Page 15 - 2018 Sulzer (Pumps Equipment) New Hire Guide
P. 15
Sulzer
Flexible Spending Accounts (FSA)
Administered by Discovery Benefits Dependent Care FSA
A great way to plan ahead and save money over the You are eligible to contribute to the dependent care
course of a year is to participate in the lexible spending account regardless of your medical plan election.
account (FSA) programs. These accounts allow you to
redirect a portion of your salary on a pre-tax basis into Dependent day care expenses (e.g., daycare, after
reimbursement accounts. Money from these accounts school programs for children under age 13, or elder
is then used to pay medical, dental, and vision expenses care programs for your legal tax dependents) so you
which are not reimbursed by your medical, dental, and and your spouse can work or attend school full-time.
vision plans. You may also set aside pre-tax funds to
reimburse dependent care expense. Important FSA Rules
X Must declare an election for the entire plan year
Pre-tax means the dollars you use for eligible expenses
are not subject to Social Security tax, federal income tax, Y Current elections will not carry forward
and in most cases, state, and local income taxes—money automatically
you would have paid in taxes. Spend wisely! While FSA X Your election cannot exceed annual IRS
programs allow you to pay for qualiied expenses from mandated maximum limits noted below
contributions which are tax-free, keeping more money in 2018 FSA Funding Limits
your pocket, any unspent money will not be returned to X Healthcare FSA $2,650
you at the end of the year.
X Dependent Care FSA $5,000 ($2,500 if married
Healthcare FSA and iling separately)
You are eligible to contribute to a healthcare FSA if you: If you elect single PPO 1500 coverage and
contribute at least $20 per pay period, Sulzer will
X Are eligible for and enrolled in the PPO 1500 plan fund $520 into your FSA. If you elect family PPO
X Do not elect medical coverage from Sulzer 1500 coverage and contribute at least $40 per pay
Discovery Beneits will provide a debit card for use in period, Sulzer will fund $1,040 into your FSA. If
paying for eligible expenses. you contribute less than $20 for single or $40 for
family per pay period, Sulzer will match dollar for
Healthcare FSA Eligible Expenses dollar what you contribute. Sulzer will not provide
X Copays, coinsurance, and deductibles an FSA matching contribution if you do not elect
X Eye exams, contacts, glasses, and laser surgeries medical coverage.
X Dental services
X Over-the-counter medications (with a prescription)
15
Flexible Spending Accounts (FSA)
Administered by Discovery Benefits Dependent Care FSA
A great way to plan ahead and save money over the You are eligible to contribute to the dependent care
course of a year is to participate in the lexible spending account regardless of your medical plan election.
account (FSA) programs. These accounts allow you to
redirect a portion of your salary on a pre-tax basis into Dependent day care expenses (e.g., daycare, after
reimbursement accounts. Money from these accounts school programs for children under age 13, or elder
is then used to pay medical, dental, and vision expenses care programs for your legal tax dependents) so you
which are not reimbursed by your medical, dental, and and your spouse can work or attend school full-time.
vision plans. You may also set aside pre-tax funds to
reimburse dependent care expense. Important FSA Rules
X Must declare an election for the entire plan year
Pre-tax means the dollars you use for eligible expenses
are not subject to Social Security tax, federal income tax, Y Current elections will not carry forward
and in most cases, state, and local income taxes—money automatically
you would have paid in taxes. Spend wisely! While FSA X Your election cannot exceed annual IRS
programs allow you to pay for qualiied expenses from mandated maximum limits noted below
contributions which are tax-free, keeping more money in 2018 FSA Funding Limits
your pocket, any unspent money will not be returned to X Healthcare FSA $2,650
you at the end of the year.
X Dependent Care FSA $5,000 ($2,500 if married
Healthcare FSA and iling separately)
You are eligible to contribute to a healthcare FSA if you: If you elect single PPO 1500 coverage and
contribute at least $20 per pay period, Sulzer will
X Are eligible for and enrolled in the PPO 1500 plan fund $520 into your FSA. If you elect family PPO
X Do not elect medical coverage from Sulzer 1500 coverage and contribute at least $40 per pay
Discovery Beneits will provide a debit card for use in period, Sulzer will fund $1,040 into your FSA. If
paying for eligible expenses. you contribute less than $20 for single or $40 for
family per pay period, Sulzer will match dollar for
Healthcare FSA Eligible Expenses dollar what you contribute. Sulzer will not provide
X Copays, coinsurance, and deductibles an FSA matching contribution if you do not elect
X Eye exams, contacts, glasses, and laser surgeries medical coverage.
X Dental services
X Over-the-counter medications (with a prescription)
15
