Page 14 - Fontbonne University 2022 Benefits Guide
P. 14
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
A healthcare FSA provides you with the ability to Your Accounts Each Pay Period?
save money on a pre-tax basis for any IRS-allowed That depends on your eligible expenses. The best
health expenses not covered by your healthcare way to estimate your expenses for the upcoming
coverage. These expenses include deductibles, year is by looking over the eligible expenses you
copays and coinsurance payments, routine physicals, incurred over the past few years. Divide the total
uninsured dental expenses, vision care expenses predictable expenses by the number of pay periods
(e.g., eyeglasses or contact lenses), and hearing care in the plan year. The resulting number represents
expenses (e.g., a hearing exam or a hearing aid). the amount you should consider contributing each
pay period to your reimbursement accounts. If, at
Per IRS guidelines, you may deposit up to the end of the plan year, you have unused funds
$2,850 (pre-tax) for the 2022 plan year into your remaining in your FSA, Fontbonne will allow you to
healthcare FSA to cover you and your dependents roll-over up to $570 to be used on qualiied medical
during the plan year. Pre-tax contributions are expenses in the next year.
withheld from each paycheck. It is important to
estimate carefully; if your FSA balance exceeds
$570 on December 31, 2022, anything over $570
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.
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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
A healthcare FSA provides you with the ability to Your Accounts Each Pay Period?
save money on a pre-tax basis for any IRS-allowed That depends on your eligible expenses. The best
health expenses not covered by your healthcare way to estimate your expenses for the upcoming
coverage. These expenses include deductibles, year is by looking over the eligible expenses you
copays and coinsurance payments, routine physicals, incurred over the past few years. Divide the total
uninsured dental expenses, vision care expenses predictable expenses by the number of pay periods
(e.g., eyeglasses or contact lenses), and hearing care in the plan year. The resulting number represents
expenses (e.g., a hearing exam or a hearing aid). the amount you should consider contributing each
pay period to your reimbursement accounts. If, at
Per IRS guidelines, you may deposit up to the end of the plan year, you have unused funds
$2,850 (pre-tax) for the 2022 plan year into your remaining in your FSA, Fontbonne will allow you to
healthcare FSA to cover you and your dependents roll-over up to $570 to be used on qualiied medical
during the plan year. Pre-tax contributions are expenses in the next year.
withheld from each paycheck. It is important to
estimate carefully; if your FSA balance exceeds
$570 on December 31, 2022, anything over $570
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.
14
