What is a Flexible Spending Account? | How Does an FSA Work? | A Flexible Spending Account (FSA) is an add-on benefit program that allows you to save money — on a pre-tax basis — for certain common, eligible expenses. If you choose to participate in this valuable benefit, you and your qualified dependents can pay for medical, dental and vision expenses as well as dependent care expenses tax-free. The net result is an increase in your take home pay. Use this website page as a quick reference for questions you may have about your FSA plan through BeniComp. Please note this is meant to be an easy-to-read summary of the benefits available to you, not a contract. Additional limitations and exclusions may apply. For an official description of benefits, please contact the plan administrator. The FSA plan consists of two accounts: Click here for a list of eligible and ineligible expenses. At the time of enrollment, you must determine how much you would like to contribute to each of the FSA accounts for the upcoming year.

You may participate in one, both or none, depending on your personal needs and situation. That specific number of pre-tax dollars is deducted from your paycheck each pay period. When you contribute to an FSA plan, you lower your taxable income. Therefore you pay less each year in federal income and Social Security taxes and in most cases, state income taxes* while you increase your spendable income. Depending on your tax bracket, this plan can save you 30% to 40% on qualifying expenses. Some Key Things to Note Because of the tax benefits of an FSA, the IRS places strict guidelines on them:Money left in your account at the end of the year cannot be rolled over to the next plan year and cannot be paid out to you.** Plan carefully when deciding how much you want to contribute. * Pennsylvania taxes contributions to Dependent Care Accounts. New Jersey taxes contributions to both Healthcare and Dependent Care Accounts.** The IRS recently added an extension that allows participants to submit expenses for up to the first 2-1/2 months of the next year to help use up your FSA funds.

Check with your employer to see if this extension is available to you. Setting up and using an FSA is easy: 1. Determine how much money you need to set aside on an annual basis. Be sure to check the maximum and minimum amounts your plan allows. 2. Your employer will deduct the amount from your pay in equal amounts throughout the year on a pre-tax basis. 3. After you pay for an eligible expense, submit a claim to BeniComp for reimbursement:BeniComp Group, Inc.Attn: Flex Claims Dept.8310 Clinton Park DriveFt. Wayne, IN 46825Fax: 260-482-8991You must include appropriate documentation to support your claim, such as an itemized receipt or an explanation of benefits (EOB) from your insurance company. Remember: Always keep copies! 4. Whenever possible, BeniComp will make arrangements with your medical and dental carrier to receive your claims electronically. That means no forms to file! * These expenses require a doctor’s certification indicating the medical disorder, the specific treatment and how the treatment will alleviate the disorder.

A person you are claiming as your dependent cannot provide eligible dependent care services. best air purifier for bronchitisYou will need the social security number or tax identification number of the person or facility that provides the care.air duct cleaning yardley pa Flexible Spending Account (FSA) - Enrollment Form3m ultra quiet air purifier reviews Flexible Spending Account (FSA) - EFT Form Flexible Spending Account (FSA) - Claims FormTASC makes 100 Largest Employers in Dane County list How do I submit a MyService Request? Log in to MyTASC and click Contact Us. Click Submit a Service Request. Select Relationship, TASC Product Line, Topic, and Sub-Topic. Add attachment if applicable, then click Submit Form.

If you do not receive a confirmation email immediately, check your Junk Email. to your list of contacts or approved senders. Most requests are addressed within two business days. What is the fastest way to receive FlexSystem reimbursements? The TASC Card’s MyCash account puts your money back in your hands faster than ever—even faster than direct deposit! MyCash funds can be spent any way and anywhere major credit cards are accepted—simply swipe your TASC Card. Funds can also be withdrawn at an ATM (with a PIN) or transferred to a personal bank account from your MyTASC account. TASC Wins HealthDifference™ Award TASC was recognized by the Healthcare Trends Institute (HTI) second annual HealthDifference™ Awards for contribution to the betterment of the healthcare benefits industry. TASC was the recipient of the 2015 Gold Award for Best Small Business Benefit Plan/Solution.Visit our Newsroom for latest news. A Year of Giving For the last four decades, TASC has been passionate about giving back and supporting the communities where we live and work across the country.

We encourage our employees to give of their time, talent, and treasure and are in awe of the many ways they do just that. Learn how TASC gave back to our communities in 2015. It's who you know Sometimes in business, it really comes down to who you know. Or at least, who you do business with. A few years ago, we had the opportunity to join forces with the worldwide leader in payment cards, MasterCard. We reaped the benefit of this partnership right away. Working with this industry leader has made us stronger and better equipped to bring the latest innovations and service offerings to our clients and to the market. Read more in Dan Rashke's CEO Blog: It's who you know. Pending legislation would do away with “Letter of Medical Necessity” requirement - This week, the House of Representatives passed the Restoring Access to Medication Act (H.R. 1270), which would overturn a provision of the ACA and restore the ability of plan participants to use FSA, HRA, and HSA funds to purchase over-the-counter drugs and medicines.