Page 9 - 2016 Open Enrollment
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Flexible Spending Accounts
Flexible Spending Accounts (FSA)—ADP
First Bank offers you the opportunity to contribute to a Flexible Spending
Account (FSA) to help reduce the taxes you pay. FSA contributions are
exempt from federal income tax, Social Security taxes (FICA/FUTA) and,
in most cases, state income tax. By contributing a portion of your payroll
dollars on a pre-tax basis, you can save money on the cost of eligible
healthcare and dependent care.
FSA—Healthcare Reimbursement Account
For the 2016 plan year, you may contribute up to $2,550 in pre-tax payroll
deductions to be used for eligible medical, dental, and vision expenses
during the plan year. First Bank issues an FSA card as an additional
convenience to use with your Healthcare Reimbursement Account. The
card is a useful and easy-to-use tool, similar to a bank account debit card
which allows you to remove funds from your FSA with a simple swipe
at a merchant payment terminal. The FSA card may be used in medical
and dental ofices, hospitals, health care clinics, pharmacies, and online
pharmacies to purchase the same eligible items and services for which you
can submit paper-based claims for reimbursement.
FSA—Dependent Care Reimbursement Account
A Dependent Care Reimbursement Account allows you to pay for eligible
dependent care expenses with pre-tax dollars. For the 2016 plan year,
you may contribute up to $5,000 to your Dependent Care FSA. Eligible
dependent care includes care at licensed nursery schools, child care
centers, and eldercare facilities. If you are uncertain about whether or
not a dependent care expense qualiies for reimbursement, you should
determine its eligibility before incurring the expense. Reimbursement for
eligible expenses is received by completing a simple claims iling process.
It is important to remember that an FSA is not a savings account. You
must use all of your contributions each year or risk losing any unused
balance at the end of the beneit plan year.
2016 Open Enrollment
Flexible Spending Accounts
Flexible Spending Accounts (FSA)—ADP
First Bank offers you the opportunity to contribute to a Flexible Spending
Account (FSA) to help reduce the taxes you pay. FSA contributions are
exempt from federal income tax, Social Security taxes (FICA/FUTA) and,
in most cases, state income tax. By contributing a portion of your payroll
dollars on a pre-tax basis, you can save money on the cost of eligible
healthcare and dependent care.
FSA—Healthcare Reimbursement Account
For the 2016 plan year, you may contribute up to $2,550 in pre-tax payroll
deductions to be used for eligible medical, dental, and vision expenses
during the plan year. First Bank issues an FSA card as an additional
convenience to use with your Healthcare Reimbursement Account. The
card is a useful and easy-to-use tool, similar to a bank account debit card
which allows you to remove funds from your FSA with a simple swipe
at a merchant payment terminal. The FSA card may be used in medical
and dental ofices, hospitals, health care clinics, pharmacies, and online
pharmacies to purchase the same eligible items and services for which you
can submit paper-based claims for reimbursement.
FSA—Dependent Care Reimbursement Account
A Dependent Care Reimbursement Account allows you to pay for eligible
dependent care expenses with pre-tax dollars. For the 2016 plan year,
you may contribute up to $5,000 to your Dependent Care FSA. Eligible
dependent care includes care at licensed nursery schools, child care
centers, and eldercare facilities. If you are uncertain about whether or
not a dependent care expense qualiies for reimbursement, you should
determine its eligibility before incurring the expense. Reimbursement for
eligible expenses is received by completing a simple claims iling process.
It is important to remember that an FSA is not a savings account. You
must use all of your contributions each year or risk losing any unused
balance at the end of the beneit plan year.
2016 Open Enrollment
