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Human Resource Management

2016 Flex Spending (Boon Chapman)

BOON-CHAPMAN
Phone: 1.800.252.9653, select option 6 for flex spending
Fax: 1.512.459.1552
Website: www.boonchapman.com
Email: flex@boonchapman.com
Mail: Boon-Chapman, P.O. Box 9201, Austin, TX 78766

Flexible Spending Account Plan
The IRS Section 125 Flex Spending Account program allows employees to put tax-sheltered dollars in an account for out-of-pocket medical and/or dependent care expenses that are incurred from January 1, 2016 through December 31, 2016 for the employee and any eligible dependents. The IRS does allow for a 2 1/2 month grace period to incur expenses if all funds are not exhausted by December 31, 2016. The monthly administrative fee is $5.10 for 12-month employees and $6.80 for 9-month employees.

Eligible employees may establish one or both of the following flexible spending accounts, which allow them to use tax-free dollars to pay for eligible expenses.

1. Healthcare Spending Account allows employees to set aside, on a tax-free basis, a minimum of $100 up to a maximum of $2,550 per year for eligible non-reimbursable (i.e., out-of-pocket) medical expenses for the employee and his/her dependents.
2. Dependent Care Spending Account allows employees to set aside, on a tax-free basis, a minimum of $100 up to a maximum of $5,000 per year per family (or $2500 if married filing separately) for those dependent care expenses (i.e., day care costs for children 12 and yournge; before and after school care for children 12 years or younger) incurred in order for the employee and his/her spouse (if married) to work.

Debit Card
- Two debit cards will be mailed prior to the beginning of the plan year for NEW participants. 
- CURRENT participants will not receive new debit cards.
- Healthcare expenses: This card may be used at pharmacies, doctor’s offices, clinics, etc.
- Daycare providers: This card may be used at day care providers as long as there is a balance in the FSA account.
- Keep all debit card receipts as you may be asked to submit receipts to Boon-Chapman.

Eligibility
Employees appointed for more than 120 days and 75% of full-time or greater are eligible for enrollment.
Plan members who have a health savings account (HSA) are not eligible to participate in this plan.

Flex Spending Forms / Documents
Click here for the Boon Chapman FSA brochure.
Click here for Boon Chapman FSA FAQ's.
Click here for the FSA Health Care Reimbursement Form.
Click here for the FSA Dependent Care Reimbursement Form.
Click here for the LSU System Flex Spending Plan Document

Grace Period
If an employee has not exhausted all flex spending account funds by December 31, 2016, the IRS will allow a 2 1/2 month extension (March 15, 2017) to incur expenses. All FSA money must be claimed no later than April 30, 2017 or participants will forfeit the money.

Terminating employees or non-eligible members
These employees have 120 days from termination or ineligibility date to submit claims for reimbursement. All expenses must be incurred on or before the last date of employment or eligibility.

 
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