Page 8 - 2016 Enrollment
P. 8
Beneits Guide
Flexible Spending Accounts
PARTICIPATION REQUIRES ACTION
If you wish to participate in the lexible spending account plan
in 2016 you must complete an enrollment form. There are two
lexible spending accounts (FSAs): a medical reimbursement lexible
spending account and a dependent care lexible spending account.
These accounts allow you to set aside pre-tax dollars to cover eligible
healthcare and dependent care expenses. The amount you contribute
to the FSAs are not subject to Social Security (FICA), federal, and
most state and local income taxes.
Eligible expenses include but are not limited to the following:
Medical reimbursement FSA
Out-of-pocket medical, dental, and vision expenses (copays,
deductibles, coinsurance, etc.)
Orthodontia
Lasik eye surgery
Hearing aids
Dependent care FSA
Cost of child or adult day care for tax dependent children age
12 and under or tax dependents (children, spouses, parents)
unable to care for themselves
Latch-key programs
Summer day camp
Nursery school
You may elect up to $2,550 for the medical reimbursement FSA. The
government limits elections to the dependent care FSA to $5,000
per calendar year ($2,500 if you are married and iling separate
returns). The plan contains a grace period which allows you to incur
claims from January 1, 2016 through March 15, 2016 and reimburse
yourself with 2016 plan elections. If you are contributing to an HSA,
you cannot participate in the traditional medical reimbursement
FSA. You may be able to participate in a limited purpose medical
reimbursement FSA. Please contact HR for additional details.
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Flexible Spending Accounts
PARTICIPATION REQUIRES ACTION
If you wish to participate in the lexible spending account plan
in 2016 you must complete an enrollment form. There are two
lexible spending accounts (FSAs): a medical reimbursement lexible
spending account and a dependent care lexible spending account.
These accounts allow you to set aside pre-tax dollars to cover eligible
healthcare and dependent care expenses. The amount you contribute
to the FSAs are not subject to Social Security (FICA), federal, and
most state and local income taxes.
Eligible expenses include but are not limited to the following:
Medical reimbursement FSA
Out-of-pocket medical, dental, and vision expenses (copays,
deductibles, coinsurance, etc.)
Orthodontia
Lasik eye surgery
Hearing aids
Dependent care FSA
Cost of child or adult day care for tax dependent children age
12 and under or tax dependents (children, spouses, parents)
unable to care for themselves
Latch-key programs
Summer day camp
Nursery school
You may elect up to $2,550 for the medical reimbursement FSA. The
government limits elections to the dependent care FSA to $5,000
per calendar year ($2,500 if you are married and iling separate
returns). The plan contains a grace period which allows you to incur
claims from January 1, 2016 through March 15, 2016 and reimburse
yourself with 2016 plan elections. If you are contributing to an HSA,
you cannot participate in the traditional medical reimbursement
FSA. You may be able to participate in a limited purpose medical
reimbursement FSA. Please contact HR for additional details.
8
