Page 18 - Brady Corporation 2021 Annual Benefits Florida
P. 18
2021
Limited Purpose Flexible Spending Accounts (Limited Purpose FSA)
The Limited Purpose FSA is for employees who are enrolled in the High Deductible Health Plan (HDHP) and
contributing to a Health Savings Account (or whose spouse is contributing to an HSA) in which case the regular
Flexible Spending Account is not allowed.
You can place up to $2,750 annually (this Expenses for the Limited Purpose Flexible
annual maximum adjusts with IRS increases) Spending Account can be for you or anyone
in the Limited Purpose Flexible Spending you claim as a dependent on your Federal
Account. You can also carry over up to $550 tax return. Additionally, your entire election is
from 2020 to 2021. available immediately regardless of the actual
payroll deduction amounts.
Eligible expenses for this account include
dental plan copays, deductibles and Expenses must be incurred by December 31
coinsurance; orthodontia expenses; and vision and submitted for reimbursement by March 31
care expenses such as contacts, glasses and of the following year.
LASIK surgery.
How FSAs Work (and Work for You)
Estimate your expenses and make an annual When you incur expenses throughout the year,
election for the accounts that apply to you. present your debit card for payment.
Your annual election is calculated on a per pay Eligible expenses are only reimbursable if they
period basis and deducted from your paycheck occur on or after the date of beneit eligibility.
and deposited into your personal account. Payroll Keep all receipts! IRS requires documentation for
deductions begin from the efective date of your many expenses to conirm they are eligible under
election and continue through the end of the the plan, and some debit card transactions may
calendar year. still require receipts.
A debit card will be issued to all participants in the
healthcare and limited purpose FSA.
For a full list of eligible expenses for all of the FSAs available to you, visit
wageworks.come/employees/eligible-expenses/.
For more information on the FSA accounts, visit wageworks.com/employees or call 877.924.3967.
In order to contribute to an HSA, you cannot maintain a Flexible Spending Account (FSA) except for a Limited
Purpose Flexible Spending Account, therefore, if you enroll in a HDHP for 2021 and if you have a balance of $550
or less in your FSA as of December 31, 2020, your account will be converted to a Limited Purpose FSA for 2021.
Any amounts over $550 in a Health Care or Limited Purpose FSA as of December 31, 2020 will be forfeited.
Ready to Learn More?
For more on lexible spending accounts go to: brainshark.com/LocktonSTL/21FSA
18
Limited Purpose Flexible Spending Accounts (Limited Purpose FSA)
The Limited Purpose FSA is for employees who are enrolled in the High Deductible Health Plan (HDHP) and
contributing to a Health Savings Account (or whose spouse is contributing to an HSA) in which case the regular
Flexible Spending Account is not allowed.
You can place up to $2,750 annually (this Expenses for the Limited Purpose Flexible
annual maximum adjusts with IRS increases) Spending Account can be for you or anyone
in the Limited Purpose Flexible Spending you claim as a dependent on your Federal
Account. You can also carry over up to $550 tax return. Additionally, your entire election is
from 2020 to 2021. available immediately regardless of the actual
payroll deduction amounts.
Eligible expenses for this account include
dental plan copays, deductibles and Expenses must be incurred by December 31
coinsurance; orthodontia expenses; and vision and submitted for reimbursement by March 31
care expenses such as contacts, glasses and of the following year.
LASIK surgery.
How FSAs Work (and Work for You)
Estimate your expenses and make an annual When you incur expenses throughout the year,
election for the accounts that apply to you. present your debit card for payment.
Your annual election is calculated on a per pay Eligible expenses are only reimbursable if they
period basis and deducted from your paycheck occur on or after the date of beneit eligibility.
and deposited into your personal account. Payroll Keep all receipts! IRS requires documentation for
deductions begin from the efective date of your many expenses to conirm they are eligible under
election and continue through the end of the the plan, and some debit card transactions may
calendar year. still require receipts.
A debit card will be issued to all participants in the
healthcare and limited purpose FSA.
For a full list of eligible expenses for all of the FSAs available to you, visit
wageworks.come/employees/eligible-expenses/.
For more information on the FSA accounts, visit wageworks.com/employees or call 877.924.3967.
In order to contribute to an HSA, you cannot maintain a Flexible Spending Account (FSA) except for a Limited
Purpose Flexible Spending Account, therefore, if you enroll in a HDHP for 2021 and if you have a balance of $550
or less in your FSA as of December 31, 2020, your account will be converted to a Limited Purpose FSA for 2021.
Any amounts over $550 in a Health Care or Limited Purpose FSA as of December 31, 2020 will be forfeited.
Ready to Learn More?
For more on lexible spending accounts go to: brainshark.com/LocktonSTL/21FSA
18
