How an FSA WorksYou are responsible for projecting the eligible expenses that you will incur during the plan year to determine your election amount

You agree to have that amount taken from your paycheck in equal installments on a pre-tax basis during the plan year

You use the funds to reimburse eligible expenses

There are two types of FSA Accounts:Health Care Spending Account (HCSA) & Dependent Care Assistance Program (DCAP)You may elect to participate in one or both types of accounts

You must re-enroll every year and make a new election. You are not able to change your election amount within the plan year unless you experience a qualifying life event

Per IRS regulations you forfeit any remaining balances at the end of the plan year• Use our online tools to make a careful decision on your annual election amount• You have additional time at the end of the plan year to spend your balance

Example of Tax Savings Through an FSA

Without FSA With FSA Enrollment

Annual Earnings $30,000 $30,000

Health Care Reimbursement Account Contribution $0.00 -$2,000

Dependent Care Assistance Account Contribution $0.00 -$4,000

Total Pre-Tax Deduction $0.00 $6,000

Taxable Salary $30,000 $24,000

Total Taxes Paid (25%) -$7,500 -$6,000

Net Salary $22,500 $18,000

Expenses (Post Tax) -$6,000 $0.00

Spendable Income $16,500 $18,000

Net Savings $0.00 $1,500

Approximately $25 is saved for every $100 contributed pre-tax to an FSA accountAssumptions for this example:• Employee earns $30,000 per year• Has $2,000 annual expense for out-of-pocket medical care (RX, copays, glasses, etc.)• Has $4,000 annual expense for dependent care assistance (childcare expenses for

children under 12)

Benefits of an HCSAYou increase your spending power by receiving a portion of your income pre-taxYou can also easily budget for higher cost health care expenses

You can spend your entire election at any point during the plan year, your full HCSA election is preloaded

It’s like an interest-free loan!

You can reimburse all eligible family members’ eligible expenses, even if they’re not covered on your medical plan

You can draw funds directly from your HCSA via the debit card we send you

The debit card linked to your flexible spending account works just like a normal credit card

Guidelines on Who can use the Plan for Eligible ExpensesIf you are considered a GIC Benefit-Eligible Employee, you are eligible for the FSA benefit

You do not need to enroll in a GIC medical plan to enroll in the medical FSA

Your legally married spouse (they do not need to be enrolled in your medical plan)

Please Note: A domestic partner’s or ex-spouse’s expenses are not eligible for reimbursement per federal regulations

Please refer to your GIC Handbook for additional information on EligibilityYour tax dependent(s) (they do not need to be enrolled in your medical plan)

HCSA Eligible Expenses

Medical PlanCost Sharing

• Office Copays• Hospital Copays• Prescription Copays• Deductibles

Dental

• Fillings

• Root Canals

• Implants

• Crowns

• Orthodontia

Vision

• Prescription Glasses• Prescription Sunglasses• Contact Lenses & Solution• Vision-correction Surgery

Over-the-Counter*

• Medical Equipment• Bandages & Splints• Crutches • Much More!

*See Eligible Expense List

See our Eligible Expense list on benstrat.com/gic-fsa for more examples * Use the mobile app to easily scan items for eligibilityPlease Note: The HCSA Contribution Limits for the GIC 2021 Plan Year are $250 Minimum/ $2,750 Maximum

Benefits of a DCAPFunds in a DCAP may be used towards expenses for the care of your child(ren) while you (and your spouse, if married) are at work or attending school full time

You can pay your childcare related expenses with pre-tax dollars

Eligible Dependents are children up to age 13 or tax dependents of any age who are mentally or physically incapable of self-care and reside with you

DCAP funds are not pre-loaded, you can’t access any more than you’ve had withheld from your paycheck at any point in the year

You are only able to use funds after they have been taken out of your paycheckYou cannot submit for expenses with dates of service in the future, they will not be paid

Please Note: You are not able to use your debit card for DCAP. But you can file a claim through the mobile app by taking a picture of your receipt!

DCAP Eligible Expenses

Daycare Centers Babysitters

(Non-Family members; In & out of your home)

Before & AfterSchool Programs

Vacation Day Camps

Please Note: The DCAP Contribution Limit for the GIC 2021 Plan Year is $5,000 Maximum; $2,500 if single or married filing separately (Max per Pay Period: $96.15 Weekly; $192.30 Biweekly)

Tuition, kindergarten, and overnight camp expenses are not eligible See our Eligible Expense list on benstrat.com/gic-fsa for more examples

Plan Year Details Plan Year July 1, 2020 through June 30, 2021

Open Enrollment PeriodOpen enrollment dates are:

Monday, April 6, 2020 –Monday June 1, 2020

Enrollment Deadline:May 1st

2 ½Month Grace PeriodYour deadline to incur eligible expenses during a grace period ends:

September 15Debit Card transactions after this date will only apply to the new plan year

Claims Filing DeadlineYour deadline for filing claims for all reimbursements is:

October 15Use the Mobile app for easy claim filing

Forfeiture DateYou forfeit any remaining balance as of:

October 16Keep spend dates and plan year in mind when making your annual election

Election Calculation Assistance: Review your Explanation of Benefits (EOBs), RX Copays, Daycare bills, Cost of summer day camp, what you spent in your prior year elections to select the right amount for your annual election. Visit our Expense Worksheet and Tax Savings Calculator for additional guidance!

Tax Savings Calculator

Expense Worksheet

Enrollment is all Online – Portal Enrollment Opens 4/6/20

Re-Enrolling Portal User

If you already have an account, login using your online portal credentials.

Forgot Password?Visit the online portal and

click the corresponding link

Already Enrolled; never used the Portal

Visit the online portal and click New User to create your

online portal credentials

Newly EnrollingUse Electronic Form

1

42

3

1

2

3

4e-Form for New Election (newly enrolling in plan)

Member Portal Login Page: benstrat.com/gic-fsa

Please Note: No paper option is available

Mobile Account AccessThe Benefit Strategies mobile application is available on iOS & Android. Download the app for your chosen device from the Apple App Store or Google Play

✓Quickly check your account balance and important filing dates

✓Submit claims for medical and dependent care FSA

✓Capture the receipt the moment the transaction happens

✓Report a debit card as lost or stolen

✓Scan product bar codes to determine eligibility as qualified medical expense

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ReceiptsThe IRS requires that we verify all debit card transactions used for eligible expenses which means you’ll need to save your receipt even if you swipe your card for the charge.

Make sure your receipt contains the 4 D’s of Acceptable Documentation:1. Date the expense was incurred2. Doctor or name of provider3. Dollar amount of the expense4. Description of the expense(s)

It’s easy to submit documentation for a claim right through our Mobile App, Online Portal, or Secure Email 1. Swipe your card or purchase eligible expenses2. Take a picture of your receipt with your phone3. Get an email notification requesting a receipt4. Upload the picture you took to your Mobile App or Online Portal

Please Note: Cancelled checks, Credit card statements, and “balance forward” statements are not acceptable documentation

Debit CardsThe Benefit Strategies debit card provides easy access to HCSA and Commuter Choice* funds.

✓Debit cards are issued in sets of 2✓Cards are good for 3 years✓A Free set of cards is issued to all enrolled HCSA participants✓You can get an additional set of cards for $5.00. Fee also applies for

lost/stolen card replacement✓Replacement and/or additional cards can be ordered via consumer portal

or mobile app✓Cards are issued in the employee’s name but a dependent can sign the

back of the card and use for eligible FSA expenses

*Commuter Choice is a separate benefit. To learn more please visit benstrat.com/clients/commonwealth for Commuter Choice program details Please Note: DCAP funds cannot be accessed with the debit card – you must file a claim for DCAP reimbursement

HCSA New Enrollee You’ll be getting a set of cards

mid-June

HCSA Re-enrollment Keep your card! You’ll be getting a new set of cards when your current card expires.

DCAP Only Enrollee No card. Download mobile for quick claim reimbursement!

Commuter Choice Only If you have a card but you’re skipping HCSA and only electing CC this year: Keep your card to use for commuter choice benefits

How Grace Period Claims Are Processed Grace Period July 1st –September 15th

Between September 15th through October 15th debit card transactions will only pull from current plan year

Expenses are paid from the prior plan year first; the claim will automatically split between plan years if the amount is higher than the prior year available balance

The grace period will not apply to: • Participants with a $0 account balance for the prior plan year• Participants who did not have a prior plan year account

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Prior year claims can be filed manually for expenses incurred prior to September 15th

Questions?

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www.benstrat.com/gic-fsa/

Customer RelationsWe’ve got you covered!

Monday to Thursday: 8:00 am – 6:00 pm ETFriday: 8:00 am – 5:00 pm ET

Automated system available at all times

Live Chat*: benstrat.com/gic-fsaText-to-Chat: 1-877-353-9442

Email: commonwealth@benstrat.com

*Our chat agents are not bots!Chat support is provided by our NH basedCustomer relations team

Information provided in this webinar was current at the time of recording. It is not intended to provide tax or

legal advice but meant to be informational only. Examples provided may not apply to your specific situation

and are provided only to illustrate how the plan works. Please consult a tax professional to understand your

specific savings by participating in the FSA programs.