Benefits Highlights - Human Resources - Columbia University

More documents

Recommendations

Info

EBPA Benefits Card Benefits Card for the Healthcare Flexible Spending Account (FSA), Dependent Care FSA, Parking/Transit Reimbursement Programs: If you elect to contribute to a Healthcare FSA for 2013, you can use the EBPA Benefits Card to pay for your eligible expenses, including prescription drugs and office visit copays. You can use the Benefits Card to pay for other eligible healthcare expenses not reimbursed by your medical plan, just keep your receipts since you still have to substantiate these expenses with EBPA, the administrator of these programs. You may still also submit your claims with a paper form. To obtain a claim form, go to www.hr.columbia.edu/forms-docs/forms. In addition to using the Benefits Card for your healthcare expenses, your EBPA Benefits Card can be used for other reimbursement accounts should you elect to participate: Dependent Care FSA expenses, Transit and Parking expenses. As a New Hire, you will receive an EPBA Benefits Card in the mail if you elect any of these accounts. If you are a current employee and already have a Benefits Card for Transit and Parking, you will not receive a new card. The Benefits Card will be automatically loaded with your new annual election amount at the beginning of each calendar year or from the date you made the election for Healthcare and pro-rated with each pay period for Dependent Care. If you participate in the Transit and/or Parking Account(s), your monthly deposit will be added to your account. You can request a second card (for your spouse) by contacting EBPA. It is important to note that you cannot use funds specified for your healthcare services for dependent care services or commuting expenses. These accounts are separate and cannot be used in the event one account is depleted of funds. If your medical expenses exceed 7.5% of your adjusted gross income and you itemize deductions, you may be better off deducting your expenses from your income tax rather than using the Healthcare FSA. You may want to consult with a tax advisor or financial professional to determine which works best for you. 6
Healthcare FSA The 2013 IRS limit for the Healthcare FSA is $2,500. You can deposit between $120 and $2,500 in this account to cover outof-pocket eligible healthcare expenses for yourself and your spouse and children. Children must be your dependents for income tax purposes. Same-sex domestic partners, and their children, are not eligible for this plan due to IRS rules, unless they qualify under Section 152. You can use your Healthcare FSA for many of your healthcare expenses, such as: • x Medical and dental plan deductibles • x Contact lenses and solutions • x Acupuncture and chiropractor visits • x Coinsurance and copayments for prescription drugs, office visits, hospital stays and other medical services • x Weight-loss programs to treat obesity • x Prescription eyeglasses, sunglasses and LASIK surgery • x Medical and dental expenses that exceed benefit plan limits For more information on eligible expenses, go to www.ebpabenefits.com/members/reimbursement-accounts.aspx or call EBPA at 888-456-4576. Dependent Care FSA The Dependent Care FSA helps you pay the cost of dependent day care services for an adult or child because you work or attend school. If you are married, your spouse must also work or go to school while you are at work in order to qualify for this coverage. You can be reimbursed for the cost of services provided for: • Dependent children under age 13. (If your child will turn 13 during the coming year, you can submit claims only for expenses incurred up to the child’s birthday.) • Other dependents, including a parent, spouse or spouse’s child who is physically or mentally unable to care for himself or herself. Your reimbursement for dependent care cannot exceed the balance in your account at the time of your claim. If the money in your account is insufficient to pay your claim, the balance will be paid later as your pre-tax payroll contributions accumulate in your account. Covered dependent care providers include: • x Qualified child or adult day care centers, including senior centers • x Summer day camps • x Babysitters • x Nursery schools, pre-schools, before-school and after-school programs • x Person who cares for an elderly or disabled person that you claim as a dependent on your tax return Same-sex couples: IRS regulations do not allow you to use money from FSAs for expenses incurred by or on behalf of same-sex domestic partners or same-sex spouses, or their children, unless they qualify as your legal tax dependents. Please refer to IRS Publication 503 for further guidance. 7
Page 1 and 2: 2013 Benefits Highlights Effective
Page 3 and 4: Introducing Your Benefits for 2013
Page 5 and 6: How to Enroll You can enroll online
Page 7: Flexible Spending Accounts (FSAs) F
Page 11 and 12: Transit/Parking Reimbursement Progr
Page 13 and 14: The Benefits Card for Transit and P
Page 15 and 16: Retirement Plans The Columbia Unive
Page 17 and 18: You can reach the annual maximum co
Page 19 and 20: Time is Money Dale started making a
Page 21 and 22: Financial Planning and Retirement E
Page 23 and 24: Your rights regarding your health i
Page 25 and 26: Notes 23
Page 27 and 28: Contact Information Website Phone F

Benefits Highlights - Human Resources - Columbia University

Create successful ePaper yourself

Delete template?

Save as template?