Page 16 - 2015 First Busey Enrollment Guide
P. 16
Beneits
Enrollment
Flexible Spending Accounts (FSA)
Flexible Spending An FSA is comprised of two accounts: a Healthcare Reimbursement
Accounts (FSA) Account for healthcare reimbursement and a Dependent Care Account
For associates enrolled in medical for child or elder care reimbursement. The IRS has mandated you can
plans outside of the CDHP, an FSA contribute up to $2,550 per calendar year to the Healthcare FSA. If
allows you to set aside pre-tax dollars you plan to contribute the maximum $2,550 for the calendar year 2015,
from your paycheck to cover qualiied contributions you made, if any, to an FSA between January 1, 2015
expenses which you would normally and March 31, 2015 will need to be subtracted from the $2,550
payout of your pocket with after-tax to determine what you can contribute between April 1, 2015 and
dollars. You pay no federal income, December 31, 2015. Any expense reimbursed through your FSA is
state income, or Social Security taxes not eligible to be claimed as a deduction or credit on your tax return.
on the money you place in your FSA. Funds you elect to contribute are available in full on the irst day of the
You can have a limited FSA for dental plan year. Any carryover amount you have from the April 1, 2014 to
and vision expenses only if you are March 31, 2015 plan year will be available through December 31, 2015.
enrolled in a CDHP. This will be in addition to the amount you elect on April 1, 2015.
The Dependent Care FSA permits you to pay for qualiied child and
adult care expenses on a pre-tax basis. You’ll set aside an amount
of money through ixed payroll deductions to help pay for eligible
dependent care expenses. 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 account, 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.
Associates who enroll are issued a FSA debit card for added
convenience. You can use your FSA debit card at approved providers to
instantly access your account. It allows you to pay for eligible expenses
and services at the point of service by automatically deducting the
amount from your FSA. No hassle and no waiting! In addition, you
can view your account activity and balance any time online with
Beneit Planning Consultants, at www.bpcinc.com.
It’s also important to plan carefully during your annual enrollment
window as you cannot change your FSA election during the plan year
unless you experience a qualifying event (see page 5).
16
Enrollment
Flexible Spending Accounts (FSA)
Flexible Spending An FSA is comprised of two accounts: a Healthcare Reimbursement
Accounts (FSA) Account for healthcare reimbursement and a Dependent Care Account
For associates enrolled in medical for child or elder care reimbursement. The IRS has mandated you can
plans outside of the CDHP, an FSA contribute up to $2,550 per calendar year to the Healthcare FSA. If
allows you to set aside pre-tax dollars you plan to contribute the maximum $2,550 for the calendar year 2015,
from your paycheck to cover qualiied contributions you made, if any, to an FSA between January 1, 2015
expenses which you would normally and March 31, 2015 will need to be subtracted from the $2,550
payout of your pocket with after-tax to determine what you can contribute between April 1, 2015 and
dollars. You pay no federal income, December 31, 2015. Any expense reimbursed through your FSA is
state income, or Social Security taxes not eligible to be claimed as a deduction or credit on your tax return.
on the money you place in your FSA. Funds you elect to contribute are available in full on the irst day of the
You can have a limited FSA for dental plan year. Any carryover amount you have from the April 1, 2014 to
and vision expenses only if you are March 31, 2015 plan year will be available through December 31, 2015.
enrolled in a CDHP. This will be in addition to the amount you elect on April 1, 2015.
The Dependent Care FSA permits you to pay for qualiied child and
adult care expenses on a pre-tax basis. You’ll set aside an amount
of money through ixed payroll deductions to help pay for eligible
dependent care expenses. 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 account, 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.
Associates who enroll are issued a FSA debit card for added
convenience. You can use your FSA debit card at approved providers to
instantly access your account. It allows you to pay for eligible expenses
and services at the point of service by automatically deducting the
amount from your FSA. No hassle and no waiting! In addition, you
can view your account activity and balance any time online with
Beneit Planning Consultants, at www.bpcinc.com.
It’s also important to plan carefully during your annual enrollment
window as you cannot change your FSA election during the plan year
unless you experience a qualifying event (see page 5).
16
