Page 16 - 2017 Benefits Enrollment Busey
P. 16
2017 BENEFITS ENROLLMENT
Flexible Spending Accounts (FSA)
For associates who do not The IRS has mandated you can contribute up to $2,600 per calendar year
contribute to an HSA, a healthcare to the healthcare FSA. Any expense reimbursed through your healthcare
FSA allows you to set aside pre- FSA is not eligible to be claimed as a deduction or credit on your tax
tax dollars from your paycheck to return. Funds you elect to contribute are available in full on the irst day
cover qualiied expenses which of the plan year.
you would normally payout of
your pocket with after-tax dollars. The dependent care FSA permits you to pay for qualiied child and adult
You pay no federal income, state care expenses on a pre-tax basis. The IRS has limited the amount you can
income, or Social Security taxes on elect to contribute to $5,000 per year. If your spouse also participates in
the money you place in your FSA. a pre-tax FSA, your combined contribution total must not exceed $5,000.
Unlike the healthcare FSA, you can only use funds from your account as
According to IRS guidelines, you they become available.
cannot contribute to a healthcare
FSA if you or your spouse is Associates who enroll are issued an FSA debit card for added
contributing to an HSA. So, if you convenience. You can use your FSA debit card at approved providers
are enrolled in our medical plan to instantly access your account. It allows you to pay for eligible
and are contributing to the HSA, expenses and services at the point of service by automatically deducting
you are only eligible to participate the amount from your FSA. No hassle and no waiting! In addition,
in the limited health FSA. The you can view your account activity and balance any time online with
limited health FSA can be used for Beneit Planning Consultants, at www.bpcinc.com.
eligible vision and dental expenses.
It’s also important to plan carefully during your annual enrollment
An FSA is comprised of two window as you cannot change your FSA election during the plan year
accounts: a healthcare FSA and a unless you experience a qualifying event.
dependent care FSA for child or
elder care reimbursement. You
will set aside an amount of money
through ixed payroll deductions
to help pay for eligible expenses.
16 FIRST BUSEY CORPORATION
Flexible Spending Accounts (FSA)
For associates who do not The IRS has mandated you can contribute up to $2,600 per calendar year
contribute to an HSA, a healthcare to the healthcare FSA. Any expense reimbursed through your healthcare
FSA allows you to set aside pre- FSA is not eligible to be claimed as a deduction or credit on your tax
tax dollars from your paycheck to return. Funds you elect to contribute are available in full on the irst day
cover qualiied expenses which of the plan year.
you would normally payout of
your pocket with after-tax dollars. The dependent care FSA permits you to pay for qualiied child and adult
You pay no federal income, state care expenses on a pre-tax basis. The IRS has limited the amount you can
income, or Social Security taxes on elect to contribute to $5,000 per year. If your spouse also participates in
the money you place in your FSA. a pre-tax FSA, your combined contribution total must not exceed $5,000.
Unlike the healthcare FSA, you can only use funds from your account as
According to IRS guidelines, you they become available.
cannot contribute to a healthcare
FSA if you or your spouse is Associates who enroll are issued an FSA debit card for added
contributing to an HSA. So, if you convenience. You can use your FSA debit card at approved providers
are enrolled in our medical plan to instantly access your account. It allows you to pay for eligible
and are contributing to the HSA, expenses and services at the point of service by automatically deducting
you are only eligible to participate the amount from your FSA. No hassle and no waiting! In addition,
in the limited health FSA. The you can view your account activity and balance any time online with
limited health FSA can be used for Beneit Planning Consultants, at www.bpcinc.com.
eligible vision and dental expenses.
It’s also important to plan carefully during your annual enrollment
An FSA is comprised of two window as you cannot change your FSA election during the plan year
accounts: a healthcare FSA and a unless you experience a qualifying event.
dependent care FSA for child or
elder care reimbursement. You
will set aside an amount of money
through ixed payroll deductions
to help pay for eligible expenses.
16 FIRST BUSEY CORPORATION
