Page 10 - Lanter Delivery Systems 2021 Benefits Guide
P. 10
2020
Flexible Spending Account (FSA)
A lexible spending account (FSA) allows you to set aside pre-tax dollars from your paycheck to cover qualiied
expenses you would normally pay out of your pocket.
Healthcare FSA
The healthcare FSA helps you pay for certain IRS- Example of Eligible
approved medical expenses with pre-tax dollars. The Expenses
maximum contribution to the healthcare FSA is $2,750
per plan year. Healthcare FSA
Doctor’s visit copays
Funds you elect to contribute to the healthcare FSA are Prescription drug copays
available in full on the irst day of the plan year. Medical and dental deductibles
Limited Purpose Healthcare FSA Hearing aids
The Limited Purpose Healthcare FSA is similar to the Limited Purpose FSA
healthcare FSA except it is limited to eligible dental Eyeglasses, eye exams, contacts
and vision care services. The Limited Purpose FSA is Dental procedures
available to employees who are contributing to a Health
Savings Account (HSA). Dependent Care FSA
Cost of child or adult daycare*
Dependent Care FSA Preschool (excluding kindergarten)
The dependent care FSA lets you set aside pre-tax * An eligible dependent is a tax dependent child under age
dollars to use toward qualiied dependent care. The 13 or a tax dependent spouse, parent, or child unable to
care for themselves.
maximum amount you may contribute to the dependent
care FSA is $5,000 (or $2,500 if married and iling
separately) per plan year. Funds you contribute to the
dependent care FSA need to accumulate before you can
use them.
Use It or Lose It
Carefully consider your FSA contribution amounts
for the plan year. At the end of the year, you lose any
money left over in your FSA.
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Flexible Spending Account (FSA)
A lexible spending account (FSA) allows you to set aside pre-tax dollars from your paycheck to cover qualiied
expenses you would normally pay out of your pocket.
Healthcare FSA
The healthcare FSA helps you pay for certain IRS- Example of Eligible
approved medical expenses with pre-tax dollars. The Expenses
maximum contribution to the healthcare FSA is $2,750
per plan year. Healthcare FSA
Doctor’s visit copays
Funds you elect to contribute to the healthcare FSA are Prescription drug copays
available in full on the irst day of the plan year. Medical and dental deductibles
Limited Purpose Healthcare FSA Hearing aids
The Limited Purpose Healthcare FSA is similar to the Limited Purpose FSA
healthcare FSA except it is limited to eligible dental Eyeglasses, eye exams, contacts
and vision care services. The Limited Purpose FSA is Dental procedures
available to employees who are contributing to a Health
Savings Account (HSA). Dependent Care FSA
Cost of child or adult daycare*
Dependent Care FSA Preschool (excluding kindergarten)
The dependent care FSA lets you set aside pre-tax * An eligible dependent is a tax dependent child under age
dollars to use toward qualiied dependent care. The 13 or a tax dependent spouse, parent, or child unable to
care for themselves.
maximum amount you may contribute to the dependent
care FSA is $5,000 (or $2,500 if married and iling
separately) per plan year. Funds you contribute to the
dependent care FSA need to accumulate before you can
use them.
Use It or Lose It
Carefully consider your FSA contribution amounts
for the plan year. At the end of the year, you lose any
money left over in your FSA.
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