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Flexible Spending and Premium Cafeteria Plan Booklet And Plan DocumentRevised 01012023BENEFITS ADMINISTERED BYAmendment Effective January 1, 2024 UNIVERSITY OF ARKANSAS SYSTEM The Flexible Spending
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01
Gather necessary documentation, such as receipts and invoices for eligible expenses.
02
Log into your flexible spending account (FSA) portal.
03
Select the option to submit a claim and fill out the required information, including expense details and amount.
04
Attach any supporting documentation required, such as receipts.
05
Review your submission for accuracy, then submit your claim for processing.
06
For premium payments, access your benefits portal or contact HR for instructions.
07
Complete the required forms for each premium payment, providing the necessary personal and payment information.
08
Submit the premium payment forms according to your employer's guidelines.

Who needs flexible spending and premium?

01
Employees whose employers offer flexible spending accounts as part of their benefits.
02
Individuals with recurring medical expenses that could be covered by an FSA.
03
Families looking to manage out-of-pocket healthcare costs effectively.
04
Anyone seeking to lower their taxable income through pre-tax contributions.
05
Employees interested in using FSAs or similar accounts to budget for health-related expenses.
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Flexible spending refers to a financial arrangement that allows employees to set aside pre-tax earnings to pay for qualified health expenses. Premiums are the amounts paid for health insurance coverage, typically on a monthly basis.
Employees who participate in flexible spending accounts (FSAs) and employers who offer healthcare coverage are required to file flexible spending and premium information.
To fill out flexible spending and premium forms, gather all relevant receipts for qualified expenses, provide your personal and employer information, and complete the required sections of the forms accurately.
The purpose of flexible spending is to allow employees to save on taxes and manage healthcare costs by using pre-tax income. Premiums serve to fund health insurance coverage for individuals and their families.
Information that must be reported includes the total amount of contributions to flexible spending accounts, health insurance premiums paid, and any reimbursements received for qualified expenses.
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