BASIC invites you to use our tax savings calculator below. You can estimate the size of your tax saving, annually or per pay check, when you choose to participate in BASIC Flex!
Access your account online:
- Go to the Portal website loginhttps://basic.lh1ondemand.com/
Please bookmark this webpage or add it to your favorites so you can quickly access it in the future. The online access page looks like the image to the right.
The limit on the annual amount of reduction permitted for medical expense reimbursement cannot exceed the lesser of your earned income or $2,550. Any claim submitted for an eligible medical expense cannot exceed the amount allocated for the plan year.
Dependent Care Expenses
The limit on the annual amount of reduction permitted for dependent care expenses cannot be more than $5000 ($2500 if married filing separately) or if your spouse is a student for more than 5 months of the year, the lesser of your spouse’s earned income or $4800. Any claim submitted for an eligible dependent care expense cannot exceed the total amount currently available in your account at the time the claim is filed.
During the open enrollment period, you should log in to Benefit Focus, to either accept or decline participation in the plan. If you accept participation, you will be guided through the enrollment process for either medical care, dependent care or both.
Please give careful thought to the amount(s) you select. You cannot change your elected amount or cease participation in the plan unless you have a change in family status (i.e., “qualifying event”) during the plan year.
Deadline for Filing Eligible Expenses
Claims for eligible medical/dependent care expense must be filed within 90 days following the close of the plan year or 180 days following termination of employment, if earlier. Any balance remaining in either the medical or dependent care expense accounts after these periods will be forfeited under the Internal Revenue Service (IRS) guidelines.
If you have any questions concerning the Flexible Spending Account (Section 125), please see the Human Resources Department for additional information.
Basic Limited Purpose Flex
BASIC Limited Purpose Flex is a reimbursement account specifically designed for individuals with a Health Savings Account (HSA). IRS regulations state that an individual with an HSA may not simultaneously have a general purpose flex plan, but they are allowed to a limited purpose flex plan. If you or your spouse are currently enrolled or plan to enroll in an HSA during your flex plan year, a limited purpose flex plan might be just what you need. The difference between BASIC Flex and BASIC Limited Purpose Flex is the eligible expenses. A BASIC Limited Purpose Flex plan only allows for reimbursement of dental, vision and post deductible expenses (co-insurance and co-pay expenses after your deductible has been met). With a limited purpose flex, you may still sign up for a dependent care account.