Page 15 - Dentons 2021 Benefits Guide Mainland
P. 15
2021
Dentons Benefits Guide
FLEXIBLE SPENDING ACCOUNTS
Partners are not eligible to participate in FSA Debit Card
the Healthcare or Limited Flexible Spending The PayFlex FSA debit card offers the
Account or Dependent Care FSA. convenience of a pre-funded debit card that
Administered by PayFlex, flexible spending can be used for eligible purchases. When using
accounts (FSAs) allow you to save money the FSA debit card for eligible purchases, please
by setting aside pre-tax dollars from your be sure to keep all receipts for substantiation as
paycheck to help pay for healthcare and/or PayFlex may still require additional information
dependent care expenses. about your purchase.
These are “use it or lose it” plans. Any outstanding Dependent Care FSA
amounts remaining in your account after Pre-tax money that you deposit into the
December 31 will be forfeited. Claims for dependent care FSA pays for care expenses
the current plan year must be submitted for for dependent child(ren) up to age 13 or a
reimbursement by March 31st of the following year. dependent adult. You can set aside as much
as $5,000 per year ($2,500 if married, filing
Healthcare FSA and separately). You can reimburse yourself using
Limited FSA tax-free dollars for things such as daycare and
preschool expenses, babysitting, summer day
You can deposit as much as $2,750 per year camp, and dependent adult daycare expenses.
on a pre-tax basis to the healthcare FSA to be Dependent care funds cannot be used for
used towards eligible medical, dental, vision, tuition reimbursement.
and/or pharmacy expenses for you and your
dependents. For a complete list of eligible To be eligible for this account, both you and
expenses, please visit the PayFlex website at your spouse must be actively at work or looking
www.payflex.com. for work or considered a full-time student
during the coverage period.
If you are enrolled in a CDHP plan, you can
enroll in a Limited FSA to be used toward Your FSA annual election amount will be
eligible dental and vision expenses. Limited FSA deducted on a per pay period basis, and can
funds cannot be used for medical expenses. be drawn on as incurred. Therefore, unlike a
The annual election amount is $2,750 for the healthcare FSA, the full amount of your annual
Limited FSA. election will not be available to you as of the
first day of the new plan year.
Although your FSA annual election will be
deducted on a per-pay-period basis, the full The dependent care FSA can be set up
amount of your FSA election amount will be to automatically reimburse you each pay
available to you as of the first day of the new period. For more details, contact PayFlex at
plan year. 800.284.4885.
FSA Tips:
Keep all receipts.
Check the IRS approved drug list for non-prescription drugs.
Plan your expenses so that you use the funds in your account by the end of the plan year.
15
Dentons Benefits Guide
FLEXIBLE SPENDING ACCOUNTS
Partners are not eligible to participate in FSA Debit Card
the Healthcare or Limited Flexible Spending The PayFlex FSA debit card offers the
Account or Dependent Care FSA. convenience of a pre-funded debit card that
Administered by PayFlex, flexible spending can be used for eligible purchases. When using
accounts (FSAs) allow you to save money the FSA debit card for eligible purchases, please
by setting aside pre-tax dollars from your be sure to keep all receipts for substantiation as
paycheck to help pay for healthcare and/or PayFlex may still require additional information
dependent care expenses. about your purchase.
These are “use it or lose it” plans. Any outstanding Dependent Care FSA
amounts remaining in your account after Pre-tax money that you deposit into the
December 31 will be forfeited. Claims for dependent care FSA pays for care expenses
the current plan year must be submitted for for dependent child(ren) up to age 13 or a
reimbursement by March 31st of the following year. dependent adult. You can set aside as much
as $5,000 per year ($2,500 if married, filing
Healthcare FSA and separately). You can reimburse yourself using
Limited FSA tax-free dollars for things such as daycare and
preschool expenses, babysitting, summer day
You can deposit as much as $2,750 per year camp, and dependent adult daycare expenses.
on a pre-tax basis to the healthcare FSA to be Dependent care funds cannot be used for
used towards eligible medical, dental, vision, tuition reimbursement.
and/or pharmacy expenses for you and your
dependents. For a complete list of eligible To be eligible for this account, both you and
expenses, please visit the PayFlex website at your spouse must be actively at work or looking
www.payflex.com. for work or considered a full-time student
during the coverage period.
If you are enrolled in a CDHP plan, you can
enroll in a Limited FSA to be used toward Your FSA annual election amount will be
eligible dental and vision expenses. Limited FSA deducted on a per pay period basis, and can
funds cannot be used for medical expenses. be drawn on as incurred. Therefore, unlike a
The annual election amount is $2,750 for the healthcare FSA, the full amount of your annual
Limited FSA. election will not be available to you as of the
first day of the new plan year.
Although your FSA annual election will be
deducted on a per-pay-period basis, the full The dependent care FSA can be set up
amount of your FSA election amount will be to automatically reimburse you each pay
available to you as of the first day of the new period. For more details, contact PayFlex at
plan year. 800.284.4885.
FSA Tips:
Keep all receipts.
Check the IRS approved drug list for non-prescription drugs.
Plan your expenses so that you use the funds in your account by the end of the plan year.
15
