The Summary of Material Modifications (SMM) informs participants and beneficiaries of changes to the SPD during the plan year.The Summary Plan Description (SPD) is a detailed description of what the plan provides and how it operates.The card will arrive in a plain white envelope for security reasons, so be sure to watch your mailbox.The card is valid until the expiration on the front. You will be sent a new debit card automatically upon enrollment and may request additional cards for your dependents.The merchant will process the transaction then the card company will then report the transaction to TASC. The card's advantage is that you do not have to pay with cash or a personal credit card.The card is accepted by healthcare and retail providers that accept MasterCard.The TASC FSA MasterCard Debit Card is a limited-use benefit card that will allow you to directly pay the merchant or healthcare provider from your health FSA account.This makes it much more convenient to use your FSA contributions.Your debit card will be pre-loaded with the entire amount of the deductions you selected for the plan year - the same card works for Healthcare and Dependent Care FSAs.You must re-enroll for the account(s) each year.įSA MASTERCARD DEBIT CARD FROM TASC The card has many benefits During New Hire Enrollment or Open Enrollment.Pay at point of service - You will automatically receive a MasterCard debit card to have the convenience of paying right at the doctor’s office or pharmacy.Since the account is fully funded upfront, you can immediately begin to use the funds at the start of the plan year (or, for new hires, when your plan goes into effect) to pay for eligible medical expenses such as deductibles, doctor visits, prescription drugs, glasses and more.Your pre-tax payroll contributions are deposited to the FSA throughout the year, saving money on taxes.The full amount you choose for the year is deposited into your FSA account upfront.Funds do not carry over and are lost if not used. Use it or Lose It - The funds you set aside in a year can only be used for qualified expenses incurred during the calendar year 1/1 - 12/31.Consider Your Deductible - You can use the funds to pay for all or part of a deductible, up to the annual contribution limit shown above. You’ll have your deductible budgeted for the year at a tax-free rate.Estimate your costs with this calculator.You determine how much you want to set aside pre-tax for medical, dental and vision expenses up to the IRS limit for that year.Looking for Health Savings Account (HSA) information? Find it here. FSA Beneshop - Order FSA-eligible items at a reduced rate.Benefits Enrollment Guide - Full explanation of FSA accounts.FSA Eligible Expenses Flyer - See how many of your common, everyday health-related expenses can be paid for with your FSA.FSA Advantages Flyer - Explains tax savings and more.You may manage your account on /arizona or via the OptumBank app. Funds are available within one business day of being deposited. At times, the schedule may change due to state and federal holidays. Typically, your contributions are deposited on the Friday of the pay week. Contribution Deposit Dates - You contribute to this account each pay period.A Highly Compensated Employee is defined by the IRS as having earned $125,000 or more in 2020 or $130,o00 in 2022. The Dependent Care FSA for Highly Compensated Employee contribution is limited to $1,600 in 2021 and $1,800 in 2022.
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