Page 13 - Fontbonne 2021 New Hire Guide
P. 13
2021
Fontbonne University Enrollment Guide
FLEXIBLE SPENDING ACCOUNTS
Why Section 125 Flexible Spending (Reimbursement) Accounts?
Fontbonne University sponsors a Section 125 lexible spending plan which lets you redirect a portion of
your pay through payroll deduction into healthcare and dependent care reimbursement accounts. You may be
reimbursed from your accounts as you incur eligible dependent care expenses as well as expenses not covered
by health, dental, or vision insurance. The money which goes into your FSAs is deducted on a pre-tax basis. The
administrator for both the healthcare and dependent care FSAs is Paylocity.
Healthcare FSA How Much Money Should You Put
into Your Accounts Each Pay Period?
A healthcare FSA provides you with the ability to save
money on a pre-tax basis for any IRS-allowed health That depends on your eligible expenses. The best
expenses not covered by your healthcare coverage. way to estimate your expenses for the upcoming year
These expenses include deductibles, copays and is by looking over the eligible expenses you incurred
coinsurance payments, routine physicals, uninsured over the past few years. Divide the total predictable
dental expenses, vision care expenses (e.g., eyeglasses expenses by the number of pay periods in the plan
or contact lenses), and hearing care expenses (e.g., a year. The resulting number represents the amount you
hearing exam or a hearing aid). should consider contributing each pay period to your
reimbursement accounts. If, at the end of the plan
Per IRS guidelines, you may deposit up to year, you have unused funds remaining in your FSA,
$2,750 (pre-tax) for the 2021 plan year into your Fontbonne will allow you to roll-over up to $550 to be
healthcare FSA to cover you and your dependents used on qualiied medical expenses in the next year.
during the plan year. Pre-tax contributions are
withheld from each paycheck. It is important to
estimate carefully; if your FSA balance exceeds
$550 on December 31, 2021, anything over $550
will be forfeited.
Participants in the HSA plan cannot participate
in the healthcare FSA except on a “limited FSA”
basis, which allows for immediate access to funds
for dental and vision expenses.
13
Fontbonne University Enrollment Guide
FLEXIBLE SPENDING ACCOUNTS
Why Section 125 Flexible Spending (Reimbursement) Accounts?
Fontbonne University sponsors a Section 125 lexible spending plan which lets you redirect a portion of
your pay through payroll deduction into healthcare and dependent care reimbursement accounts. You may be
reimbursed from your accounts as you incur eligible dependent care expenses as well as expenses not covered
by health, dental, or vision insurance. The money which goes into your FSAs is deducted on a pre-tax basis. The
administrator for both the healthcare and dependent care FSAs is Paylocity.
Healthcare FSA How Much Money Should You Put
into Your Accounts Each Pay Period?
A healthcare FSA provides you with the ability to save
money on a pre-tax basis for any IRS-allowed health That depends on your eligible expenses. The best
expenses not covered by your healthcare coverage. way to estimate your expenses for the upcoming year
These expenses include deductibles, copays and is by looking over the eligible expenses you incurred
coinsurance payments, routine physicals, uninsured over the past few years. Divide the total predictable
dental expenses, vision care expenses (e.g., eyeglasses expenses by the number of pay periods in the plan
or contact lenses), and hearing care expenses (e.g., a year. The resulting number represents the amount you
hearing exam or a hearing aid). should consider contributing each pay period to your
reimbursement accounts. If, at the end of the plan
Per IRS guidelines, you may deposit up to year, you have unused funds remaining in your FSA,
$2,750 (pre-tax) for the 2021 plan year into your Fontbonne will allow you to roll-over up to $550 to be
healthcare FSA to cover you and your dependents used on qualiied medical expenses in the next year.
during the plan year. Pre-tax contributions are
withheld from each paycheck. It is important to
estimate carefully; if your FSA balance exceeds
$550 on December 31, 2021, anything over $550
will be forfeited.
Participants in the HSA plan cannot participate
in the healthcare FSA except on a “limited FSA”
basis, which allows for immediate access to funds
for dental and vision expenses.
13
