Page 13 - 2022 US Benefits Guide FINAL
P. 13
FLEXIBLE SPENDING
ACCOUNTS
A Flexible Spending Account (FSA) helps you pay for health care, dependent care, or transit
costs using tax-free dollars.
Your contribution is deducted from your
paycheck on a pretax basis and is put Account type Eligible expenses Annual contribution limits
into the FSA. You can access the funds
in your account to pay for eligible Health Care Most medical, dental and Maximum contribution is
expenses. FSA vision care expenses that $2,850 per year.
are not covered by your You cannot enroll if you are
This chart shows the eligible expenses health plan (such as enrolled in the HDHP plan
for each FSA and how much you can copayments, coinsurance, with
contribute each year. Each of these deductibles, eyeglasses an HSA.
options reduces your taxable income. and prescriptions)
Funds are deducted
throughout the year, but all
funds are available on
January 1.
Limited Dental and vision Maximum contribution is
Purpose FSA expenses only that are $2,850 per year.
Important information not covered by your This is available to those
about FSAs health plan (such as enrolled in the HDHP plan
copayments, coinsurance, with an HSA.
Your FSA elections are deductibles, eyeglasses
effective from January 1 and prescriptions) Funds are deducted
through December 31. Claims throughout the year, but all
funds are available on
for reimbursement must be January 1.
submitted by March 31
of the following year. Our
Health Care or Limited Purpose Dependent Dependent care expenses Maximum contribution is
FSAs allow you to carry over Care FSA (such as daycare, after $5,000 per year ($2,500 if
$550 in unused funds to the school programs or married and filing separate
following plan year. eldercare programs) for tax returns).
children under age 13 or
Please plan your contributions eldercare so you and your
carefully. Any unused money spouse can work or
remaining in your account(s) attend school full-time
will be forfeited. This is known
as the “use it or lose it” rule and Transportation Expenses for commuting Maximum contribution is
it is governed by Internal Reimbursement to and from work or $280 per month to your
Revenue Service regulations. Account paying parking fees at transit/ vanpool account and
Note that FSA elections do not your work location up to
automatically continue from Transportation to or from $280 per month to your
year to year; you must actively work on a subway, train, parking account.
enroll each year. bus, ferry, etc.
Parking at or near your
workplace or at a
commuter lot where you
transfer to a vanpool or
mass transit
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