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2017 BENEFITS ENROLLMENT
Flexible Spending Accounts Eligible expenses include payments to
Medical FSA day care centers, preschool costs (up
to, but not including, irst grade), after
A medical FSA provides employees with the ability to save money school care, and elderly care. The
on a pre-tax basis for any IRS allowed health expenses not covered cost of babysitting in your home or
by your healthcare coverage. These expenses include deductibles, someone else is permitted—as long
copays and coinsurance payments, uninsured dental expenses, and as the person providing the care is
vision care expenses (i.e., eyeglasses or contact lenses). not one of your own children under
age 19 or anyone else for whom you
You may deposit up to $2,550 per year in your medical FSA to cover claim a tax exemption on your federal
you and your dependents during the plan year. Pre-tax contributions income tax return. You must provide
are withheld from each paycheck. A $10 minimum per pay period is the social security or tax ID number
required for participation in the medical FSA. of the care provider to be reimbursed
from your dependent care FSA.
Important Notes
HDP participants cannot contribute to the Thompson You may deposit up to $5,000 on
Coburn medical FSA. a pre-tax basis ($2,500 if you are
Any expenses incurred under the medical FSA must be married and ile taxes separately) into
incurred during the 2017 calendar year; FSA reimbursements your dependent care FSA. Pre-tax
must be iled by March 31, 2018 contributions are withheld from each
paycheck. A $10 minimum per pay
Dependent Care FSA period is required for participation in
A dependent care FSA provides you with the ability to save money the dependent care FSA.
on a pre-tax basis for day care expenses for your child, disabled Plan Carefully for Your
parent, or spouse. A participant is only eligible to have a Dependent FSA
Care Account if he or she pays dependent care expenses in order IRS rules stipulate that you cannot
to be able to work. If married, the participant’s spouse must also roll over unspent amounts from
work, go to school full time, or be incapable of self-care. Generally, one year to the next . Therefore,
expenses will qualify for reimbursement if they are the result of care any remaining funds in your
account that are not spent by
for: the end of the calendar year will
be forfeited . This is known as the
Your children, under the age of 13, for whom you are entitled to “use it or lose it” rule . Keep it in
a personal exemption on your federal income tax return mind, take a little time to plan,
A person of any age whom you claim as a dependent on your and do not contribute more in
your account than you are willing
federal income tax return and who is mentally or physically to spend . Expenses may be
incapable of caring for himself or herself incurred through December 31,
A participant in a Dependent Care FSA will not be able to 2017 . Claims may be submitted for
reimbursement through March 31,
submit for reimbursement of any expenses incurred during a 2018 .
leave of absence
Thompson Coburn LLP 13
Flexible Spending Accounts Eligible expenses include payments to
Medical FSA day care centers, preschool costs (up
to, but not including, irst grade), after
A medical FSA provides employees with the ability to save money school care, and elderly care. The
on a pre-tax basis for any IRS allowed health expenses not covered cost of babysitting in your home or
by your healthcare coverage. These expenses include deductibles, someone else is permitted—as long
copays and coinsurance payments, uninsured dental expenses, and as the person providing the care is
vision care expenses (i.e., eyeglasses or contact lenses). not one of your own children under
age 19 or anyone else for whom you
You may deposit up to $2,550 per year in your medical FSA to cover claim a tax exemption on your federal
you and your dependents during the plan year. Pre-tax contributions income tax return. You must provide
are withheld from each paycheck. A $10 minimum per pay period is the social security or tax ID number
required for participation in the medical FSA. of the care provider to be reimbursed
from your dependent care FSA.
Important Notes
HDP participants cannot contribute to the Thompson You may deposit up to $5,000 on
Coburn medical FSA. a pre-tax basis ($2,500 if you are
Any expenses incurred under the medical FSA must be married and ile taxes separately) into
incurred during the 2017 calendar year; FSA reimbursements your dependent care FSA. Pre-tax
must be iled by March 31, 2018 contributions are withheld from each
paycheck. A $10 minimum per pay
Dependent Care FSA period is required for participation in
A dependent care FSA provides you with the ability to save money the dependent care FSA.
on a pre-tax basis for day care expenses for your child, disabled Plan Carefully for Your
parent, or spouse. A participant is only eligible to have a Dependent FSA
Care Account if he or she pays dependent care expenses in order IRS rules stipulate that you cannot
to be able to work. If married, the participant’s spouse must also roll over unspent amounts from
work, go to school full time, or be incapable of self-care. Generally, one year to the next . Therefore,
expenses will qualify for reimbursement if they are the result of care any remaining funds in your
account that are not spent by
for: the end of the calendar year will
be forfeited . This is known as the
Your children, under the age of 13, for whom you are entitled to “use it or lose it” rule . Keep it in
a personal exemption on your federal income tax return mind, take a little time to plan,
A person of any age whom you claim as a dependent on your and do not contribute more in
your account than you are willing
federal income tax return and who is mentally or physically to spend . Expenses may be
incapable of caring for himself or herself incurred through December 31,
A participant in a Dependent Care FSA will not be able to 2017 . Claims may be submitted for
reimbursement through March 31,
submit for reimbursement of any expenses incurred during a 2018 .
leave of absence
Thompson Coburn LLP 13
