Maximize Savings on Healthcare Costs and Take Control of Your Finances
Learn how to save on healthcare costs by understanding your out-of-pocket expenses, calculating FSA tax savings, and identifying qualified expenses. Discover the benefits of a Flexible Spending Account (FSA) and how it can help you minimize costs and maximize value for your healthcare spending.
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Save on Healthcare Costs & Take Control of Your Healthcare Finances
Before We Begin Before We Begin Let s talk about what today s presentation will be about. Learning your true out-of-pocket healthcare costs Review how to calculate FSA tax savings Identifying the list of qualified expenses under an FSA How to access available tools and resources IMPORTANT IMPORTANT: This is general information webinar. If you have specific questions about your account please contact OCA s Member Service Team OCA s Member Service Team at 1-855-OCA-0777 or Service@OCA125.com
Understanding Out Understanding Out- -of of- -Pocket Healthcare Costs Pocket Healthcare Costs Every health plan has out-of-pocket responsibilities, the degree of coverage varies by plan option Costs Covered By Your Health Plan Costs YOU Must Pay Out of Pocket Preventative & well visits Prescriptions Deductibles Dental & vision expenses Coinsurance (plan share) Copayments Coinsurance (your share) Post-deductible expenses Health benefit accounts help you minimize cost and maximize value for out-of-pocket spending
Example Short Example Short- -Term Savings Potential Term Savings Potential Let s look at how you can save money today even if you are only contributing a small amount! Not Enrolled in Not Enrolled in an FSA an FSA Enrolled in an Enrolled in an FSA FSA Benefits Benefits Before Before- -Tax Annual Income: Tax Annual Income: $38,000 $38,000 $38,000 $38,000 FSA Contribution $0 -$500 FSA funded by pre-tax dollars Taxable Annual Income: Taxable Annual Income: $38,000 $38,000 $37,500 $37,500 Taxes (24.65%) -$9,367 -$9,244 Pay less in federal, state and FICA taxes Out-of-Pocket Medical Expenses -$500 $0 Out-of-pocket medical expenses paid using pre-tax dollars in your FSA Take Take- -Home Annual Income Home Annual Income $28,133 $28,133 $28,256 $28,256 Take-home income increases by $123
Flexible Spending Account (FSA) Flexible Spending Account (FSA) Healthcare Flexible Spending Account Healthcare Flexible Spending Account Allows you to set aside pre-tax dollars for eligible medical, dental, and vision expenses 2022 IRS annual contribution limit: $2,850 $2,850 Benefits of enrolling: Money contributed is tax free and remains tax free when spent on eligible expenses On average, participants enjoy a 30% tax savings on their annual contribution Full election amount is available on the first day of the plan year Unused funds can have a rollover or grace period If enrolled in an HSA you may want to enroll in a LPFSA (Limited Purpose FSA) Eligible expenses include copays, deductible payments, coinsurance, doctor office visits, hospital charges, prescriptions, dental exams, vision exams, over-the-counter medications, medical supplies, and much more
End of Year Funds What happens to unused funds at the end of the plan year? Rollover Rollover If your plan has this feature, you may carry over up to $570 of unused funds into the next plan year. The current IRS maximum carryover limit is at $570, but the employer may decide to establish a lesser amount as the maximum. (This can apply to the Health FSA or Limited Purpose FSA) 75 75 Day Day Grace Grace Period Period Month Month Extension Extension Remaining funds at the end of the plan year can now be applied to expenses in the next benefit year for up to the first 75 days of the new plan year. IE: an employee contributes for 12 months but could have up to 14.5 months to incur expenses and use up their funds. The maximum grace period is until the 15th day of the third calendar month after the end of the plan year. (This may be applicable to the Limited Purpose FSA and the Dependent Care Account) Note Note: : Many plans also have a run-out period, which is a pre-determined time frame after the plan year ends. During the run-out period, you may file both health FSA claims for expenses incurred during the plan year. Please consult with your employer to determinate your run-out period (if applicable).
Take Advantage of Our Resources Take Advantage of Our Resources Before you make any decisions make sure you take advantage of our resources. OCA provides Before you make any decisions make sure you take advantage of our resources. OCA provides helpful tools, calculators, FAQs that can help you make FSA plan. helpful tools, calculators, FAQs that can help you make FSA plan. To access these resources please go to: To access these resources please go to: OCA.wealthcareportal.com OCA.wealthcareportal.com
MyOCA Debit Card How to use your MyOCA debit card You will have a convenient OCA debit card to use for qualified prescription expenses for you and your eligible dependents. The debit card is linked to your FSA program. You may also submit claims via our paper claim form, online claim form, or mobile app called OCA Mobile. IMPORTANT SAVE YOUR RECEIPTS AND EXPLANATION OF BENEFIT STATEMENTS (EOBs) Federal regulations require that every FSA OCA credit card transaction be substantiated in order to confirm that the transaction was for a qualified expense under the benefit plan. Depending on which merchant, you may or may not be required to submit a claim form and EOB (or RX stub if it s a prescription) to validate the swipe. Watch for emails from OCA that will indicate if supporting documentation needs to be submitted.
Dependent Care Flexible Spending Account (DCA) Allows you to set aside pre-tax dollars for dependent care expenses, such as daycare, that allow you to work 2022 annual contribution limit: $5,000 $5,000 Benefits of enrolling: Benefits of enrolling: Helps you set aside money to pay for qualified dependent care Money contributed is tax free and remains tax free when spent on eligible expenses On average, participants enjoy a 30% tax savings on their annual contribution Eligible expenses include before and after school care for children 12 and younger, custodial care for dependent adults, day care, preschool, and nanny services, among others
Online Banking Meets Healthcare Our online portal (MyOCA) offers easy access and powerful self Our online portal (MyOCA) offers easy access and powerful self- -service tools service tools Full account details: Full account details: View your plan details and account history, including prior year activity Multimedia education: Multimedia education: Access educational videos and interactive calculators to learn more about health benefit accounts and make critical spend/save decisions Manage claims: Manage claims: Submit new claims, upload receipts, and check claims status Communications: Communications: View a complete history of account communications and manage your personal preferences Access savings: Access savings: Take advantage of retail discounts, coupons, and online shopping offers Self Self- -service: service: Take advantage of expanded account servicing options to manage your debit cards, personal information, and security settings To Access your MyOCA portal please use the following link: OCA125.com/MyOCA
OCAs Smart Account Mobile App Learn how to make better healthcare spending and saving decisions Get the most out of every healthcare dollar you spend or save Get the most out of every healthcare dollar you spend or save Virtual medicine cabinet Virtual medicine cabinet to help you find ways to save on your prescriptions Smart score Smart score to help you get the most savings from the app Find care Find care to help you search for providers or procedure and drug prices Funding calculator Funding calculator to help you save for the future While doing all the things you ve come to expect from a mobile app While doing all the things you ve come to expect from a mobile app Access accounts: Access accounts: Check balances, view transaction history, and more Manage claims: Manage claims: Submit new claims, upload receipts, and check claims status Pay expenses: Pay expenses: Pay bills electronically Access cards: Access cards: Manage card details, replace lost/stolen cards Receive alerts: Receive alerts: View real-time alerts and messages, edit your communication preferences Update profile: Update profile: Update your personal information Download OCA Mobile in the google play or Apple Store!
Always Always- -On Communication On Communication More than 25 proactive and reactive alerts to keep you connected to your healthcare finances With industry-leading mobile functionality comes the ability to get important account information, anywhere at anytime Examples of the types of alerts you ll receive include: Account balance alert Account deductible met Account balance statement Card transaction denied Card transaction approved Account deposit received Card lost or stolen Reimbursement payment processed Email address change confirmation Direct deposit change confirmation
Have follow up questions? Phone Number Phone Number: 609-514-0777 or Toll Free at 1-855-OCA-0777 Fax Number: Fax Number: 609-514-2778 Service Questions: Service Questions: Service@oca125.com Service@oca125.com(Questions/Inquiries) activity, balances, etc., please email OCA s client service email. Submitting Claims: Submitting Claims: claims@oca125.com claims@oca125.com(Claims Processing) online web portal or mobile app methods of remitting claims. (Questions/Inquiries) Any questions or inquirers regarding your claim's history, card (Claims Processing) For participants choosing to email rather than fax or use the
