Page 20 - Busey Corporation 2022 Benefits Guide
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Flexible Spending Accounts (FSA)
For associates who do not contribute to an HSA, or are not eligible to do so, a Healthcare FSA allows you to
set aside pre-tax dollars from your paycheck to cover qualiied expenses which you would normally pay out
of your pocket with after-tax dollars.
Busey ofers three types of FSAs. Dependent Care FSA
1. Healthcare FSA The Dependent Care FSA permits you to pay for
qualiied child and adult care expenses on a pre-
2. Limited Health FSA
tax basis. The IRS has limited the amount you can
3. Dependent Care FSA elect to contribute to $5,000 per year. If your spouse
You pay no federal income, state income, or Social also participates in a pre-tax FSA, your combined
Security taxes on the money you place in your FSA. contribution total must not exceed $5,000. Unlike
the Healthcare FSA, you can only use funds from
Associates who enroll are issued an FSA debit card your account as they become available.
for added convenience. You can use your FSA debit
card at approved providers to instantly access your Limited Health FSA
account. It allows you to pay for eligible expenses According to IRS guidelines, you cannot contribute
and services at the point of service by automatically to a Healthcare FSA if you or your spouse is
deducting the amount from your FSA. No hassle and contributing to an HSA. So, if you are enrolled in our
no waiting! In addition, you can view your account medical plan and are contributing to the HSA, you
activity and balance any time online with BPC at are only eligible to participate in the Limited Health
www.bpcinc.com. Both the Healthcare and Limited FSA. The Limited Health FSA can be used for eligible
Health FSAs allow up to a $500 rollover of unused dental and vision expenses. The IRS has mandated
funds into the next plan year.
you can contribute up to $2,850 per calendar year to
the Limited Health FSA.
It’s also important to plan carefully during your
annual enrollment window as you cannot change
your FSA election during the plan year unless you
experience a qualifying life status event.
Healthcare FSA
The IRS has mandated you can contribute up to
$2,850 per calendar year to the Healthcare FSA. Any
expense reimbursed through your Healthcare FSA is
not eligible to be claimed as a deduction or credit
on your tax return. Funds you elect to contribute are
available in full on the irst day of the plan year.
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For associates who do not contribute to an HSA, or are not eligible to do so, a Healthcare FSA allows you to
set aside pre-tax dollars from your paycheck to cover qualiied expenses which you would normally pay out
of your pocket with after-tax dollars.
Busey ofers three types of FSAs. Dependent Care FSA
1. Healthcare FSA The Dependent Care FSA permits you to pay for
qualiied child and adult care expenses on a pre-
2. Limited Health FSA
tax basis. The IRS has limited the amount you can
3. Dependent Care FSA elect to contribute to $5,000 per year. If your spouse
You pay no federal income, state income, or Social also participates in a pre-tax FSA, your combined
Security taxes on the money you place in your FSA. contribution total must not exceed $5,000. Unlike
the Healthcare FSA, you can only use funds from
Associates who enroll are issued an FSA debit card your account as they become available.
for added convenience. You can use your FSA debit
card at approved providers to instantly access your Limited Health FSA
account. It allows you to pay for eligible expenses According to IRS guidelines, you cannot contribute
and services at the point of service by automatically to a Healthcare FSA if you or your spouse is
deducting the amount from your FSA. No hassle and contributing to an HSA. So, if you are enrolled in our
no waiting! In addition, you can view your account medical plan and are contributing to the HSA, you
activity and balance any time online with BPC at are only eligible to participate in the Limited Health
www.bpcinc.com. Both the Healthcare and Limited FSA. The Limited Health FSA can be used for eligible
Health FSAs allow up to a $500 rollover of unused dental and vision expenses. The IRS has mandated
funds into the next plan year.
you can contribute up to $2,850 per calendar year to
the Limited Health FSA.
It’s also important to plan carefully during your
annual enrollment window as you cannot change
your FSA election during the plan year unless you
experience a qualifying life status event.
Healthcare FSA
The IRS has mandated you can contribute up to
$2,850 per calendar year to the Healthcare FSA. Any
expense reimbursed through your Healthcare FSA is
not eligible to be claimed as a deduction or credit
on your tax return. Funds you elect to contribute are
available in full on the irst day of the plan year.
20
