Page 13 - Fontbonne 2020 Benefits
P. 13
2020
Fontbonne University Enrollment Guide
FLEXIBLE SPENDING ACCOUNTS
Why Section 125 Flexible Spending How Much Money Should
(Reimbursement) Accounts? You Put into Your Accounts
Each Pay Period?
Fontbonne University sponsors a Section 125 lexible spending plan That depends on your eligible
which lets you redirect a portion of your pay through payroll deduction expenses. The best way to estimate
into healthcare and dependent care reimbursement accounts. You may your expenses for the upcoming
be reimbursed from your accounts as you incur eligible dependent care year is by looking over the eligible
expenses as well as expenses not covered by health, dental, or vision expenses you incurred over the
insurance. The money which goes into your FSAs is deducted on a pre- past few years. Divide the total
tax basis.
predictable expenses by the
number of pay periods in the
Healthcare FSA plan year. The resulting number
A healthcare FSA provides you with the ability to save money on a pre-tax represents the amount you should
basis for any IRS-allowed health expenses not covered by your healthcare consider contributing each pay
coverage. These expenses include deductibles, copays and coinsurance period to your reimbursement
payments, routine physicals, uninsured dental expenses, vision care accounts. If, at the end of the
expenses (e.g., eyeglasses or contact lenses), and hearing care expenses plan year, you have unused funds
(e.g., a hearing exam or a hearing aid). remaining in your FSA, Fontbonne
will allow you to roll-over up
Paylocity is the third party administrator for our FSA plans. to $500 to be used on qualiied
medical expenses in the next year.
Per IRS guidelines, you may deposit up to $2,750 (pre-tax) for
the 2020 plan year into your healthcare FSA to cover you and your
dependents during the plan year. Pre-tax contributions are withheld
from each paycheck. It is important to estimate carefully; if your
FSA balance exceeds $500 on December 31, 2020, anything over
$500 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 How Much Money Should
(Reimbursement) Accounts? You Put into Your Accounts
Each Pay Period?
Fontbonne University sponsors a Section 125 lexible spending plan That depends on your eligible
which lets you redirect a portion of your pay through payroll deduction expenses. The best way to estimate
into healthcare and dependent care reimbursement accounts. You may your expenses for the upcoming
be reimbursed from your accounts as you incur eligible dependent care year is by looking over the eligible
expenses as well as expenses not covered by health, dental, or vision expenses you incurred over the
insurance. The money which goes into your FSAs is deducted on a pre- past few years. Divide the total
tax basis.
predictable expenses by the
number of pay periods in the
Healthcare FSA plan year. The resulting number
A healthcare FSA provides you with the ability to save money on a pre-tax represents the amount you should
basis for any IRS-allowed health expenses not covered by your healthcare consider contributing each pay
coverage. These expenses include deductibles, copays and coinsurance period to your reimbursement
payments, routine physicals, uninsured dental expenses, vision care accounts. If, at the end of the
expenses (e.g., eyeglasses or contact lenses), and hearing care expenses plan year, you have unused funds
(e.g., a hearing exam or a hearing aid). remaining in your FSA, Fontbonne
will allow you to roll-over up
Paylocity is the third party administrator for our FSA plans. to $500 to be used on qualiied
medical expenses in the next year.
Per IRS guidelines, you may deposit up to $2,750 (pre-tax) for
the 2020 plan year into your healthcare FSA to cover you and your
dependents during the plan year. Pre-tax contributions are withheld
from each paycheck. It is important to estimate carefully; if your
FSA balance exceeds $500 on December 31, 2020, anything over
$500 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
