Page 13 - 2018 Thompson Coburn Enrollment
P. 13
Thompson Coburn
Flexible Spending Accounts
Medical FSA Eligible expenses include payments to
day care centers, preschool costs (up
A medical FSA provides employees with the ability to save money on to, but not including, irst grade), after
a pre-tax basis for any IRS allowed health expenses not covered by school care, and elderly care. The
your healthcare coverage. These expenses include deductibles, copays cost of babysitting in your home or
and coinsurance payments, uninsured dental expenses, and vision care someone else is permitted—as long
expenses (i.e., eyeglasses or contact lenses). as the person providing the care is
not one of your own children under
You may deposit up to $2,650 per year in your medical FSA to cover age 19 or anyone else for whom you
you and your dependents during the plan year. Pre-tax contributions claim a tax exemption on your federal
are withheld from each paycheck. A $10 minimum per pay period is income tax return. You must provide
required for participation in the medical FSA. the social security or tax ID number
Important Notes of the care provider to be reimbursed
X HDP participants cannot contribute to the Thompson from your dependent care FSA.
Coburn medical FSA. You may deposit up to $5,000 on
X Any expenses incurred under the medical FSA must be a pre-tax basis ($2,500 if you are
incurred during the 2018 calendar year. FSA reimbursements married and ile taxes separately) into
must be iled by March 31, 2019. your dependent care FSA. Pre-tax
contributions are withheld from each
Dependent Care FSA paycheck. A $10 minimum per pay
period is required for participation in
A dependent care FSA provides you with the ability to save money on the dependent care FSA.
a pre-tax basis for day care expenses for your child, disabled parent,
or spouse. A participant is only eligible to have a Dependent Care Plan Carefully for Your FSA
Account if he or she pays dependent care expenses in order to be able IRS rules stipulate that you cannot roll
to work. If married, the participant’s spouse must also work, go to over unspent amounts from one year
school full time, or be incapable of self-care. Generally, expenses will to the next. Therefore, any remaining
qualify for reimbursement if they are the result of care for: funds in your account that are not spent
by the end of the calendar year will be
X Your children, under the age of 13, for whom you are entitled to a forfeited. This is known as the “use it
personal exemption on your federal income tax return or lose it” rule. Keep it in mind, take a
X A person of any age whom you claim as a dependent on your little time to plan, and do not contribute
more in your account than you are willing
federal income tax return and who is mentally or physically to spend. Expenses may be incurred
incapable of caring for himself or herself through December 31, 2018. Claims may
X A participant in a Dependent Care FSA will not be able to submit be submitted for reimbursement through
March 31, 2019.
for reimbursement of any expenses incurred during a leave of
absence
13
Flexible Spending Accounts
Medical FSA Eligible expenses include payments to
day care centers, preschool costs (up
A medical FSA provides employees with the ability to save money on to, but not including, irst grade), after
a pre-tax basis for any IRS allowed health expenses not covered by school care, and elderly care. The
your healthcare coverage. These expenses include deductibles, copays cost of babysitting in your home or
and coinsurance payments, uninsured dental expenses, and vision care someone else is permitted—as long
expenses (i.e., eyeglasses or contact lenses). as the person providing the care is
not one of your own children under
You may deposit up to $2,650 per year in your medical FSA to cover age 19 or anyone else for whom you
you and your dependents during the plan year. Pre-tax contributions claim a tax exemption on your federal
are withheld from each paycheck. A $10 minimum per pay period is income tax return. You must provide
required for participation in the medical FSA. the social security or tax ID number
Important Notes of the care provider to be reimbursed
X HDP participants cannot contribute to the Thompson from your dependent care FSA.
Coburn medical FSA. You may deposit up to $5,000 on
X Any expenses incurred under the medical FSA must be a pre-tax basis ($2,500 if you are
incurred during the 2018 calendar year. FSA reimbursements married and ile taxes separately) into
must be iled by March 31, 2019. your dependent care FSA. Pre-tax
contributions are withheld from each
Dependent Care FSA paycheck. A $10 minimum per pay
period is required for participation in
A dependent care FSA provides you with the ability to save money on the dependent care FSA.
a pre-tax basis for day care expenses for your child, disabled parent,
or spouse. A participant is only eligible to have a Dependent Care Plan Carefully for Your FSA
Account if he or she pays dependent care expenses in order to be able IRS rules stipulate that you cannot roll
to work. If married, the participant’s spouse must also work, go to over unspent amounts from one year
school full time, or be incapable of self-care. Generally, expenses will to the next. Therefore, any remaining
qualify for reimbursement if they are the result of care for: funds in your account that are not spent
by the end of the calendar year will be
X Your children, under the age of 13, for whom you are entitled to a forfeited. This is known as the “use it
personal exemption on your federal income tax return or lose it” rule. Keep it in mind, take a
X A person of any age whom you claim as a dependent on your little time to plan, and do not contribute
more in your account than you are willing
federal income tax return and who is mentally or physically to spend. Expenses may be incurred
incapable of caring for himself or herself through December 31, 2018. Claims may
X A participant in a Dependent Care FSA will not be able to submit be submitted for reimbursement through
March 31, 2019.
for reimbursement of any expenses incurred during a leave of
absence
13
