Page 13 - Dawson 2021 New Hire Guide
P. 13
2021 Benefits Guide
Flexible Spending Accounts (FSA)
A great way to plan ahead and save money over the Both FSAs are subject to an IRS “use it or lose it”
course of a year is to participate in the lexible spending requirement, so make sure to carefully decide how
account (FSA) programs. much to set aside for this account.
These accounts allow you to redirect a portion of your You have access to your entire 2021 healthcare FSA
salary on a pretax basis into reimbursement accounts. account balance on January 1, or once your election is
Money from these accounts is then used to pay medical, made, if later. You may only access funds from your
dental, and vision expenses which are not reimbursed dependent care FSA account after the funds have been
by your medical, dental, and vision plans. You may also deducted from your pay each pay period.
set aside pretax funds to reimburse dependent care
expenses. You may enroll in and use the healthcare FSA regardless
of whether you or your eligible dependents enroll in
Pretax means the dollars you use for eligible expenses one of DAWSON’s medical plans. Dependent eligibility
are not subject to Social Security tax, federal income is the same as deined on page 5 of this guide.
tax, and in most cases, state, and local income taxes.
If you enroll in the HDHP medical plan, you may not
DAWSON offers two FSAs, which both allow you to contribute to the healthcare FSA.
use the funds for eligible expenses incurred between
January 1, 2021 and December 31, 2021. You have until Refer to IRS Publication 502 for a complete list of
March 31, 2022 to ile claims incurred during the 2021 eligible expenses at www.irs.gov/pub/irs-pdf/p502.pdf.
calendar year. You will be permitted to roll over $550
of your unused FSA balance to your healthcare FSA for DAWSON’s FSAs are administered by WageWorks.
the 2022 calendar year as long as you contribute at least More detail and an example are provided on the
$12 to your healthcare FSA in the 2022 calendar year. next page.
13
Flexible Spending Accounts (FSA)
A great way to plan ahead and save money over the Both FSAs are subject to an IRS “use it or lose it”
course of a year is to participate in the lexible spending requirement, so make sure to carefully decide how
account (FSA) programs. much to set aside for this account.
These accounts allow you to redirect a portion of your You have access to your entire 2021 healthcare FSA
salary on a pretax basis into reimbursement accounts. account balance on January 1, or once your election is
Money from these accounts is then used to pay medical, made, if later. You may only access funds from your
dental, and vision expenses which are not reimbursed dependent care FSA account after the funds have been
by your medical, dental, and vision plans. You may also deducted from your pay each pay period.
set aside pretax funds to reimburse dependent care
expenses. You may enroll in and use the healthcare FSA regardless
of whether you or your eligible dependents enroll in
Pretax means the dollars you use for eligible expenses one of DAWSON’s medical plans. Dependent eligibility
are not subject to Social Security tax, federal income is the same as deined on page 5 of this guide.
tax, and in most cases, state, and local income taxes.
If you enroll in the HDHP medical plan, you may not
DAWSON offers two FSAs, which both allow you to contribute to the healthcare FSA.
use the funds for eligible expenses incurred between
January 1, 2021 and December 31, 2021. You have until Refer to IRS Publication 502 for a complete list of
March 31, 2022 to ile claims incurred during the 2021 eligible expenses at www.irs.gov/pub/irs-pdf/p502.pdf.
calendar year. You will be permitted to roll over $550
of your unused FSA balance to your healthcare FSA for DAWSON’s FSAs are administered by WageWorks.
the 2022 calendar year as long as you contribute at least More detail and an example are provided on the
$12 to your healthcare FSA in the 2022 calendar year. next page.
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