TASC Flexible Spending Plan
Flexible Spending Plan (2016 Plan Year)
Total Administrative Services Corporation (TASC) will remain as the flexible spending plan provider for 2016. Flexible spending plans (also known as Section 125 Cafeteria Plans) allow eligible employees to 1. tax-shelter eligible out-of-pocket medical expenses (Medical Reimbursement Plan) and/or 2. tax-shelter eligible child care expenses (Dependent Care Plan).
Highlights of the plan include:
- The limit for Medical Reimbursement Plans for 2015 has been increased to $2,550. The Dependent Care Plan limit remains at $5000.
- Employees will still receive a TASC (debit) card at no additional charge, plus an additional card for their spouse or dependent.
- In addition to Medical Reimbursement Account funds, the TASC card will include a new feature, a MyCash account. When employees submit a request for reimbursement for an eligible benefit expense, the approved reimbursement will be deposited directly into their MyCash account, usually within 24-48 hours. The MyCash account funds can be used for any type of purchase, used at an ATM for cash, or transferred into a personal bank account. The same TASC card is used to pay for eligible medical expenses, and the appropriate account will be debited, depending on the type of purchase.
- Online access is available using the MyTASC portal at www.tasconline.com . Employees are able to manage their account, view balances, request a PIN (for using your MyCash account at an ATM), set up direct deposit for reimbursements, etc.
- New with TASC is the MyTASC Mobile App. This is a free download from Amazon, Apple App Store, and Google Play for Android for smartphones or tablets. With the mobile app, employees can view account summary and balances, plan transaction history and details of transactions they have made. Employees can also submit a claim by entering a few details and submitting with only a photo of their receipt.
The monthly employee cost of TASC is still $2.00. As a word of caution, please remember that although there will be a grace period after December 31, 2016 to submit claims, all eligible expenses must be incurred between January 1, 2016 and December 31, 2016. Any remaining funds are forfeited. This “use it or lose it” rule pertains only to Medical Reimbursement and Dependent Care accounts and is not true of the MyCash account.
Employees who are no longer enrolled in TASC, but have a balance on their MyCash account may still use their MyCash account. A $5.00 monthly fee will be assessed by TASC, and deducted from MyCash account balances.
Please refer to the below attachments for more detailed information on the TASC Flexible Spending Plan.
For IRS guidance on allowable expenditures under flexible spending accounts, please refer to IRS Publication 502: http://www.irs.gov/pub/irs-prior/p502--2014.pdf
|TASC Enrollment Form||[To Enroll in the TASC Flexible Spending Plan]|
|Flex Spending Account Eligible Expenses||[A sample list of healthcare expenses eligible for reimbursement]|
|Dependent Care Qualifications||[Eligibility criteria for Dependent Care expenses]|
|MyTASC Login Instructions||[Information on how to create an online access profile to manage your TASC account]|
|MyCash Manager Guide||[Information on managing your MyCash account]|
|My TASC Mobile App||[Information on how to obtain and use an optional mobile application to manage your TASC account]|
|Flex System Participant Enrollment Guide||[A general overview of flexible spending plans, reimbursement processes, etc.]|
|Dependent Care Contract (For Dependent Care Accounts Only)||[To be used to substantiate Dependent Care expenses and accompany each Request for Reimbursement Form. A new contract is required each plan year.]|
|Online Request for Reimbursement Form||[Information on creating a reimbursement request online]|
|Orthodontia Worksheet and Instructions||[Special instructions for reimbursement of orthodontic expenses]|
|Reimbursement Tips||[Helpful things to know when submitting a claim for reimbursement]|
|MyTASC FAQs||[Frequently-asked questions regarding TASC accounts]|
|MyTASC Card||[The TASC Card features two accounts on one card. This is a general overview of these accounts and their functions.]|
|MyTASC Card Tips||[A Quick-start guide for your new TASC Card]|
|Post-Payment Substantiation||[Important information for retaining and submitting receipts for TASC card purchases, when requested]|