Page 9 - First Bank- Open Enrollment Guide 2015
P. 9
First Bank
Flexible Spending Accounts (FSA)—ADP
First Bank offers you the opportunity to contribute to a Flexible Flexible
Spending Account (FSA) to help reduce the taxes you pay. FSA Spending
contributions are exempt from federal income tax, Social Security taxes Accounts
(FICA/FUTA) and, in most cases, state income tax. By contributing a
portion of your payroll dollars on a pre-tax basis, you can save money
on the cost of eligible healthcare and dependent care.
FSA—Healthcare Reimbursement Account
For the 2015 Plan Year, you may contribute up to $2,500 in pre-tax
payroll deductions to be used for eligible medical, dental, and vision
expenses during the Plan Year. First Bank issues an FSA Card as an
additional convenience to use with your Healthcare Reimbursement
Account. The Card is a useful and easy-to-use tool, similar to a bank
account debit card which allows you to remove funds from your FSA
with a simple swipe at a merchant payment terminal. The FSA Card
may be used in medical and dental ofices, hospitals, health care clinics,
pharmacies, and online pharmacies to purchase the same eligible
items and services for which you can submit paper-based claims for
reimbursement.
FSA—Dependent Care Reimbursement Account
A Dependent Care Reimbursement Account allows you to pay for
eligible dependent care expenses with pre-tax dollars. For the 2015
Plan Year, you may contribute up to $5,000 to your Dependent Care
FSA. Eligible dependent care includes care at licensed nursery schools,
child care centers, and eldercare facilities. If you are uncertain about
whether or not a dependent care expense qualiies for reimbursement,
you should determine its eligibility before incurring the expense.
Reimbursement for eligible expenses is received by completing a simple
claims iling process.
It is important to remember that an FSA is not a savings account. You
must use all of your contributions each year or risk losing any unused
balance at the end of the beneit Plan Year.
9
Flexible Spending Accounts (FSA)—ADP
First Bank offers you the opportunity to contribute to a Flexible Flexible
Spending Account (FSA) to help reduce the taxes you pay. FSA Spending
contributions are exempt from federal income tax, Social Security taxes Accounts
(FICA/FUTA) and, in most cases, state income tax. By contributing a
portion of your payroll dollars on a pre-tax basis, you can save money
on the cost of eligible healthcare and dependent care.
FSA—Healthcare Reimbursement Account
For the 2015 Plan Year, you may contribute up to $2,500 in pre-tax
payroll deductions to be used for eligible medical, dental, and vision
expenses during the Plan Year. First Bank issues an FSA Card as an
additional convenience to use with your Healthcare Reimbursement
Account. The Card is a useful and easy-to-use tool, similar to a bank
account debit card which allows you to remove funds from your FSA
with a simple swipe at a merchant payment terminal. The FSA Card
may be used in medical and dental ofices, hospitals, health care clinics,
pharmacies, and online pharmacies to purchase the same eligible
items and services for which you can submit paper-based claims for
reimbursement.
FSA—Dependent Care Reimbursement Account
A Dependent Care Reimbursement Account allows you to pay for
eligible dependent care expenses with pre-tax dollars. For the 2015
Plan Year, you may contribute up to $5,000 to your Dependent Care
FSA. Eligible dependent care includes care at licensed nursery schools,
child care centers, and eldercare facilities. If you are uncertain about
whether or not a dependent care expense qualiies for reimbursement,
you should determine its eligibility before incurring the expense.
Reimbursement for eligible expenses is received by completing a simple
claims iling process.
It is important to remember that an FSA is not a savings account. You
must use all of your contributions each year or risk losing any unused
balance at the end of the beneit Plan Year.
9
