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Additional Information

Click Here for Frequently Asked Questions

Click Here for Eligible Healthcare FSA Expenses

Click Here for Eligible Dependent Care FSA Expenses

Click Here for Eligible Limited Healthcare FSA Expenses

In addition to employee tax savings, FSAs provide employer tax savings by reducing the FICA taxes from matching payroll contributions.  Both employers and employees agree that FSAs are an excellent complement to any employee benefit package.  FSAs provide for a wide variety of benefits. The benefits most often represented in the plan are any combination of the following:

Healthcare Flexible Spending Account - use pre-tax dollars to pay for eligible out-of-pocket healthcare expenses.

Dependent Care Flexible Spending Account - use pre-tax dollars to pay for eligible dependent daycare expenses.

Limited Healthcare Flexible Spending Account - use pre-tax dollars to pay for eligible out-of-pocket dental, vision and preventative care expenses only.  Under the Limited Healthcare FSA, eligible expenses are limited to so that enrollment is compatible with eligibility rules related to Health Savings Accounts.

LasikPlus Laser Vision Correction - click here to learn more about discounts on Lasik services

for Chard, Snyder participants through LasikPlus Vision Centers.

Debit Card Option - click here for more information on the debit card option, if offered by your

employer in conjunction with your plan.

Frequently Asked Questions
 
How do employees benefit from participating in an FSA?

How does the plan work?

How do employees participate?

Can participants change elections during the plan year?

How do participants receive reimbursements?

What is an eligible expense?

What happens to the funds at the end of the plan year?

Do employees enroll each plan year?

How is the plan regulated?

Who do I contact for more information?

How do employees benefit from participating in an FSA?

FSAs benefit employees by allowing them to pay for certain healthcare and dependent daycare expenses with pre-tax dollars.  Each dollar that goes into the plan is free from federal, state and (in most cases) FICA taxation.

How does the plan work?
The employer identifies who is eligible (i.e. all employees with over ninety days of service) within discrimination requirements, what the maximum contributions are for the plan (i.e. $5,000.00 for dependent daycare expenses), and the duration of the plan year (typically a period of twelve consecutive months). Each eligible employee elects whether or not to participate in the plan and how much to contribute. Those that participate receive pre-tax payroll-deductions and submit claims for reimbursement of expenses throughout the year.

How do employees participate?
Eligible employees complete and turn in an enrollment form prior to the beginning of the plan year. This annual "election" is divided into equal installments and is payroll deducted pre-tax each pay period. Participants can then submit requests and receive reimbursements for approved expenses incurred throughout the plan year.

Can participants change elections during the plan year?
Once an employee is enrolled, the elections made cannot be changed during the plan year unless there is a qualifying event (i.e. change in marital status or change in number of dependents).  Qualifying events are determined by the employer.

How do participants receive reimbursements?

Participants can fax, email or mail claim forms and supporting documentation to Chard Snyder. Supporting documentation can be a receipt, a bill, an explanation of benefits summary and/or any documentation that provides the date of service, the type of service and the amount. After the claim has been reviewed and the expense approved, payment is then issued to the employee via direct deposit or a check. Claims are processed daily and payments are issued at least once per week. Click here for complete instructions for submitting an FSA claim.

What is an eligible expense?
An eligible expense is any healthcare or dependent daycare expense approved by the IRS for reimbursement through the plan.  These eligible expenses are often the same expenses allowed for income tax return deductions. Please note that expenses reimbursed through an FSA cannot be itemized and resubmitted through an income tax return. Eligible expenses include items and services incurred by the participant, their spouse and any eligible dependents. Please click on one of the following links to view the complete list of eligible expenses for each of the FSAs:

Eligible Healthcare FSA Expenses

Eligible Dependent Care FSA Expenses

Eligible Limited Healthcare FSA Expenses

What happens to funds at the end of the plan year?
Any unused amounts left in the accounts at the end of the plan year cannot be carried over into the next plan year. These funds are forfeited and are not available for reimbursements. Participants usually have a year-end grace period determined by the employer to allow for time to submit all claims.

Do employees enroll each plan year?
Employees' elections are for the duration of the plan year in which they are made. New enrollment forms must be turned in and new elections made each plan year.

How is the plan regulated?
In addition to regulations brought forth from Section 125 of the Internal Revenue Code, FSAs are also regulated in part or in whole by the following entities and legislation:

Department of Labor                                         

Federal, State and Local Courts                       
Internal Revenue Service                                   
Pension Welfare Benefits Administration           
US Congress

COBRA

ERISA

FMLA

HIPAA   

Section 104
Section 105
Section 106
Section 129
Section 152
Section 213   

Please contact our office with any questions about plan regulations.

Who do I contact for more information?
If you require any assistance with an FSA, then please contact us.

BENEFIT CATEGORIES

Healthcare Flexible Spending Account (FSA)

The Healthcare Flexible Spending Account allows for certain out-of-pocket healthcare expenses to be paid for on a pre-tax basis. Participant elections are payroll deducted and placed in a special account for reimbursements to be issued as claims are incurred. Participants are able to receive their full election amounts anytime during the plan year. Participants cannot change their individual elections unless they experience a qualifying event (i.e. marital status change, change in number of dependents) as determined by their employer.

There is no income tax reporting required when participating in this account. The payroll deductions are free of federal, state and (in most cases) FICA taxes and do not even appear on a W-2 as reported income.

Reimbursements are received by faxing, emailing or mailing claims and supporting documentation to Chard Snyder. Supporting documentation can be a receipt, a bill, an explanation of benefits summary and/or any documentation that provides the date of service, the type of service and the amount. After the claim has been reviewed and the expense approved, payment is then issued to the participant via direct deposit or a check. Claims are processed daily and payments are issued at least once per week.

Reimbursements are only issued for eligible expenses incurred by the participant, their spouse or their eligible dependents. Any funds remaining in the account at the end of the plan year and after the corresponding grace period are forfeited.

The employer determines eligibility for this benefit (within discrimination requirements ) and the maximum and minimum contributions allowed.

Dependent Care Flexible Spending Account (FSA)

The Dependent Care Flexible Spending Account allows for certain out-of-pocket daycare expenses to be paid on a pre-tax basis. Participant elections are payroll deducted and placed in a special account for reimbursements to be issued as claims are incurred. Participants may receive reimbursements up to the total amount contributed through payroll deductions, but not more than their current account balance. Participants cannot change their individual elections unless they experience a qualifying event (i.e. marital status change, change in number of dependents, change in daycare provider) as determined by their employer.

Payroll deductions from this account are free of federal, state and (in most cases) FICA taxes. Employees who participate in the Dependent Care FSA will see their pre-tax deductions represented in box 10 of their W-2. In addition, participants will be prompted to supply information about their daycare provider (name, address and tax ID number) on Form 2441 or Schedule 2 of their income tax return. Please consult a tax professional for questions regarding income tax preparation.

Participants cannot take both the Dependent Care FSA deduction and the income tax return deduction for the same expense!  Some employees might be better off taking the Federal Tax Credit, depending on their income level, the income level of their spouse and their number of dependents. Typically, the Dependent Care FSA provides more tax relief than the Federal Tax Credit if an employee's taxable family income exceeds $26,000 per year.

Reimbursements are received by faxing, emailing or mailing claim forms and supporting documentation to Chard Snyder. Supporting documentation can be a signed statement from the daycare provider with the dates of service, the dependent's name and the amount. The daycare provider must also provide their name, address and tax ID number (or social security number, if an individual). Services must be incurred while both the participant and spouse are working (unless a spouse is disabled). After the claim has been reviewed and the expense approved, payment is then issued to the participant via direct deposit or a check. Claims are processed daily and payments are issued at least once per week.

Reimbursements are only issued for eligible expenses incurred by participants' dependents. Any funds remaining in the account at the end of the plan year and after the corresponding grace period are forfeited.

The employer determines eligibility for this benefit (within discrimination requirements) and the maximum and minimum contributions allowed.  Participant elections for the Dependent Care FSA are also limited by the following IRS requirements:

• If married and filing an income tax return jointly, the election must be the lessor of $5,000, the participant's earned income, OR the spouse's earned income for the plan year.
  
  
• If married and filing an income tax return separately, the election must be the lessor of $2,500 the participant's earned income, OR the spouse's earned income for the plan year.
  
  
• If the participant's spouse is not employed and is disabled, an income equivalent of $200 per month for one dependent or $400 per month for more than one dependent may be used.
  
  
• If filing an income tax return as a single parent, the election must be the lessor of $5,000 OR the participant's earned income.

Limited Healthcare Flexible Spending Account (FSA)

The Limited Healthcare Flexible Spending Account allows for out-of-pocket dental, vision and preventative care expenses to be paid for on a pre-tax basis. These expenses have been limited so that enrollment is compatible with eligibility rules related to Health Savings Accounts.  Participant elections are payroll deducted and placed in a special account for reimbursements to be issued as claims are incurred. Participants are able to receive their full election amounts anytime during the plan year. Participants cannot change their individual elections unless they experience a qualifying event (i.e. marital status change, change in number of dependents) as determined by their employer.

There is no income tax reporting required when participating in this account. The payroll deductions are free of federal, state and (in most cases) FICA taxes and do not even appear on a W-2 as reported income.

Reimbursements are received by faxing, emailing or mailing claims and supporting documentation to Chard Snyder. Supporting documentation can be a receipt, a bill, an explanation of benefits summary and/or any documentation that provides the date of service, the type of service and the amount. After the claim has been reviewed and the expense approved, payment is then issued to the participant via direct deposit or a check. Claims are processed daily and payments are issued at least once per week.

Reimbursements are only issued for eligible expenses incurred by the participant, their spouse or their eligible dependents. Any funds remaining in the account at the end of the plan year and after the corresponding grace period are forfeited.

The employer determines eligibility for this benefit (within discrimination requirements ) and the maximum and minimum contributions allowed.

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