Flexible Spending Accounts
The Flexible Spending Account Program allows you to pay for certain expenses on a pre-tax basis. This means that your money goes farther. For example, if you put aside $5,000 for day care expenses in a Dependent Daycare Reimbursement account, you get to spend the whole $5,000 on day care. If you take the $5,000 in pay, you will only have roughly $3,500 left after taxes to spend on day care!
For most individuals whose adjusted gross income is greater than $25,000, this program may be more beneficial than the federal dependent care tax credit – consult a tax professional for an assessment of your personal situation. The Full FSA (FSA Medical Reimbursement Account) can also help offset the cost of out-of-pocket health care expenses such as copayments, deductibles, coinsurance, and certain over-the-counter medications.
Features of the Flexible Spending Account Program:
Benny Card, a pre-paid benefits debit card that will provide you an easy, automatic way to pay for qualified health care/benefit expenses at the point of purchase (example: copays while at the doctor’s office, prescriptions picked up at the local pharmacy). The pre-paid card lets you electronically access the pre-tax amounts set aside in your accounts. Please be aware that when using the Benny Card, especially for payments made after the date of service, Chard Snyder may request documentation from you regarding the services provided and the name of the provider. If this documentation is requested, the participant must provide this information to Chard Snyder or the Benny Card will be temporarily suspended until this audit verification has occurred. Once enrolled, you will receive your Benny Card in approximately 7-10 business days. Please keep your Benny Card in a safe place and keep from year to year as a replacement card will cost members $10. If you participated in a Full or Limited Flexible Spending Account the year prior, then your Benny Card will remain the same.
Online Services including online enrollment, claims submission, account balances, and claims history and detail.
Annual FSA Dollars will be credited to your account after the subsequent date in which payroll has been processed. This applies to the Full and Limited FSA only. Money must be put in the Dependent Daycare Reimbursement Account before you can be reimbursed.
Tri-weekly Reimbursement of approved claims. Claims can take up to 24 to 48 hours to process.
Direct Deposit Reimbursement to your bank account when submitting a paper claim form. Paper checks will not be mailed to you. Therefore you will need to set up your direct deposit information with Chard-Snyder. Go to my account login in Chard Snyder to set up your account. Direct deposit of paper claims is mandatory. If you are a new enrollee, you can enter your direct deposit information on your personal Chard-Snyder account.
To learn more about Chard Snyder and your Flexible Sending Account program, you can watch a short 3 minute video.
The 2014 Summary Plan Description for UVa’s Flexible Spending Account Program details the Plan benefits and rules.
Enrollment must be completed online using:
Flexible Spending Accounts Resources
Chard Snyder Web Site - Chard Snyder
Chard Snyder Customer Service - 1.888.302.9805
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