eyesight or adult hearing aids), not covered by your benefit plans.
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