Page 15 - Waterjet Holdings- OE Guide 2015
P. 15
2015 Benefits Guide
Flexible Spending
Accounts
You have the option to contribute to a Dependent Care Spending Account
Healthcare and Dependent Care Flexible z Cost of child or adult day care z Preschool (excluding
Spending Account (FSA). In 2015, your z Nursery School kindergarten)
FSA administrator is Flex-Plan Services
(www.lex-plan.com). Money contributed Eligibility—Which Medical Plan Have You
in these accounts will be deducted from Elected?*
your paycheck on a pre-tax basis.
In the HRA Medical Plan…
Why Should I Participate? HRA participants can participate in the company’s FSA to apply
FSAs provide you with an important pretax dollars to healthcare and dependent child care expenses during
tax advantage which can help you pay the plan year. The HRA will reimburse all eligible expenses in the
healthcare and dependent care expenses medical plan before the FSA does. In addition, you can use your FSA
on a pre-tax basis. By anticipating your to cover copays and non-covered dental and vision expenses. Planning
family’s healthcare and dependent care for any dependent child care expenses will not be affected at all by
costs for the next year, you can actually the HRA. Consider those savings as you would in any other plan year.
lower your taxable income. Remember: any dollars you don’t use from your FSA account savings
are forfeited each year: use it or lose it.
Examples of FSA Eligible Expenses
In the HSA Medical Plan…
Healthcare Spending Account
z Doctor’s visit copays IRS rules prohibit an employee from having a Healthcare FSA and an
z Prescription drug copays HSA at the same time. In order to fund and use an HSA beginning
January 1, 2015, you cannot have a balance in a Healthcare FSA
z Medical and dental deductibles after December 31, 2014. In addition, you may not contribute to
z Over-the-counter medications an HSA while your spouse is contributing to an FSA through their
z Hearing aids employer. Conversely, a spouse may not contribute to an FSA while
you are contributing to an HSA. The IRS requires participants in
z Eye glasses the HSA plan to use only the HSA plan for healthcare expenses.
z Contacts That means that HSA participants can contribute to the Dependent
z Contact lens solution Care FSA for dependent care expenses. If you are used to using
z Dental services the FSA for healthcare related expenses, redirect those dollars for
2015 as voluntary contributions into your HSA account and use the
z Orthodontia Dependent Care FSA for dependent care expenses.
z Acupuncture * Please note you do not have to elect medical plan coverage to participate in the FSA
programs. You can elect to participate in this program without electing any other
z Laser vision correction surgery coverage options in Waterjet Holding’s beneits program.
15
Flexible Spending
Accounts
You have the option to contribute to a Dependent Care Spending Account
Healthcare and Dependent Care Flexible z Cost of child or adult day care z Preschool (excluding
Spending Account (FSA). In 2015, your z Nursery School kindergarten)
FSA administrator is Flex-Plan Services
(www.lex-plan.com). Money contributed Eligibility—Which Medical Plan Have You
in these accounts will be deducted from Elected?*
your paycheck on a pre-tax basis.
In the HRA Medical Plan…
Why Should I Participate? HRA participants can participate in the company’s FSA to apply
FSAs provide you with an important pretax dollars to healthcare and dependent child care expenses during
tax advantage which can help you pay the plan year. The HRA will reimburse all eligible expenses in the
healthcare and dependent care expenses medical plan before the FSA does. In addition, you can use your FSA
on a pre-tax basis. By anticipating your to cover copays and non-covered dental and vision expenses. Planning
family’s healthcare and dependent care for any dependent child care expenses will not be affected at all by
costs for the next year, you can actually the HRA. Consider those savings as you would in any other plan year.
lower your taxable income. Remember: any dollars you don’t use from your FSA account savings
are forfeited each year: use it or lose it.
Examples of FSA Eligible Expenses
In the HSA Medical Plan…
Healthcare Spending Account
z Doctor’s visit copays IRS rules prohibit an employee from having a Healthcare FSA and an
z Prescription drug copays HSA at the same time. In order to fund and use an HSA beginning
January 1, 2015, you cannot have a balance in a Healthcare FSA
z Medical and dental deductibles after December 31, 2014. In addition, you may not contribute to
z Over-the-counter medications an HSA while your spouse is contributing to an FSA through their
z Hearing aids employer. Conversely, a spouse may not contribute to an FSA while
you are contributing to an HSA. The IRS requires participants in
z Eye glasses the HSA plan to use only the HSA plan for healthcare expenses.
z Contacts That means that HSA participants can contribute to the Dependent
z Contact lens solution Care FSA for dependent care expenses. If you are used to using
z Dental services the FSA for healthcare related expenses, redirect those dollars for
2015 as voluntary contributions into your HSA account and use the
z Orthodontia Dependent Care FSA for dependent care expenses.
z Acupuncture * Please note you do not have to elect medical plan coverage to participate in the FSA
programs. You can elect to participate in this program without electing any other
z Laser vision correction surgery coverage options in Waterjet Holding’s beneits program.
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