Page 18 - Busey 2021 Annual Benefits Enrollment
P. 18
2021
Flexible Spending Accounts (FSA)
For associates who do not contribute to an HSA, or are not eligible to do so, a Healthcare FSA allows you to set
aside pre-tax dollars from your paycheck to cover qualiied expenses which you would normally pay out of your
pocket with after-tax dollars.
Busey offers three types of FSAs. Dependent Care FSA
1. Healthcare FSA The Dependent Care FSA permits you to pay for
2. Limited Health FSA qualiied child and adult care expenses on a pre-tax
basis. The IRS has limited the amount you can elect
3. Dependent Care FSA to contribute to $5,000 per year. If your spouse
You pay no federal income, state income, or Social also participates in a pre-tax FSA, your combined
Security taxes on the money you place in your FSA. contribution total must not exceed $5,000. Unlike the
Healthcare FSA, you can only use funds from your
Associates who enroll are issued an FSA debit card for account as they become available.
added convenience. You can use your FSA debit card
at approved providers to instantly access your account. Limited Health FSA
It allows you to pay for eligible expenses and services According to IRS guidelines, you cannot contribute to
at the point of service by automatically deducting the a Healthcare FSA if you or your spouse is contributing
amount from your FSA. No hassle and no waiting! In to an HSA. So, if you are enrolled in our medical plan
addition, you can view your account activity and balance and are contributing to the HSA, you are only eligible
any time online with BPC at www.bpcinc.com. to participate in the Limited Health FSA. The Limited
It’s also important to plan carefully during your annual Health FSA can be used for eligible dental and vision
enrollment window as you cannot change your FSA expenses. The IRS has mandated you can contribute up
election during the plan year unless you experience a to $2,750 per calendar year to the Limited Health FSA.
qualifying life status event.
Healthcare FSA
The IRS has mandated you can contribute up to $2,750
per calendar year to the Healthcare FSA. Any expense
reimbursed through your Healthcare FSA is not eligible
to be claimed as a deduction or credit on your tax
return. Funds you elect to contribute are available in full
on the irst day of the plan year.
18
Flexible Spending Accounts (FSA)
For associates who do not contribute to an HSA, or are not eligible to do so, a Healthcare FSA allows you to set
aside pre-tax dollars from your paycheck to cover qualiied expenses which you would normally pay out of your
pocket with after-tax dollars.
Busey offers three types of FSAs. Dependent Care FSA
1. Healthcare FSA The Dependent Care FSA permits you to pay for
2. Limited Health FSA qualiied child and adult care expenses on a pre-tax
basis. The IRS has limited the amount you can elect
3. Dependent Care FSA to contribute to $5,000 per year. If your spouse
You pay no federal income, state income, or Social also participates in a pre-tax FSA, your combined
Security taxes on the money you place in your FSA. contribution total must not exceed $5,000. Unlike the
Healthcare FSA, you can only use funds from your
Associates who enroll are issued an FSA debit card for account as they become available.
added convenience. You can use your FSA debit card
at approved providers to instantly access your account. Limited Health FSA
It allows you to pay for eligible expenses and services According to IRS guidelines, you cannot contribute to
at the point of service by automatically deducting the a Healthcare FSA if you or your spouse is contributing
amount from your FSA. No hassle and no waiting! In to an HSA. So, if you are enrolled in our medical plan
addition, you can view your account activity and balance and are contributing to the HSA, you are only eligible
any time online with BPC at www.bpcinc.com. to participate in the Limited Health FSA. The Limited
It’s also important to plan carefully during your annual Health FSA can be used for eligible dental and vision
enrollment window as you cannot change your FSA expenses. The IRS has mandated you can contribute up
election during the plan year unless you experience a to $2,750 per calendar year to the Limited Health FSA.
qualifying life status event.
Healthcare FSA
The IRS has mandated you can contribute up to $2,750
per calendar year to the Healthcare FSA. Any expense
reimbursed through your Healthcare FSA is not eligible
to be claimed as a deduction or credit on your tax
return. Funds you elect to contribute are available in full
on the irst day of the plan year.
18
