Page 11 - WJ Bradley 2015 Annual Enrollment
P. 11
W.J. Bradley
Flexible
Healthcare FSA Spending
A Healthcare Flexible Spending Account (FSA) allows you to set Accounts
aside pre-tax dollars from your paycheck to pay for eligible healthcare (FSA)
expenses not covered by insurance. Participants can use this money to
pay for deductibles, co-pays, prescriptions, and other eligible expenses as
determined by the IRS. For a complete list of eligible expenses, please go
to www.irs.gov and search for Publication 502.
If you choose to enroll in the Healthcare FSA, your annual election
amount to use toward eligible expenses will be available in full on January
1, 2015 through December 31, 2015. Always keep your receipts; you will
be required to submit them to validate your charge/reimbursement is an
eligible expense.
X Maximum annual contribution is $2,550
X A maximum of $500 of unused funds may roll over to the next plan
year
X Unused funds greater than $500 will be forfeited; if rollover funds are
not used in the next plan year, they will also be forfeited
X Examples of eligible expenses include: deductibles, copays,
coinsurance, Lasik eye surgery, glasses, dental services etc.
Dependent Care FSA
A Dependent Care Flexible Spending Account (FSA) allows you to set
aside pre-tax dollars from your paycheck to pay for eligible dependent care
expenses, such as daycare costs. To qualify, you and your spouse must be
employed, looking for work, or your spouse must be a full-time student.
Unlike the Healthcare FSA, you must earn your savings in the Dependent
Care account before you can use them for eligible expenses.
X Maximum annual contribution $5,000
X Examples of eligible dependents include a dependent under the age of
13, a dependent who is physically or mentally incapable of self-care, a
dependent who you can claim as a tax dependent, or an aging parent
for whom you pay elder care
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Flexible
Healthcare FSA Spending
A Healthcare Flexible Spending Account (FSA) allows you to set Accounts
aside pre-tax dollars from your paycheck to pay for eligible healthcare (FSA)
expenses not covered by insurance. Participants can use this money to
pay for deductibles, co-pays, prescriptions, and other eligible expenses as
determined by the IRS. For a complete list of eligible expenses, please go
to www.irs.gov and search for Publication 502.
If you choose to enroll in the Healthcare FSA, your annual election
amount to use toward eligible expenses will be available in full on January
1, 2015 through December 31, 2015. Always keep your receipts; you will
be required to submit them to validate your charge/reimbursement is an
eligible expense.
X Maximum annual contribution is $2,550
X A maximum of $500 of unused funds may roll over to the next plan
year
X Unused funds greater than $500 will be forfeited; if rollover funds are
not used in the next plan year, they will also be forfeited
X Examples of eligible expenses include: deductibles, copays,
coinsurance, Lasik eye surgery, glasses, dental services etc.
Dependent Care FSA
A Dependent Care Flexible Spending Account (FSA) allows you to set
aside pre-tax dollars from your paycheck to pay for eligible dependent care
expenses, such as daycare costs. To qualify, you and your spouse must be
employed, looking for work, or your spouse must be a full-time student.
Unlike the Healthcare FSA, you must earn your savings in the Dependent
Care account before you can use them for eligible expenses.
X Maximum annual contribution $5,000
X Examples of eligible dependents include a dependent under the age of
13, a dependent who is physically or mentally incapable of self-care, a
dependent who you can claim as a tax dependent, or an aging parent
for whom you pay elder care
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