Flexible Spending Accounts


New Vendor in Plan Year 2014!


Introducing NueSynergy – a leader in FSA technology
NueSynergy, headquartered in Leawood, Kansas, is the state’s new FSA administrator effective the 2014 plan year. NueSynergy makes your FSA account management faster, easier and more convenient. Find helpful tools and details at www.KansasFSA.com

Remember, FSA Annual Enrollment is required by the IRS. 
Your participation in an FSA does not carry over from one year to the next.  Enroll in your FSA during open enrollment in October every year.  Your new enrollment will become effective January 1st of the next year.
Note: When you elect to enroll in an FSA for Plan Year 2014,   reimbursement is via direct deposit. 
Go to www.KansasFSA.com to complete an ACH form.

Save on Eligible Medical and Daycare Expenses
A Flexible Spending Account (FSA) allows you to set aside up to $2,500 on a pre-tax basis to pay for eligible medical, dental, and vision expenses, and up to $5,000 on dependent care expenses.  The amount you choose to contribute is taken out of your paycheck, in equal amounts each pay period, and reimbursed when a qualified expense is incurred.  See the Active State Employees Comparison Chart for minimum and maximum FSA payroll deduction amounts.  It’s important to calculate the right amount to contribute to your FSA.   Unlike a Health Savings Account, the amount in your FSA cannot be carried over from year to year as IRS regulations require that any unspent funds in your FSA are forfeited.  The “grace period” to incur expenses for Plan Year 2014 is March 15, 2015.   The deadline to submit a claim is April 30, 2015.

Note:  To receive reimbursement for Dependent Care, you must submit your provider’s Social Security Number or Employer Identification Number (EIN).  There is no grace period for the Dependent Care FSA.   You have until April 30, 2014, to submit documentation for reimbursement of the Plan Year 2014 dependent care expenses.  Plan the amount you put into your FSA carefully so that it does not exceed the amount you are likely to pay for eligible expenses.

Easily access your FSA funds with direct deposit and free debit card
At enrollment, you’ll complete a mandatory direct-deposit form, and you can also select to receive your free Kansas FSA debit card. By using the debit card, you’ll rarely have out-of-pocket expenses, you’ll have access to the full plan-year amount on January 1, 2014, and you’ll eliminate paper claims submissions.

Increase your take-home pay by as much as 25%
Nearly everyone can benefit from enrolling in an FSA. For every dollar set aside from your paycheck to your FSA plan, you save on taxes that are not withheld. By reducing your income taxes, you increase your take-home pay. It’s that easy! 

Here’s the savings potential
An employee who earns $32,000 annually ($1,333.33 per bi-monthly payroll) elects to set aside $250 per pay period (pre-tax) to cover the cost of insurance, health and daycare expenses. In this example, the individual’s increase in take-home pay is $144.48 per month. (See chart).

 

Without FSA

With FSA

Gross Earnings

$1,333.33

$1,333.33

FICA, Fed/State taxes

$275.48

$203.24

Insurance Premiums

$50.00

$50.00

Health & Daycare Exp.

$200.00

$200.00

Net Earnings

$807.85

$880.09

Total Savings Per Paycheck

 

$72.24

Total Savings Per Month

 

$144.48

Total Savings Per Year

 

$1,733.76

Three Ways to Save – You have three FSA plan choices to help you save money:

  • Health Care FSA – With this account you are able to pay for eligible medical, dental, prescription and vision expenses not covered by insurance.  Examples of eligible expenses are

Co-pays & deductibles             Diagnostic tests                 Insulin
Prescriptions                             Hearing aids                    Medical equipment
Chiropractic care                      Hospital services              Physical or speech therapy

  • Dependent Care FSA – If you have dependent care costs for a child under the age of 13 or a dependent who is unable to care for themselves, you should consider the dependent care FSA.  As long as both spouses or custodial parents are employed, you can contribute up to $5,000 pre-tax per calendar year to pay for expenses such as:

Before and after school programs                        Day car (child & adult)
Nursery school & preschool                                 Summer day camp
Note:  A Dependent Care FSA can also be used for a spouse who is unable to care for themselves.

  • Limited Purpose FSA – If you have a Health Savings Account (HAS), enrolling in a Limited Purpose FSA is a great way to save your HAS dollars.  You can use your Limited FSA funds to pay for dental and vision expenses while conserving your HAS dollars for future medical expenses.

Contact Lenses                                                       Eye glasses
Laser eye surgery                                                   Orthodontics

Standard and Limited Purpose Health Care FSA

Health Care Flexible Spending Account

Minimum

Maximum

24 deduction period employees / deduction
24 deduction period employees / per year

$8.00/
$192.00

$104.16/
$2,500.00

16 deduction period (at regents) / deduction
16 deduction period (at regents) / year

$12.00/
$192.00

$156.25/
$2,500.00


Dependent Care Flexible Spending Account

Minimum

Maximum

24 deduction period employees / deduction
24 deduction period employees / per year

$16.00/
$384.00

$208.33*/
$5,000.00*

16 deduction period (at regents) / deduction
16 deduction period (at regents) / year

$24.00/
$384.00

$312.50*/
$5,000.00*

* Subject to tax filing status

NueSynergy

Customer Service:  855-750-9440      Fax: 855-890-7238
E-mail: customerservice@nuesynergy.com
Website:  www.kansasfsa.com

What’s new in Plan Year 2014?
NueSynergy makes it faster, easier and more convenient to access and manage your FSA dollars.  You will have the new benefits listed below in 2014.

For more details on these benefits, go to www.KansasFSA.com

Online Wealthcare Portal
State employees will have their own FSA portal!  Initially this site will provide information about enrollment.  After the conversion process, you have 24/7 access to detailed account information.  You can check your baance, view recent transactions, and submit claims online.

NueSynergy Mobile App
The NueSynergy mobile app (available for both iphone and android) gives you on-the-go access to your FSA account balances and plan details.  With the mobile app, you can:

  • Review recent transactions
  • Read all e-mail and text alers
  • Submit claim documentation
  • Contact NueSynergy customer service

FSA Debit Card – Free!
State employees may elect to receive a free FSA debit card at Open Enrollment. 

  • Use your debit card to pay for dependent care expenses
  • Access 2013 grace period funds in 2014
  • Use your debit card for qualified Limited Purpose FSA expenses

Custom FSA Calculator
Want to see your sabings potential with an FSA?  The calculator is pre-loaded with State of Kansas plan details, so you can get a quick and easy look at what you can save.