Flexible Spending Accounts (FSAs)

[Transcript auto-generated.]

00:00:00:11 - 00:00:41:21
Speaker 1
Good afternoon, everyone, and welcome to the Inspira presentation. I'm Melanie Burgess, and I'm a director. At Inspira Financial. And we're going to go through today, and information around your options for the 2025 plan year with Inspira. So we're going to do some reminders first about the option transfer period. We're going to do a product overview, which is going to talk a little bit about the health medical care flexible spending account, the Dependent Care Inspira member website in the Inspira debit card, the mobile app, and then just some tools and resources that you can take away after the presentation.

00:00:41:23 - 00:01:14:18
Speaker 1
So let's start by reviewing some key option transfer period reminders. Contract college's option transfer period runs December 2024, and this is for coverage effective January 1st, 2025. There is an action required. So to participate in a 2025 spending account, you must enroll during the option transfer period. Your 2024 election does not automatically reenroll outside of the option transfer period.

00:01:14:18 - 00:01:46:01
Speaker 1
Changes to your election can only be made with a qualifying life event. During the plan year. So how to enroll? Enroll through Cornell's Work Day site in December 2024. We're going to start by reviewing the flexible spending account, health care, medical FSA option. So a health Medical care flexible spending account option are available for you to offset the financial cost of your eligible medical

00:01:46:01 - 00:01:50:01
Speaker 1
and and plan year.

00:01:50:06 - 00:02:29:21
Speaker 1
Also allowed are certain over-the-counter purchases as well. And for 2025, you can contribute up to $3,300 per the IRS guidelines. An FSA is a use it or lose it program, and what that means is that you must use the total amount selected for the plan year, or you'll forfeit any remaining balances by the end of the year. The exception to this rule is called a carryover provision, and Cornell does offer a carryover provision that allows you to carry over up to 640 from this plan year.

00:02:29:21 - 00:03:05:07
Speaker 1
If you're enrolled today into the following year, if you're unable to use your elected amounts. And for the 2025 plan year, the carryover amount is $660. You also have up until April 30th to submit expenses for the 2025 plan year. So let me explain a little bit about how the program works. You would determine the amount of money you would like to set aside on an annual basis tab taken out of your paycheck in equal increments throughout the year.

00:03:05:09 - 00:03:27:20
Speaker 1
What I recommend is you review your medical, dental, vision, and pharmacy expenses over the last few years to determine the amount that is best based on you and your family needs for a health medical care account, all of your annual contribution will be available on the very first day of the plan year. Even if you've not had all of the funds taken out of your paycheck.

00:03:27:20 - 00:03:58:17
Speaker 1
As this is the IRS rules around the program. As mentioned previously, Cornell's carryover provision does allow you to carry over up to $660 from the new 2025 plan year into the following plan year. If you're unable to use your full amount that you elect, any eligible health care expenses would be covered under your account, but the care must be considered medically necessary to be considered an eligible expense.

00:03:58:19 - 00:04:30:07
Speaker 1
If you have any questions about what might be considered a covered benefit, the Inspira website and mobile app both provide ways to determine coverage as well as always contacting the Inspira Call center for assistance. We're now going to discuss the Dependent Care Spending Account program. Dependent care funds may be used for child care for children aged 12 and under, so up to 13, as well as elder or adult care in certain circumstances.

00:04:30:09 - 00:04:50:14
Speaker 1
For the child care, you and your spouse must be working full time or seeking full time employment in order to qualify for the child care claims. The purpose of the child care cannot be for primary educational purposes, but it can be for daycare or camp that provides an educational

00:04:50:14 - 00:04:53:15
Speaker 1
or eligible

00:04:53:15 - 00:04:59:03
Speaker 1
school, summer day camp, and before and after school programs.

00:04:59:05 - 00:05:32:04
Speaker 1
In the situation of elder adult daycare, the dependent must be claimed on your taxes and reside with you more than 50% of the time to be considered eligible for dependent care, expenses need to take place or incurred during the plan year 2025. However, Cornell also has a grace period provision that allows you to continue to incur expenses through March 15th, 2026 that will still apply to your 2025 plan year.

00:05:32:06 - 00:06:07:00
Speaker 1
This means you have, from January 1st, 2025 through March 15th, 2026 to use your dependent care elections from the 2025 plan year. Also note you have until April 30th to submit any claims for those for the 2025 plan year. The dependent care works very different than the Medical care health care FSA, as the funds must be available in your Inspira debit care account in order to be available for payment to your daycare vendor.

00:06:07:02 - 00:06:42:01
Speaker 1
The maximum contribution per the IRS is $5,000 per plan year, so depending on your tax bracket, you could save up to 30% on daycare expenses based on pretax savings. Again, the purpose of the dependent Care program is for you and your spouse to have the ability to work while your dependents are being taken care of. Also a note any grant and dependent care amounts cannot exceed in total, the $5,000 annual maximum.

00:06:42:03 - 00:07:10:03
Speaker 1
Now we're going to go over some of the tools and resources available to you as an inspirer. Members, starting with our member website. Our website really makes it easy for you to manage your account, access important information as well as reach customer service. You can submit eligible claims, pay you or your provider directly back for expenses. You can also view purchases and verify card transaction.

00:07:10:05 - 00:07:37:01
Speaker 1
Also available is the ability to chat with a live Inspira Support specialist and as mentioned, view any balance information and members specific timelines. After you log in, you'll see your account dashboard and this is where you'll find everything you need to make the most of your account. Elections. You'll have a help and support section where you can chat with an online agent screen.

00:07:37:01 - 00:08:05:03
Speaker 1
Share and view frequently asked questions. Under Account Settings, you'll be able to set up notifications, and then you have your main information about your overall account and the elections that you've, chosen for the 2025 plan. Year. Documents and forms are also available through the site and then commonly use. Links directly from the home page are available under account Actions.

00:08:05:05 - 00:08:45:22
Speaker 1
Once you go into the account details page, you can get into things like viewing your claim history. Any to do items as well as all the transactions on your account. Your transactions may include things like deposits through payroll, claim payments and card transaction actions. Under account settings, you can manage notifications such as going paperless, setting up personal alerts through mail, text, and online capabilities, and you can also link a bank account in order to receive any funds more quickly.

00:08:45:24 - 00:09:06:13
Speaker 1
If you enroll in the Health Medical Care Spending Account. You'll also receive an Inspira Debit Card. If this is the first time enrolling in one of the programs in one of the inspire programs, you will receive a debit card in the mail, and when you receive your Inspira card, you want to call the number on your card to activate it.

00:09:06:15 - 00:09:36:06
Speaker 1
You'll receive a personal identification number, and you can simply swipe and select Debit or Credit, and the system will automatically confirm if you have enough funds, in the program to utilize the card. The Inspira debit card can also be added to your digital wallet for Apple Pay and Samsung Pay, so you can use the card for eligible expenses, including things like copays, deductibles, pharmacy and dental and vision.

00:09:36:06 - 00:09:59:04
Speaker 1
Out of pocket expenses. If you do use the card, there are some IRS requirements around it, and in some instances you may be asked to provide supporting documentation to verify your actual card expects. Inspira does work behind the scenes to verify what we are able to. But it is really important to keep all your receipts associated with your card.

00:09:59:04 - 00:10:32:14
Speaker 1
Use any of that you're asked to provide the verification so a plus when information is being requested by Inspira. In some instances, if verification is not provided, your card could be temporarily inactivated until documentation has been provided. So please make sure you're reviewing any request from Inspira and for any details or questions, you can review the information on the website or by calling us directly for assistance.

00:10:32:16 - 00:10:58:08
Speaker 1
As mentioned, using the card is really easy, but it's still important to save all of your detailed receipts, itemized statements, and explanation of benefits. Part of the program is that the IRS requires that we verify all card purchases are eligible expenses. So as a result, we may ask you to send documents to us to verify if it's truly eligible.

00:10:58:10 - 00:11:23:09
Speaker 1
If you do need to verify an expense, you'll see that on the website. And you also may get a request for document letter. In addition, as, previously mentioned, you can go out and set yourself up to receive debit card alerts to help prevent requests for documentation. Always use your card for payments after your insurance confirms the final amount you have to pay.

00:11:23:11 - 00:11:29:20
Speaker 1
Don't use the card for estimated or pending amounts.

00:11:29:22 - 00:12:02:05
Speaker 1
When you do get a request for documentation. The best form of document to send us is an explanation about effects from your insurance provider or health plan. If you do not have an explanation of benefits or didn't go through the program, you can also send a detailed receipt or itemized statement. What it do it does need to provide a few key pieces of information like date of service, the provider or merchant, description of the purchase or type of service, and final amount you had to pay.

00:12:02:07 - 00:12:27:09
Speaker 1
While documentation, for most prescription transactions is not required in the event you need to verify a prescription is eligible. Similar information would be required for that. Keep in mind that we can accept documents with pending or estimated amounts due, even if it's already been paid to the provider.

00:12:27:11 - 00:12:59:06
Speaker 1
So in order to assist you with those debit card verification request, all information again can be found on the Inspira website. And after you log in, you'll see your account dashboard. And to find out if you have any card transactions that need verification, just quickly select View Account Details. When you have a card transaction that needs to be verified as an eligible expense, you'll see a tile that says Verify Card purchases and you just go in and click on that box.

00:12:59:08 - 00:13:24:24
Speaker 1
This page will show you any unverified card purchases, and to resolve, you're just going to simply click the the description or view for the card purchase you're looking at. This will take you to the transaction detail, where you can quickly do the card purchase verification occasion in the gray box, you'll see your options to resolve the unverified card purchase and a button for verify.

00:13:24:24 - 00:13:37:17
Speaker 1
Just click on that button to get started, and then you're just going to click on Upload Document box. And you can choose Bacs documents as well.

00:13:37:19 - 00:14:06:17
Speaker 1
So now we're going to discuss a little bit about the Inspira mobile app and what it can do for you. Our app is available for Android and Apple platforms, so you simply want to download the app from your mobile device, app store. You log in with the same username and password you use to access our website, and the benefits of the mobile app are very similar to the website, which is you can manage your funds, you can pay yourself and your provider back.

00:14:06:19 - 00:14:23:16
Speaker 1
You can also take pictures of documents, both for claims as well as for verifying card purchases. And you can also access the barcode scanner, to verify if an item is an eligible expense.

00:14:23:18 - 00:14:53:05
Speaker 1
From the main screen on your mobile app. The spending account members you can are able to see how much you've spent, as well as any remaining available funds on a visual graph. Also, you'll find important reminders, to keep you in the know, including when the dollars must be used before any funds potentially could be forfeited.

00:14:53:07 - 00:15:13:03
Speaker 1
The mobile app also makes filing a claim easy, with just a few steps. You can upload supporting documentation or just take a picture from your phone. It's an easy and efficient way to provide the information needed for a claim, especially when it comes to dependent care claims.

00:15:13:05 - 00:15:27:12
Speaker 1
As mentioned, you can simply upload your claim document or take a picture and to submit the claim, and you can quickly and easily submit that particular claim expense.

00:15:27:14 - 00:16:00:19
Speaker 1
Use the mobile app to verify the Inspira debit card. If the request for documentation does come in. But it's always important to save all your detailed receipts. An explanation of benefits. But if you do need to verify, you can go in and use the mobile app to resolve it. Whether in the store or at home, Inspira members enjoy the ease of scanning product barcodes to determine what might be an eligible health care expense under the program.

00:16:00:21 - 00:16:13:03
Speaker 1
You simply can go into the mobile app, do a barcode scan, and it will tell you if it's an eligible expense based on the IRS guidelines.

00:16:13:05 - 00:16:29:16
Speaker 1
Finally, we're just going to really quick go through some additional, tools and resources available to you as an Inspira member. As I previously mentioned, you have a help and support section under the under the member website. And this provides you access to

00:16:29:16 - 00:16:34:24
Speaker 1
things like free dental, currently asked questions, or center with additional information,

00:16:34:24 - 00:16:43:21
Speaker 1
as well as a quick and easy way to get to our customer service center by using either our chat or email functionality.

00:16:43:23 - 00:17:06:20
Speaker 1
We also have the ability for agents to co browse with you to assist you with navigating the site. So in the event that you are on the phone with one of our agents, they may ask you if you want to co browse and if you do allow them, they can see what you where you are in your website and assist you with navigation.

00:17:06:22 - 00:17:38:23
Speaker 1
If you have questions on what might be a covered expense under the Health Medical Care Spending account, under the Help and Support page, you'll find an Explore Common Eligible Expense tool available to you. You can specifically go out there and click into the tab, and you have a search and sort feature to find your answers, including where there might need to be additional information that might be required for an expense to be considered under the

00:17:39:00 - 00:18:10:14
Speaker 1
In summary, you can use the Inspira website or mobile app at any time. Along with having the ability to contact the Inspira service team for anything else you may need. Our call center is open Monday through Friday, 8 a.m. to 8 p.m. eastern and Saturdays 10 to 3 eastern. I want to thank you for your time today, reviewing the inspired product offerings available to you through this open option transfer period.