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2019BENEFITSGUIDELook inside for an overview of the benefits and resources Reflex offers all benefits eligible employees for 2019. January 2019NCFlex Overview The Reflex Benefits Program provides

How to fill out flexible spending accounts

How to fill out flexible spending accounts

1. To fill out flexible spending accounts, follow these steps:
2. Determine the maximum amount you can contribute to the account for the year.
3. Estimate your expected healthcare and dependent care expenses for the year.
4. Consult with your employer or plan administrator to understand the eligible expenses and any documentation requirements.
5. Complete the enrollment form provided by your employer or plan administrator, providing the necessary personal and financial information.
6. Specify the amount you wish to contribute to the flexible spending account for healthcare expenses and/or dependent care expenses.
7. Keep track of your expenses throughout the year and save all relevant receipts and documentation.
8. Submit reimbursement requests for eligible expenses to your employer or plan administrator according to the process they have in place.
9. Stay updated on any deadlines and guidelines provided by your employer or plan administrator.
10. Review your account balance and remaining funds regularly to ensure you fully utilize the account before the end of the plan year.

Who needs flexible spending accounts?

1. Flexible spending accounts are beneficial for individuals or families who:
2. - Have anticipated healthcare expenses that are not fully covered by insurance.
3. - Have eligible dependent care expenses, such as child or elder care.
4. - Want to lower their taxable income by contributing pre-tax dollars to pay for eligible expenses.
5. - Can accurately estimate their healthcare and dependent care expenses for the plan year.
6. - Have access to a flexible spending account offered by their employer or plan administrator.

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What is flexible spending accounts?

Flexible spending accounts are accounts that allow employees to set aside pre-tax dollars to cover eligible healthcare or dependent care expenses.

Who is required to file flexible spending accounts?

Employees who are enrolled in an employer-sponsored flexible spending account program are required to file flexible spending accounts.

How to fill out flexible spending accounts?

Flexible spending accounts can typically be filled out online through an employer's benefits portal or by submitting paper forms with receipts for eligible expenses.

What is the purpose of flexible spending accounts?

The purpose of flexible spending accounts is to help individuals save money on eligible healthcare or dependent care expenses by using pre-tax dollars.

What information must be reported on flexible spending accounts?

Flexible spending accounts typically require information on the date of the expense, the amount spent, and proof that the expense is eligible under the plan.