Page 19 - Busey 2020 Benefits
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FLEXIBLE SPENDING ACCOUNTS (FSA)
Associates who enroll are issued an FSA debit card for added For associates who do not
convenience. You can use your FSA debit card at approved providers to contribute to an HSA, or are not
instantly access your account. It allows you to pay for eligible expenses eligible to do so, a Healthcare
and services at the point of service by automatically deducting the FSA allows you to set aside pre-
amount from your FSA. No hassle and no waiting! In addition, you can tax dollars from your paycheck to
view your account activity and balance any time online with Beneit cover qualiied expenses which you
Planning Consultants at www.bpcinc.com. would normally pay out of your
pocket with after-tax dollars.
It’s also important to plan carefully during your annual enrollment
window as you cannot change your FSA election during the plan year Busey offers 3 types of FSAs.
unless you experience a qualifying life status event.
1. Healthcare FSA
Healthcare FSA 2. Limited Health FSA
The IRS has mandated you can contribute up to $2,750 per calendar year 3. Dependent Care FSA
to the Healthcare FSA. Any expense reimbursed through your Healthcare You pay no federal income, state
FSA is not eligible to be claimed as a deduction or credit on your tax income, or Social Security taxes on
return. Funds you elect to contribute are available in full on the irst day the money you place in your FSA.
of the plan year.
Dependent Care FSA
The Dependent Care FSA permits you to pay for qualiied child and adult
care expenses on a pre-tax basis. The IRS has limited the amount you can
elect to contribute to $5,000 per year. If your spouse also participates in
a pre-tax FSA, your combined contribution total must not exceed $5,000.
Unlike the Healthcare FSA, you can only use funds from your account as
they become available.
Limited Health FSA
According to IRS guidelines, you cannot contribute to a Healthcare FSA
if you or your spouse is contributing to an HSA. So, if you are enrolled
in our medical plan and are contributing to the HSA, you are only eligible
to participate in the Limited Health FSA. The Limited Health FSA can be
used for eligible dental and vision expenses.
First Busey Corporation 19
Associates who enroll are issued an FSA debit card for added For associates who do not
convenience. You can use your FSA debit card at approved providers to contribute to an HSA, or are not
instantly access your account. It allows you to pay for eligible expenses eligible to do so, a Healthcare
and services at the point of service by automatically deducting the FSA allows you to set aside pre-
amount from your FSA. No hassle and no waiting! In addition, you can tax dollars from your paycheck to
view your account activity and balance any time online with Beneit cover qualiied expenses which you
Planning Consultants at www.bpcinc.com. would normally pay out of your
pocket with after-tax dollars.
It’s also important to plan carefully during your annual enrollment
window as you cannot change your FSA election during the plan year Busey offers 3 types of FSAs.
unless you experience a qualifying life status event.
1. Healthcare FSA
Healthcare FSA 2. Limited Health FSA
The IRS has mandated you can contribute up to $2,750 per calendar year 3. Dependent Care FSA
to the Healthcare FSA. Any expense reimbursed through your Healthcare You pay no federal income, state
FSA is not eligible to be claimed as a deduction or credit on your tax income, or Social Security taxes on
return. Funds you elect to contribute are available in full on the irst day the money you place in your FSA.
of the plan year.
Dependent Care FSA
The Dependent Care FSA permits you to pay for qualiied child and adult
care expenses on a pre-tax basis. The IRS has limited the amount you can
elect to contribute to $5,000 per year. If your spouse also participates in
a pre-tax FSA, your combined contribution total must not exceed $5,000.
Unlike the Healthcare FSA, you can only use funds from your account as
they become available.
Limited Health FSA
According to IRS guidelines, you cannot contribute to a Healthcare FSA
if you or your spouse is contributing to an HSA. So, if you are enrolled
in our medical plan and are contributing to the HSA, you are only eligible
to participate in the Limited Health FSA. The Limited Health FSA can be
used for eligible dental and vision expenses.
First Busey Corporation 19
