Page 11 - 2020AONBenefitGuide
P. 11
Flexible Spending Accounts
Flexible Spending Account (FSA)—Healthcare
An FSA allows you to set aside a portion of your earnings, $2,750 to
pay for qualiied healthcare expenses as established by the IRS. Money
deducted from your paycheck into the FSA account is not subject to
payroll taxes, resulting in a payroll tax savings to you. You may contribute
a minimum of $100 and up to $2,750 on an annual basis to this account.
The lexible spending account for healthcare is administered by Flores &
Associates and you will receive a Flores Mastercard card to pay for most
qualiied expenses.
You do not have to be enrolled in the medical, dental, or vision insurance
plans in order to participate in this account.
Note: the FSA healthcare plan does not allow reimbursement for
claims of domestic partners or their children.
You may use the FSA for the following expenses.
X Deductibles, coinsurance, and copayments
X Other qualiied expenses which are allowable for a medical tax
deduction
Please note expenses must be incurred in 2020 while you are a covered
participant in the plan and elections cannot be stopped or changed during
the year unless a qualiied family status change occurs (as deined by
the IRS).
You may roll over up to a maximum of $500 of any unused money in
your healthcare FSA account at the end of the year to be used in your
healthcare FSA for the following year. Please note any amount you roll
over does not affect your $2,750 annual election.
If you choose to participate in the Health Savings Account (HSA) in
2020, any carryover monies (up to $500) from your 2019 Healthcare FSA
can only be used for limited purpose (based on Internal Revenue Service
guidelines.) The limited purpose is deined as Vision, and Dental expenses
you incur in 2020. The limited purpose is only applicable to carryover
monies if you also participate in the Health Savings Account (HSA.)
American Oncology Network 11
Flexible Spending Account (FSA)—Healthcare
An FSA allows you to set aside a portion of your earnings, $2,750 to
pay for qualiied healthcare expenses as established by the IRS. Money
deducted from your paycheck into the FSA account is not subject to
payroll taxes, resulting in a payroll tax savings to you. You may contribute
a minimum of $100 and up to $2,750 on an annual basis to this account.
The lexible spending account for healthcare is administered by Flores &
Associates and you will receive a Flores Mastercard card to pay for most
qualiied expenses.
You do not have to be enrolled in the medical, dental, or vision insurance
plans in order to participate in this account.
Note: the FSA healthcare plan does not allow reimbursement for
claims of domestic partners or their children.
You may use the FSA for the following expenses.
X Deductibles, coinsurance, and copayments
X Other qualiied expenses which are allowable for a medical tax
deduction
Please note expenses must be incurred in 2020 while you are a covered
participant in the plan and elections cannot be stopped or changed during
the year unless a qualiied family status change occurs (as deined by
the IRS).
You may roll over up to a maximum of $500 of any unused money in
your healthcare FSA account at the end of the year to be used in your
healthcare FSA for the following year. Please note any amount you roll
over does not affect your $2,750 annual election.
If you choose to participate in the Health Savings Account (HSA) in
2020, any carryover monies (up to $500) from your 2019 Healthcare FSA
can only be used for limited purpose (based on Internal Revenue Service
guidelines.) The limited purpose is deined as Vision, and Dental expenses
you incur in 2020. The limited purpose is only applicable to carryover
monies if you also participate in the Health Savings Account (HSA.)
American Oncology Network 11
