BENEFITS AT A GLANCE
Haralson County Schools System provides two Flexible Spending Accounts (FSA’s) – the Health Care Account and the Dependent Child Care Account. Flexible Spending Accounts provide a way to pay for certain unreimbursed health care (Medical FSA) and dependent childcare expenses (Dependent FSA) with tax-free dollars. How? You contribute before-tax dollars directly from your pay to either or both Flexible Spending Accounts. Why? Because you save money, since the contributions are made before taxes. On average, every $1.00 you contribute to an FSA will only impact your take home pay by $0.70. These dollars are then used to pay for eligible expenses.
HERE’S HOW IT WORKS:
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. Your entire FSA Health Care balance will be usable on July 1st of each year. Dependent Care amounts are only available as monthly deductions are made from your paycheck.
• 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
• Incur an eligible expense and pay the provider with your Debit Card
• If an eligible provider does not accept MasterCard file a paper claim
• You can access your accounts on-line to view your account transactions
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.
Examples of eligible and ineligible expenses for Dependent Care Costs Click on Dependent Care FSA blue box and use filter box to better define your search.
SUBMIT CLAIMS ONLINE
Register on The Wealthcare Portal for AmeriComp You will need to use your Social Security Number or Employer ID is ABI1120 to register your account.
Upload Claims through the Portal, including setup Direct Deposit.
QUESTIONS
For any questions, contact:
Houze & Associates, Inc
706-882-2864 or 800-523-7135
kathyveal@houze.org
WORKSHEETS AND CALCULATIONS
- To Calculate your Health Care FSA savings, Click Here
- To Calculate your Child Care FSA savings, Click Here
AMERICOMP
Cafeteria Plan Document and Summary Plan Description
Medcom Prior:
Plan Document (Governs the 125 Cafeteria Plan), Amendment (Rollover Allowance)
UPDATES
March 2020, a Federal Law expanded 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.
The Consolidated Appropriations Act of 2021 allows employees to carry over unused amounts for either Medical FSA or DayCare FSA. This is allowable for Plan Years ending in 2020 and 2021. There is a $50 account minimum for employees that do no re-enroll for the next year.
PLAN YEAR MAXIMUMS
| Health Care/Medical FSA is $2,400 per year or around $200/month |
| Dependent (child care) FSA is $5,000 per year for a married family filing joint taxes or $2,500 if filing separately. |
Reminder: 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.
DEBIT MASTERCARD
The Debit MasterCard eliminates the need for you to pay up front for qualified expenses and then wait for reimbursement from your Flexible Spending Accounts. You can also access your accounts on-line to check your balances and view a history of your personal transactions
Create an account through: www.americompbenefits.com (Employer ID is ABI1120) or download the AmeriComp Benefits App.
All FSA participants will receive a AmeriComp MasterCard in the mail, and will be valid for 3 years. Replacement Cards are $5.00 and will be deducted from your FSA Account.
Request a Dependent FSA card by returning this completed form
RECEIPT REQUIREMENTS
Save your receipts and be ready to present them if asked, even if you use your Bank Card. When receipts are requested, 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), and the date the expense was incurred. The best documentation to submit is a copy of your explanation of benefits that can be printed off of the provider website for medical, dental or vision claims.
THE IRS REQUIRES YOU TO MAINTAIN AND SAVE YOUR RECEIPTS AND DOCUMENTATION OF EACH EXPENSE.