Page 10 - 2020 Stein Mart Benefits
P. 10
FLEXIBLE SPENDING ACCOUNTS (FSA)
Flexible Spending Accounts
A Flexible Spending Account (FSA) is another type of tax-advantaged savings account that allows you to set aside
pre-tax dollars from your paycheck to cover qualified expenses you would normally pay for out of pocket. The
FSA is administered through Optum Bank.
2020 Participation
You may enroll in the FSA programs only during annual open enrollment. New hires and associates who
experience a qualifying life event are not eligible to participate until the next annual open enrollment.
Important! You are not eligible to participate in the Health Care FSA if you enroll in the "Health Savings Plan."
Health Care FSA
Eligible Health Care The Health Care FSA helps you pay for certain IRS-approved medical
FSA Expenses expenses that are not covered by your insurance plan.
Doctor's visit copays
Prescription drug copays Contributions: The annual amount you can contribute to your Health Care
Medical and dental FSA must be at least $120, and may not exceed the IRS maximum of $2,750.
deductibles Funds: The full amount you elect is available for use on the first day of the
Hearing aids plan year. The election amount will be deducted (pre-tax) from each paycheck
Eyeglasses through the year.
Quit smoking programs Carryover Rules: In order to carryover up to $500, you must re-elect an
Blood sugar test kits for
diabetes amount of at least $120 during open enrollment. If you choose not to re-
Acupuncture enroll, or switch to our "Health Savings Plan", you will forfeit any remaining
balance.
Eligible Dependent Care Dependent Care FSA
FSA Expenses The Dependent Care FSA lets you set aside pre-tax dollars to use toward
Cost of daycare qualified dependent care.
Nursery school
Preschool (excluding Contributions: The IRS limits the amount of money you can contribute to a
kindergarten) dependent care FSA during the plan year to the amounts below.
Babysitting services $5,000 each year for married couples filing jointly, unmarried couples and
Please note: these costs may only single individuals
be used for eligible dependents. $2,500 if you are married and filing separately
An eligible dependent is a tax Funds: Funds become available for use as you contribute to the account each
dependent child under the age of
13 or a tax dependent spouse, week through payroll deductions.
parent or child unable to care for Use it or Lose it: Carefully consider your contribution amount for the plan
themselves. year. At the end of the year, you lose any money left over in your account.
Assistant Store Managers, Asset Protection and Loss 8
Prevention and Semi-Monthly Associates For 2020 Benefits
Flexible Spending Accounts
A Flexible Spending Account (FSA) is another type of tax-advantaged savings account that allows you to set aside
pre-tax dollars from your paycheck to cover qualified expenses you would normally pay for out of pocket. The
FSA is administered through Optum Bank.
2020 Participation
You may enroll in the FSA programs only during annual open enrollment. New hires and associates who
experience a qualifying life event are not eligible to participate until the next annual open enrollment.
Important! You are not eligible to participate in the Health Care FSA if you enroll in the "Health Savings Plan."
Health Care FSA
Eligible Health Care The Health Care FSA helps you pay for certain IRS-approved medical
FSA Expenses expenses that are not covered by your insurance plan.
Doctor's visit copays
Prescription drug copays Contributions: The annual amount you can contribute to your Health Care
Medical and dental FSA must be at least $120, and may not exceed the IRS maximum of $2,750.
deductibles Funds: The full amount you elect is available for use on the first day of the
Hearing aids plan year. The election amount will be deducted (pre-tax) from each paycheck
Eyeglasses through the year.
Quit smoking programs Carryover Rules: In order to carryover up to $500, you must re-elect an
Blood sugar test kits for
diabetes amount of at least $120 during open enrollment. If you choose not to re-
Acupuncture enroll, or switch to our "Health Savings Plan", you will forfeit any remaining
balance.
Eligible Dependent Care Dependent Care FSA
FSA Expenses The Dependent Care FSA lets you set aside pre-tax dollars to use toward
Cost of daycare qualified dependent care.
Nursery school
Preschool (excluding Contributions: The IRS limits the amount of money you can contribute to a
kindergarten) dependent care FSA during the plan year to the amounts below.
Babysitting services $5,000 each year for married couples filing jointly, unmarried couples and
Please note: these costs may only single individuals
be used for eligible dependents. $2,500 if you are married and filing separately
An eligible dependent is a tax Funds: Funds become available for use as you contribute to the account each
dependent child under the age of
13 or a tax dependent spouse, week through payroll deductions.
parent or child unable to care for Use it or Lose it: Carefully consider your contribution amount for the plan
themselves. year. At the end of the year, you lose any money left over in your account.
Assistant Store Managers, Asset Protection and Loss 8
Prevention and Semi-Monthly Associates For 2020 Benefits
