Page 87 - Texas Rangers 2022 Front Office Flipbook

WHAT is a Flexible Spending Account?
 A Flexible Spending Account allows you to set aside pre-tax dollars into a Day Care and/or Health Care
account. As you and your tax eligible dependents incur eligible expenses during the plan year, you
receive the elected dollars back in the form of reimbursements.

WHY should I consider participating in a Flexible Spending Account?
 Each dollar set aside into the account earns you money. The dollars set aside are never taxed,
therefore saving you 23% - 40% in taxes, depending on your tax bracket. A simplified example of this
is: If you set aside $100 of your pre-tax income into one of these accounts, you save $23.00
automatically because you don’t pay taxes on that $100 which equals more take-home money.

WHICH account should I choose?
 That depends on the type of expenses you have. If you and your spouse are employed (or you are a
single parent) and you have child care expenses for your children under the age of 13, you would
choose a Day Care FSA.
 If you and your eligible dependents have out-of-pocket (services insurance doesn’t pay for) expenses,
such as co-pays, prescriptions, deductibles and co-insurance or health-care eligible over the counter
items, then you would choose a Health Care FSA.
 You may participate in both accounts or choose only one.

HOW do I receive my dollars once I elect a Flexible Spending Account?
 You can elect the FSA Debit Card during enrollment. You may use your FSA Debit Card that will be
issued shortly after you become eligible to participate in the Plan. This special FSA Debit Card will work
at health-care eligible providers, including most pharmacies, assuming the providers have an eligible
Merchant Category Code.
 If you do not choose to elect the FSA Debit Card, you may submit itemized receipts from your provider
along with a completed claim form.
 In order to receive your plan dollars, claims must be incurred during the plan year and submitted by
03/31 of the following plan year to TaxSaver Plan.
 Rangers Baseball offers an additional 2 ½ Month Grace Period to incur expenses after the plan year
has ended. The Grace Period is available to those participants who are active in the plan as of 12/31 -
the last day of the Plan Year.

WHERE do I go to sign up for a Flexible Spending Account?
 Please refer to Ranger's Baseball enrollment material for this information.

WHAT else do I need to know?
 The maximum you may contribute to the Health Care FSA is $2,750.00 per plan year.
 The maximum you may contribute to the Dependent Care FSA is $5,000.00 per calendar year, per family.
 The plan year is 01/01 – 12/31 of each year. Expenses must be provided or purchased during the designated
plan year. Orthodontia expenses have special rules.
 You may only enroll in the FSA Plan after you have met eligibility requirements or during open enrollment.
Mid plan year enrollments may be allowed due to a qualified event as defined by the IRS. Please contact
TaxSaver Plan’s Customer Care Department for more information.
 Reimbursements are processed on Tuesdays/Thursdays Claim received: Claim processed:
 The claims processing scheduled: Monday before 3:00 CST Wednesday by 5:00 CST
Tuesday before 3:00 CST Thursday by 5:00 CST
Wednesday before 3:00 CST Friday by 5:00 CST
Thursday before 3:00 CST Monday by 5:00 CST
Friday before 3:00 CST Tuesday by 5:00 CST
Saturday & Sunday Wednesday by 5:00 CST