Page 10 - CPC Behavioral Healthcare 2022 - 2023 Benefits Guide
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FLEXIBLE SPENDING & COMMUTER
ACCOUNTS
Flexible Spending Accounts (FSAs) are designed to help you save money on taxes. They work in a similar way
to a savings account. Each pay period, funds are deducted from your pay on a pretax basis and credited to a
Health Care and/or Dependent Care FSA. You then use your funds to pay for eligible health care or
dependent care expenses.
IMPORTANT INFORMATION ABOUT FSAs
Your FSA deductions will apply from January 1st to December 31st. All claims for the election year must be
submitted no later than 90 days into the following year in order to be reimbursed. Any money remaining in
excess of $550 in your Health Care FSA at the end of the plan year will be forfeited. This is
known as the “use it or lose it” rule and it is governed by Internal Revenue Service regulations.
ANNUAL CONTRIBUTION
ACCOUNT TYPE
ELIGIBLE EXPENSES LIMITS BENEFIT
Most medical, dental and vision care expenses
that are not covered by your health plan (such as Saves on eligible
Health Care FSA copayments, coinsurance, deductibles, Maximum contribution expenses not covered by
is $2,750 per year insurance; reduces your
eyeglasses and doctor-prescribed over the taxable income
counter medications)
Dependent care expenses (such as day care, after
Maximum contribution is $5,000 Reduces your taxable
Dependent Care FSA school programs or elder care programs) so you
and your spouse can work or attend school full- per year income
time.
COMMUTER ACCOUNT
You have another pre-tax savings account that you may utilize to reimburse yourself for transit related
expenses to get to work each day. Your personal vehicle expenses are not eligible, but rather transit,
vanpooling and parking expenses allowing you to commute to work do. You may contribute up to $280
per month on a pre-tax basis.
If you are interested in enrolling in the Commuter Account, please contact Human Resources at
(732) 935-2245.
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