Page 8 - The Polyclinic New Hire Guide
P. 8
Flexible Spending Account Options
Depending on whether you elect the HDHP or not, you’re eligible for a Flexible
Spending Account (FSA) provided by Optum Health Financial. A FSA is a savings
account for healthcare expenses. You can set aside money into a FSA before taxes are
deducted and later use that cash on eligible health expenses. FSA accounts on average
save you 30 percent on your costs.
Basic Plan Features of a FSA
X Funds you elect to contribute are available in full on the irst day
of the plan year
X Funds may be used to pay for eligible dental and vision expenses
not covered under your other coverage plans
X Employees may defer up to $2,550 pre-tax per year
Limited FSA Healthcare FSA
If you elect the HDHP and open a If you elect the HDHP and open a
Health Savings Account, you ARE Health Savings Account, you are NOT
eligible to elect the Limited Flexible eligible to elect the Healthcare FSA
Spending Account
Eligible expenses include: dental and Eligible expenses include: deductibles,
vision costs only copays, dental costs, prescription drug
copays, expenses that exceed plan
limits, and much more
FSA Rules
X Any cash above $500 left in your FSA at the end of the calendar year will be
forfeited; up to $500 can be rolled over; so be sure to only contribute what you
think you will spend (the FSA plan year is January 1 to December 31)
X You cannot stop or change the amount you contribute until the next year, unless
you experience a qualiied change in family status as deined by the IRS
X If you would like to learn more about FSA rules and regulations, please
visit the Internal Revenue Service website for additional information
(http://www.irs.gov/publications/p502)
X Participation in the FSA ends if employment at The Polyclinic is terminated
and only expenses incurred before you terminate are eligible for reimbursement
from your FSA, unless you elect to continue your Limited or Medical FSA
through COBRA
8
2015 New Employee Benefit Guide
Depending on whether you elect the HDHP or not, you’re eligible for a Flexible
Spending Account (FSA) provided by Optum Health Financial. A FSA is a savings
account for healthcare expenses. You can set aside money into a FSA before taxes are
deducted and later use that cash on eligible health expenses. FSA accounts on average
save you 30 percent on your costs.
Basic Plan Features of a FSA
X Funds you elect to contribute are available in full on the irst day
of the plan year
X Funds may be used to pay for eligible dental and vision expenses
not covered under your other coverage plans
X Employees may defer up to $2,550 pre-tax per year
Limited FSA Healthcare FSA
If you elect the HDHP and open a If you elect the HDHP and open a
Health Savings Account, you ARE Health Savings Account, you are NOT
eligible to elect the Limited Flexible eligible to elect the Healthcare FSA
Spending Account
Eligible expenses include: dental and Eligible expenses include: deductibles,
vision costs only copays, dental costs, prescription drug
copays, expenses that exceed plan
limits, and much more
FSA Rules
X Any cash above $500 left in your FSA at the end of the calendar year will be
forfeited; up to $500 can be rolled over; so be sure to only contribute what you
think you will spend (the FSA plan year is January 1 to December 31)
X You cannot stop or change the amount you contribute until the next year, unless
you experience a qualiied change in family status as deined by the IRS
X If you would like to learn more about FSA rules and regulations, please
visit the Internal Revenue Service website for additional information
(http://www.irs.gov/publications/p502)
X Participation in the FSA ends if employment at The Polyclinic is terminated
and only expenses incurred before you terminate are eligible for reimbursement
from your FSA, unless you elect to continue your Limited or Medical FSA
through COBRA
8
2015 New Employee Benefit Guide
