Plans are administered by American Benefits Group
The Collaborative for Educational Services offer employees a way to increase their spendable income via the benefit known as a Flexible Spending Account or Flex Plan.
Three reimbursement accounts are available, the Health Flexible Spending Account (FSA), Dependent Care Assistance Plan (DCAP) and a Limited Purpose Medical FSA (for members who are enrolled in a High Deductible PPO Plan for vision or dental expenses). Using these plans will save you money by allowing you to pay for medical and dependent care expenses with pre-tax instead of after-tax dollars.
If you are participating in either of the PPO plans, you are eligible to enroll in this benefit as a “Limited Purpose FSA”. This benefit can help with any out-of-pocket dental and vision expenses that you might have during the plan year.
How to Elect this Benefit
FSA Enrollment Instructions
FSA Enrollment Tutorial Video
To begin the FSA Online Enrollment process, click here: https://www.mywealthcareonline.com/myflexresource/Enrollment/Enroll.aspx
Employer ID: ABGHEC
Why do I need a Medical FSA?
The Medical FSA is designed to help you pay health care expenses incurred during the plan year, including those which are not 100 percent covered by insurance, or those which are not eligible for payment under your health care plan.
The amount you have agreed to set aside in the reimbursement account may be used to pay for most health care expenses, including certain over-the-counter items. Because CES health insurance plans require deductibles before certain medical expenses are covered by insurance, a medical FSA can be a great help!
Medical FSA contributions can be used to pay deductible expenses which would otherwise have to be paid for out of your pocket.
Learn how a Flexible Spending Account can save you money
How can an FSA help with dental expenses?
How can an FSA help with vision expenses?
View a Presentation about FSAs
CES has updated our plan this year to include the Carryover Provision.
In 2013, the U.S. Treasury Department modified its Flexible Spending Account (FSA) “use-or-lose” rule – employers may now adopt the Carryover Provision to allow funds to roll over.
This is great news, because:
- You can roll over up to $500 of your unused FSA funds at the end of this plan year.
- The money you put in an FSA is not taxed, so assuming you pay a combined 40% state and federal tax rate, you’re saving 40% on healthcare expenses funded through the account.
If you previously chose not to participate in the FSA program because of the "use-or-lose" mandate, it's time to take another look!
When can I start participating?
Any time - all employees who work 20 or more hours per week can participate immediately (as of their date of hire).
Why should I consider a Dependent Care FSA?
This FSA is designed to help you pay for childcare services (or care for an elder, disabled spouse or dependent) when those services make it possible for you and your spouse to work.
Any type of dependent care that you could legally claim if you were filing for a credit on your tax return is eligible for reimbursement under this FSA.
How much can I set aside?
Up to $5,000 per family
Qualified Dependent Care Expenses
- Care for Children Under Age 13
- Care of a Disabled Dependent
- Summer Camp
- After School Programs
How do I know how much to elect?
You must plan your contributions carefully. It is important that you be conservative when estimating your expenses for the plan year. IRS regulations that apply to your spending accounts state that any money set aside in these accounts that is not used for expenses incurred during the plan year must be forfeited. This is referred to as the “use it or lose it” rule. The unused dollars contributed cannot be returned to you. To avoid losing any money, you should estimate what your eligible expenses will be before you decide how much to contribute — and then commit to a little less.
Learn more about Dependent Care FSA
When can I start participating?
Any time – all employees who work 20 or more hours a week can participate immediately (as of their date of hire).
I have the PPO Plan – can I still participate?
Yes, however, if you have an HSA, you can only participate in a Limited Purpose Medical FSA. The Limited Purpose FSA works the same way a standard FSA does: pre-tax dollars, "use it or lose it" elections, and expenses must be occurred within the plan year. The difference is that eligible expenses are limited to vision and dental services or products.