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Short Plan Year Limits FLEXIBLE SPENDING ACCOUNTS
Healthcare/Limited For associates who do not contribute to an HSA, or are not eligible to
Health FSA: $1,350* do so, a healthcare FSA allows you to set aside pre-tax dollars from your
Dependent Care FSA: paycheck to cover qualiied expenses which you would normally pay out
$2,500* of your pocket with after-tax dollars.
* Please note, due to a short plan
year from July 1, 2019–December TheBANK offers 3 types of FSAs.
31, 2019, the annual limit will be
reduced in half to remain compliant 1. Healthcare FSA 2. Limited health FSA 3. Dependent care FSA
with the IRS .
You pay no federal income, state income, or Social Security taxes on the
Healthcare FSA Eligible money you place in your FSA.
Expenses
Doctor’s visit copays It’s also important to plan carefully during your annual enrollment window
Prescription drug copays as you cannot change your FSA election during the plan year unless you
experience a qualifying life status event.
Medical and dental
deductibles Healthcare FSA
Over-the-counter The IRS has mandated you can contribute up to $2,700* per calendar year to
medications (with a the healthcare FSA. Any expense reimbursed through your healthcare FSA is
written prescription) not eligible to be claimed as a deduction or credit on your tax return. Funds
Hearing aids you elect to contribute are available in full on the irst day of the plan year.
Eye glasses
Dependent Care FSA Dependent Care FSA
Eligible Expenses The dependent care FSA permits you to pay for qualiied child and adult
Cost of child or adult day care expenses on a pre-tax basis. The IRS has limited the amount you can
care* elect to contribute to $5,000 per year. If your spouse also participates in
Nursery school 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
Preschool (excluding they become available.
kindergarten)
* Eligible dependent = Tax dependent Limited Health FSA
child under age 13; Tax dependent
spouse, parent, or child unable to The IRS mandates you can contribute up to $2700* per calendar year
care for themselves
to the limited healthcare FSA. According to IRS guidelines, you cannot
Limited Health FSA contribute to a healthcare FSA if you or your spouse is contributing to an
Eligible Expenses 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. You
Qualifying dental and also cannot elect a healthcare FSA and a limited health FSA. The limited
vision expenses $2,500* health FSA can be used for eligible dental and vision expenses.
14 2019 Benefits Enrollment
Healthcare/Limited For associates who do not contribute to an HSA, or are not eligible to
Health FSA: $1,350* do so, a healthcare FSA allows you to set aside pre-tax dollars from your
Dependent Care FSA: paycheck to cover qualiied expenses which you would normally pay out
$2,500* of your pocket with after-tax dollars.
* Please note, due to a short plan
year from July 1, 2019–December TheBANK offers 3 types of FSAs.
31, 2019, the annual limit will be
reduced in half to remain compliant 1. Healthcare FSA 2. Limited health FSA 3. Dependent care FSA
with the IRS .
You pay no federal income, state income, or Social Security taxes on the
Healthcare FSA Eligible money you place in your FSA.
Expenses
Doctor’s visit copays It’s also important to plan carefully during your annual enrollment window
Prescription drug copays as you cannot change your FSA election during the plan year unless you
experience a qualifying life status event.
Medical and dental
deductibles Healthcare FSA
Over-the-counter The IRS has mandated you can contribute up to $2,700* per calendar year to
medications (with a the healthcare FSA. Any expense reimbursed through your healthcare FSA is
written prescription) not eligible to be claimed as a deduction or credit on your tax return. Funds
Hearing aids you elect to contribute are available in full on the irst day of the plan year.
Eye glasses
Dependent Care FSA Dependent Care FSA
Eligible Expenses The dependent care FSA permits you to pay for qualiied child and adult
Cost of child or adult day care expenses on a pre-tax basis. The IRS has limited the amount you can
care* elect to contribute to $5,000 per year. If your spouse also participates in
Nursery school 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
Preschool (excluding they become available.
kindergarten)
* Eligible dependent = Tax dependent Limited Health FSA
child under age 13; Tax dependent
spouse, parent, or child unable to The IRS mandates you can contribute up to $2700* per calendar year
care for themselves
to the limited healthcare FSA. According to IRS guidelines, you cannot
Limited Health FSA contribute to a healthcare FSA if you or your spouse is contributing to an
Eligible Expenses 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. You
Qualifying dental and also cannot elect a healthcare FSA and a limited health FSA. The limited
vision expenses $2,500* health FSA can be used for eligible dental and vision expenses.
14 2019 Benefits Enrollment
