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, over-the-counter medications or 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 Gilsbar.  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 www.mygilsbar.com.

Enrollment

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

You determine the annual amount to be withheld.

• Maximum contribution for Health Care Account is $4,000.

• Maximum contribution for Dependent Care Account is $5,000

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

• Administrative fee - $5.05/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 Sept. 15)

Gilsbar

Medical Spending Account:

Reimbursement for unpaid medical, dental, vision, prescription drugs, and IRS designated over the counter medications 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 HAVE TO FORWARD A COPY TO GILSBAR.

• 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

Filing Claims:  Three Options

MBI Benefits 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.

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

Reimbursement of Claims

• Two day turnaround for claims submitted by mail or fax

Grace Period - 2 1/2 months

Any finds left on June 30 can be applied to the new plan year rather than forfeited.  Date of service must fall between July 1 and September 15th to qualify for grace period processing.

Run-out Period - 45 Days

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

Terminated or non-eligible members:

These employees have 120 days from the end of the planned year (June 30) to submit claims for reimbursement.

For a list of over-the-counter medications that qualify for reimbursement from your flexible benefit plan, please click here.