LSU Health Sciences Center Human Resource Management
 


Flexible Spending Accounts

 

Pre-Tax Contributions to pay for Health Care and/or Child Care Expenses

The Louisiana State University System is pleased to offer you a significant saving benefit plan known as a Flexible Spending Account or FSA.

This information describes what an FSA is, how it works and how it can save you money. Enrollment is easy and you can save significant dollars by participating.

 

What is an FSA?

A Flexible Spending Account, or FSA is an important part of your employer's overall benefit package.  Through this plan, you can set aside a portion of your earnings, tax-free, for every day expenses you may have with:

  • Dependent day care expenses

  • Out-of-pocket medical expenses including medical, dental, vision, and prescription drugs.

How does it work?

When you enroll in the FSA plan, the amounts you elect are automatically deducted from your paycheck on a pre-tax basis.  The money is held until you have a qualified expense.  As you incur qualifying expenses during the year, you simply file a claim with Boon-Chapman.  There are many options available for submitting claims and all are quick and easy and provide fast turnaround.  The claim is reviewed and tax-free reimbursements are made to you by check or direct deposit to a bank account of your choice.  You can even view the status of your account online at anytime by visiting https://hrbenefitsdirect.com/Boon-Chapman/signIn.aspx

Enrollment

The election must be made within 30 days from the effective date of eligibility; or during October Annual Enrollment period. 

You determine the annual amount to be withheld.

  • Maximum contribution for Health Care Account is $2,500 for the January 1 - Dec. 31 for the calendar year.

  • Maximum contribution for Dependent Care Account is $5,000 for the calendar year.

  • Amount selected is deducted in equal installments on a before tax basis

  • Administrative fee - $5.10/month which includes  Debit Cards

 

USE IT OR LOSE IT

UNCLAIMED FUNDS ARE FORFEITED.  IRS Regulations do not allow refund of remaining monies. LSUHSC plan adopted the IRS "Grace Period" which allows expenditures for funds up to 75 days (until March 15)

Customer Care Center 512-454-2681 7:00 am - 5:00pm Central Time 
IVR Line: 24 hour access to information on Balances, claims, Payments
Full service website provides detailed information regarding the flex plan options.

Medical Spending Account:

Reimbursement for unpaid medical, dental, vision, prescription drugs for employee and their dependents.

  • Immediate access to your total FSA dollars

  • The Debit Card is accepted a payment for any eligible expense and the amount is automatically deducted from your account.  KEEP ALL CARD SWIPE RECEIPTS AS YOU WILL  MAY BE ASKED FOR A COPY BY BOON-CHAPMAN AS SUPPORTING DOCUMENTATION.

  • You have to re-enroll every year during Annual Enrollment

Dependent Care Spending Account

You can reimburse yourself for the eligible expenses necessary for you to continue working.  If married, you and your spouse must both be working, or you spouse must be a full-time student or disabled.  You cannot claim reimbursed expenses for income tax purposes.  The plan is most advantageous for employees who earn $25,000 or more annually.

  • Claim reimbursement is limited to the account balance

  • Expenses must be incurred before they can be reimbursed

Tax Status Maximum Contributions in a full plan year Jan. 1 - Dec. 31 Allowed Dependent
Single Parent $2500 Care of 12 year old or younger child or older dependent incapable of self-care
Single Parent Head of Household $5000 Care of 12 year old or younger child or older dependent incapable of self-care
Married Person Filing Jointly $5000 Care of 12 year old or younger child or older dependent incapable of self-care
Married Person $3000 Care of spouse who is incapable of self-care

 

Filing Claims:  Three Options

Customer Contact Center Fax Internet
512-454-2681 Customer Care Fax www.boonchapman.com
7am - 7pm 512-459-1552
Mail:
Boon-Chapman
P.O. BOX 9201
Austin, TX 78766

Debit Card

Employees have the option of participating in the Flex benefit debit card option.  Present your card to a qualified merchant or provider and they swipe our card like a credit card to pay for your health care expenses.  The member can request additional cards for their dependents.  For access to debit card information, go to www.mybenny.com

NOTE: If your card is lost or stolen, you must notify Boon-Chapman as soon as possible.  Any monies used before card is cancelled is non-reimbursable.

Grace Period - 2 1/2 months

Any funds left on December 31 can be applied to the new plan year rather than forfeited.  Date of service must fall between January 1 and March 15 to qualify for grace period processing.

Run-out Period - 45 Days

After the March 15th grace period has expires, members have an additional 45 days, until April 30th to file expenses for the preceding plan year which ended on December 31st.

CLAIMS Deadline: April 30th  for plan year ending December 31st.

Terminated or non-eligible members:

These employees have 120 days from termination or ineligibility date to submit claims for reimbursement.

 

Please click here for important information regarding flexible spending account eligibility qualification changes.