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Flexible Spending Accounts are money-saving ways to pay for
qualified health, daycare and mass transit expenses because
the accounts are funded with pre-tax dollars.
One important change is going into effect in 2011. FSAs can
no longer be used to pay for some over-the-counter drugs
and health products without a prescription.
So keep that in mind as you decide your contribution amount.
Check out the list of eligible items provided at
www.ebc.ok.gov in the Flexible Spending section.
The amount you enter is your contribution per pay period.
So, for example, if you're paid bi-weekly and you enter "100",
that account will be worth two thousand six hundred dollars for the year.
Reimbursements with paper claims are available,
but a more convenient way is a free Flexible Spending Account debit card.
This popular option provides you with a debit card
pre-loaded with a credit equal to your annual contribution.
With just the swipe of your card, you can pay for qualifying
expenses like charges at participating doctors' offices,
pharmacy or hospital.
Even your daycare provider can be paid with the debit card.
If you currently use a "Benny" debit card, keep the card you
have now and it will be credited with your 2011 election.
If this is your first time to choose the card,
one will be sent to you in the mail.
If you're with an HMO and you use the debit card,
rarely will you need to provide a statement or receipt to
justify the charge. However, if you choose the state's PPO
health plan, the majority of your charges will require a
statement or receipt. So it's important to save your receipts.
And remember, Flexible Spending Accounts do not roll over.
You must re-enroll each year.