SBS Administrative Services (SBS #SASUICW)
Customer Service: 888-659-8151
Fax number: 210-659-8171
Website: Flexible Spending (SBS)
An FSA provides you with an important tax advantage that can help you pay health care and dependent care expenses on a pre-tax basis. By anticipating your family’s health care and dependent care costs for the next year, you can actually lower your taxable income.
This program allows eligible UIW employees to pay for certain IRS-approved medical care expenses not covered by their insurance plan with pre-tax dollars. Some examples include:
• Hearing services, including: exams, hearing aids, and batteries
• Vision services, including: contact lenses, contact lens solution, eye examinations, and eyeglasses
• Dental services and orthodontia
• Chiropractic services
• Prescription contraceptives
The annual maximum amount you may contribute to the Medical Spending Account is $2,550 per calendar year.
You are able to have pre-tax dollars to be subtracted from your gross wages. Under Section 125 of the internal Revenue Code, you save FICA and federal income tax while having tax-free money to pay for services not covered by insurance or out-of-pocket expenses. Take into consideration that this money is “use it or lose it” at the end of the plan year.
When you purchase items not covered by insurance, but eligible under the Flexible Spending Account, you can use your employee flex card to pay for item(s) at the point of service. You can also file your expenses directly to SBS Administrative Services.
When you participate in a Dependent Care Spending Account you can contribute pre-tax dollars through payroll deduction to pay yourself back for dependent care expenses, such as:
• Before-and After- School Care
• Adult Daycare (person must qualify as a dependent under IRS guidelines)
The annual maximum amount you may contribute to the Dependent Care Reimbursement is $5,000 per calendar year (or $2,500 if married but filing single).
The need for dependent care expenses must be work related.
You and your spouse must be gainfully employed or a full-time student. A child must be under the age of 13, or a dependent over the age of 13 who is unable to care for himself/herself.
To determine how much to fund your Dependent Care Account, check with your day care center or home care provider to find out if your cost will be changing during the plan year. Then determine how many weeks you will require day care. Be sure to subtract time you will spend on vacation, holidays, and other days you will not need day care. Multiply your weekly cost by the number of weeks you need day care. Add the total for eligible dependents to get your estimated dependent care expenses. You may want to put a little less in your account to reduce your risk of forfeiture.