BENEFITS AT A GLANCE
Putnam County Schools System offers employees two Flexible Spending Accounts (FSA’s) – the Health Care Account and the Dependent Child Care Account. Spending accounts provide a way for employees to pay for certain unreimbursed health care and dependent care expenses with tax-free dollars. Employees save money because these contributions are made before taxes are deducted. Employees contribute before-tax dollars directly from their pay to either or both spending accounts. These dollars are then used to pay for eligible unreimbursed expenses.
The Plan Year is July 1-June 30.
HERE’S HOW IT WORKS:
It works just like a regular bank debit card, only the “bank account” consists of funds you have set aside in your Health Care or Child Care FSA accounts. If your Childcare Provider accepts MasterCard, you can pay these expenses with your card.
You enroll in one or both of the FSA plans during annual Open Enrollment
Deductions are made on a “pre-tax” basis from each paycheck in the amounts you elect to set aside.
You incur an eligible expense with the option to pay the qualified provider with your Debit Card.
If an eligible provider does not accept MasterCard then you simply file a paper claim for reimbursement.
You can access your accounts on-line to view your account transactions
Health Care Accounts and Child Care Accounts are completely separate. You cannot use money set aside in your Health Care account for Child Care expenses and vice versa.
Please note that you must use your MedCom Card as “CREDIT” not debit when purchasing qualifying expenses.
ELIGIBLE EXPENSES AND OVER THE COUNTER MEDICATIONS
Note: Per IRS regulations the MedCom card cannot be used at supermarkets, grocery stores, discount stores and wholesale clubs, unless the merchant or vendor has implemented an inventory information approval system (bar code technology). All pharmacies must also have an inventory information approval system in place in order to accept the MedCom card. You are able to utilize the website fsastore.com for purchases at a discount when you utilize your MedCom Card. You will not be required to save your receipts for the qualified purchases on this site for items marked as “FSA Eligible”.
For examples of eligible and ineligible expenses for Medical Costs: Click on Health Savings Account blue box and use filter box to better define your search.
For examples of eligible and ineligible expenses for Dependent Care Costs: Click on the Dependent Care FSA blue box and use the filter box to better define your search.
QUESTIONS?
For any questions, contact:
Houze & Associates, Inc.
706-882-2864 or 800-523-7135
Kathy Veal: kathyveal@houze.org
WORKSHEETS
Calculate your Health Care FSA savings.
Calculate your Dependent Child Care FSA savings.
PLAN RULES AND GUIDELINES
CARES ACT UPDATES
A new federal law expands how members can use their flexible spending accounts (FSAs):
• Members can now use these accounts to purchase over-the-counter (OTC) medicines that had previously required a prescription. They can also use the accounts to purchase menstrual products. This will help them save on health care costs because the funds in these accounts are pre-tax.
MAXIMUM CONTRIBUTION (12 MONTH FISCAL PLAN YEAR, JULY 1ST-JUNE 30TH)
$2,850 for the Health Care account – $225 per monthly pay period.
$5,000 for Dependent Care ($2,500 if married and filing separate returns) – $416.66 per monthly pay period.
No Change Dependent Daycare FSA Information – Printable
‘$550 ROLLOVER’ – PLAN UPDATE
At the end of the Plan Year, funds left in your Medical FSA, up to $550, will rollover to the next Plan Year. If you do not re-enroll for the following Plan Year, the minimum to rollover is $50. All rollover only balances must be used in the subsequent Plan Year.
DEBIT MASTERCARD CONVENIENCE
For your convenience, you are issued a Bank Card to use for most expenses in lieu of filing claims. The MedCom card eliminates the need for you to pay up front for qualified expenses and then wait for reimbursement from your Flexible Spending Accounts. Plus, you will be able to access your accounts on-line to check your balances and view a history of your personal transactions at Medcombenefits.com Registration ID is (MCOPUTNAM).
New participants will receive a MedCom MBI MasterCard. If you are currently enrolled you WILL NOT receive a new card, your existing card will be reloaded with your new elections. Replacement cards and additional cards for spouse and/or adult children can be issued for a cost of $7.50, which will be deducted from your FSA account. Click here for the link: Replacement or Additional Card Request Form.
SAVE YOUR RECEIPTS
Even if you use your BankCard to pay an expense, YOU ARE REQUIRED BY IRS TO MAINTAIN AND SAVE YOUR RECEIPTS AND DOCUMENTATION OF EACH EXPENSE. (Receipts or documentation must include the name of the provider; the name of the person for which the expense was incurred; the nature of the expense, to verify its necessity; the date the expense was incurred; and the amount of the expense not eligible to be paid by insurance).Certain expenses equal to medical or dental co-pays will be automatically adjudicated without receipts. After you have used your card, MedCom will contact you to provide receipts if necessary. Save your receipts and be ready to present them when asked.
RECURRING EXPENSE?
If you have a regular recurring expense in the same amount, you can have this amount and charge approved automatically without having to provide a receipt to substantiate the charge each time it is incurred. The Recurring Reimbursement Form must be completed and submitted to MedCom with one of your receipts.
Eligible expenses must have been incurred during the plan year and claims must be filed within 60 days after the end of the plan year.
PAPER CLAIMS
Claim forms can be faxed to MedCom at 1-866-598-7800
mailed to MedCom Flex Dept., P.O. Box 10269, Jacksonville, FL 32247-0269
