Employee Presentation

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Employee Presentation
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Introduction

• Invited by your Employer

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Introduction

• Adding to your benefits

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Intro

• For the full advantage of this benefit

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Intro

• TAKE TIME TO GET THE FACTS AND RESEARCH WHAT YOU
  SPEND

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Flex is an exciting benefit
It can save you money!!!
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• Your Employer wants to give you the best in
  benefits so

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• Here are more choices!!!

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What is a Cafeteria Plan?

• Created in 1978
• With 401k plans
• Started 1986 After elimination of health
  deduction on taxes

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Section 125 of the IRS Code

• Very popular payroll deducted benefit
• Health deductible and premiums on the rise

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• Saves taxes on common costs
• such as child care and medical expenses that
  are not covered by insurance

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• No more envelopes
• Toll free fax
• Website for forms
• Very fast claim turnaround

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Current Benefit Choices

• Group Insurance
• Health FSA

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More benefits

• Dependent Care
• Individual Health Premium Account

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How the Flex Plan Benefits You

• Saves taxes
• Depending on tax bracket up to 30 of your
  expenses

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Examples

• Laser eye surgery Typical cost is 3,000.00. By
  participating in the flex plan you save nearly
  1,000.00!!!

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Saving Money
Example Employees annual salary is 30,000.00
Childcare expenses are 5,000.00 W2 Wage report
is only 25,000.00!!!
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Lets Look at the Accounts Specifically
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Worksheet and Brochure DetailsRemember All
Sections Are Voluntary Participation
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Section A Group Insurance Premiums

• Your Employer will automatically move premiums
  pre-tax

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Section B Health Flexible Spending Account (HFSA)

• For medical expenses that are Dr Prescribed and
  not covered by insurance

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Section B HFSA

• Orthodontics
• Co-pays of all kinds
• Laser Eye Surgery

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Examples

• Medical Miles at .12 per mile
• Differences in payments for out of network
  situations
• See eflex4me brochure or go to website
  www.eflexgroup.com

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Things to Know about the HFSA

• Most Families spend 800-1500 out of pocket each
  year!
• Singles spend 300-1200 each year

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Section B Health FSA

• Not Covered
• Over the counter drugs
• Must have a prescription

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Not Covered Examples

• Outside of plan year
• Dental cosmetic Bleaching etc

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Not Covered Examples

• Nicotine patches/gum not covered
• No Veterinary bills!!!! (except service dogs)

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Limits to the HFSA

• __________ per year for full time
• __________ per year for part time

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Section C Dependent Care

• For Children 13 under
• 5,000.00 Federal Maximum
• Special Filing for Married Couples (2,500 each
  return)

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Daycare/childcare

• Summer day camps OK
• Overnight camps not OK

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Daycare/childcare

• Household expenses OK if not broken out
• Must file with taxes, form 2441
• On claim must provide, provider TIN

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Dependent Care cont.

• Also for elder care and others
• Must reside in your home for 8 hours per day
• Please provide Tax ID Number (TIN) for the
  provider

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Section D Individually Owned Premiums

• Personal policies that are medically related
• No life insurance

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Section D Individually Owned Premiums

• Must be billed to your home
• See eflex4me brochure for eligible insurance
  types or go to website www.eflexgroup.com

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Section D Individually Owned Insurance Premiums

• COBRA from another employer is not eligible

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Section D Individually Owned Insurance Premiums

• Or any insurance from another employer
• To be reimbursed-- need current copy of policy
  and/or premium notice

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Flexpert on the website
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How does the employee benefit?

• To see a tax savings calculator go to
  www.eflexgroup.com and play with your numbers

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How does the employee benefit?

• You may want to get a composite tax percentage
  from your tax advisor, but the average IL and WI
  rate is 25.
• By participating you receive savings and
  discounts on your expenses

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Special IRS Rules

• Use it or lose it
• Go to the brochure question 2 or go to website
  www.eflexgroup.com FAQ area.

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Special IRS Rules

• Insurance Principal
• Only expenses that have dates of service after
  the plan starts are eligible

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Plan Specifics

• Enrollment period is ____________________
• Call for enrollment questions at 1.608.243.8277

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Plan Specifics

• Payroll deduct each pay period
• Enroll by phone
• Or enroll over the Internet

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Plan Specifics Continued

• Plan year is _____________
• _______________________
• Summary plan description will come after plan
  starts

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Plan Specifics

• Call for enrollment questions at 608.243.8277
• Enrollment by Internet and Phone

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Omni-Line Enrollment and Account Look-up

• 24 hour Account Look-up
• Enroll Over the Phone

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Phone Enrollment

• 1-866-507-flex
• Enter your social security number
• Hit Key 2 to enroll
• Example 300.00 for the year is 30000 on the key
  pad

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Internet Enrollment
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Enroll Using This Page
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Filing a claim

• Best to fax [phone]
• Provide documentation

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Filing a claim

• Give us your email
• We use email to alert you if more information is
  needed or missing

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Filing a claim

• We pay claims as we get them
• Dollars must be in your account except HFSA

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Claim Continued

• Ask Flexpert if you have a claim and arent
  sure if it is covered at www.eflexgroup.com

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Claim Continued

• You may call us anytime with questions
• All information is secure
• We enjoy serving you!!!

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Claim Continued

• The more you do through email fax
• The faster we can service you

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More claim stuff

• Check will have all account and claim information

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More claim stuff

• Payment is mailed to your home
• We also have direct deposit

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What if I terminate?

• 90 Days to file claims that were incurred during
  your employment

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End of year claim filing

• 90 days to file for claims that were incurred
  within the plan year

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Instructions for Viewing Account Information
On-line

• Go to www.eflexgroup.com
• Choose Your Account

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Instructions for Viewing Account Information
On-line

• Put in Social Security Number
• Whole B-day, i.e. mmddyyyy
• Updated nightly

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View Account Information On-line
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Your Account Status
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Where are you better off?

• Daycare as a tax credit or on the flex plan?
• Usually best through the flex plan
• Health Expenses on tax form are limited to 7.5
• Flex is 100 tax savings

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Summary

• Please read the information carefully
• Play with the tax calculator
• Call with questions

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Dont Forget

• We will be happy to assist you with questions.

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Dont Forget

• Enroll before the _________ and start saving
  money!!!
• Just like insurance--- you must enroll by phone
  or the Internet by ______________

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THE END

• Jamie Johnson (Administration Manager)
• Marie Abbott (Office Manager)
• Office address
• 3001 W. Beltline Hwy, Ste 302
• Madison, WI 53713
• Ph 608.243.8277
• Fax [phone]
• Email info_at_eflexgroup.com