Page 9 - Nortek Open Enrollment

Nortek

Examples of Eligible
Expenses for FSA/HSA
Flexible Spending Accounts (FSAs) Also Accounts
Available „ Doctor visit copays

HRA and FSA: Plan Very Carefully „ Prescription drug copays

HRA participants can participate in the company’s FSA to apply pre- „ Medical and dental deductibles
tax dollars to healthcare and dependent child care expenses during the „ Hearing aids
plan year. The HRA will reimburse all eligible expenses in the medical
plan before the FSA does. In addition, you can use your FSA to cover „ Eye glasses
copays and non-covered dental and vision expenses. „ Contacts

Planning for any dependent child care expenses will not be affected at „ Contact lens solution
all by the HRA. Consider those savings as you would in any other plan „ Dental services
year. „ Orthodontia

Remember: any dollars you don’t use from your FSA account savings „ Acupuncture
are forfeited each year: use it or lose it. „ Laser vision correction surgery

HSA and FSA: Not Allowed

IRS rules prohibit an employee from having a Healthcare FSA and an
HSA at the same time. In addition, you may not contribute to an HSA
while your spouse is contributing to an FSA through their employer.
Conversely, a spouse may not contribute to an FSA while you are
contributing to an HSA.

The IRS requires participants in the HSA plan to use only the HSA
plan for healthcare expenses. That means that HSA participants can use
the company’s FSA only for dependent child care expenses.

If you are used to using the FSA for healthcare related expenses,
redirect those dollars for 2015 as voluntary contributions into your

HSA account and use the FSA only for dependent child care expenses.

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