Page 12 - 2019 Fontbonne
P. 12
2019 Benefits Guide
FLEXIBLE SPENDING ACCOUNTS
How much money should Why Section 125 Flexible Spending
you put into your accounts (Reimbursement) Accounts?
each pay period?
That depends on your eligible Fontbonne University sponsors a Section 125 lexible spending plan
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
plan year. The resulting number Healthcare FSA
represents the amount you should A healthcare FSA provides you with the ability to save money on a pre-tax
consider contributing each pay basis for any IRS-allowed health expenses not covered by your healthcare
period to your reimbursement coverage. These expenses include deductibles, copays and coinsurance
accounts. If, at the end of the payments, routine physicals, uninsured dental expenses, vision care
plan year, you have unused funds expenses (e.g., eyeglasses or contact lenses), and hearing care expenses
remaining in your FSA, Fontbonne (e.g., a hearing exam or a hearing aid).
will allow you to roll-over up
to $500 to be used on qualiied Paylocity is the third party administrator for our FSA plans.
medical expenses in the next year.
Per IRS guidelines, you may deposit up to $2,700 (pre-tax) for
the 2019 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, 2019, 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.
12
FLEXIBLE SPENDING ACCOUNTS
How much money should Why Section 125 Flexible Spending
you put into your accounts (Reimbursement) Accounts?
each pay period?
That depends on your eligible Fontbonne University sponsors a Section 125 lexible spending plan
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
plan year. The resulting number Healthcare FSA
represents the amount you should A healthcare FSA provides you with the ability to save money on a pre-tax
consider contributing each pay basis for any IRS-allowed health expenses not covered by your healthcare
period to your reimbursement coverage. These expenses include deductibles, copays and coinsurance
accounts. If, at the end of the payments, routine physicals, uninsured dental expenses, vision care
plan year, you have unused funds expenses (e.g., eyeglasses or contact lenses), and hearing care expenses
remaining in your FSA, Fontbonne (e.g., a hearing exam or a hearing aid).
will allow you to roll-over up
to $500 to be used on qualiied Paylocity is the third party administrator for our FSA plans.
medical expenses in the next year.
Per IRS guidelines, you may deposit up to $2,700 (pre-tax) for
the 2019 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, 2019, 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.
12
