Page 7 - Drive DeVilbiss - 2022 Union Guide

Flexible Spending Accounts

A Flexible Spending Account (FSA) helps you pay for health care or dependent care using tax-free dollars. Your
contribution is deducted from your paycheck on a pretax basis and is put into the FSA. When you incur expenses, you
can access the funds in your account to pay for eligible expenses.
This chart shows the eligible expenses for each FSA and how much you can contribute each year. Each of these options
reduces your taxable income.

Account type Eligible expenses Annual contribution limits

Most medical, dental and vision care expenses Maximum contribution is $2,750 per year.
that are not covered by your health plan (such as Funds are deducted throughout the year, but
Health Care FSA copayments, coinsurance, deductibles, eyeglasses all funds are available on January 1.
and prescriptions)

Dependent care expenses (such as day care, after Maximum contribution is $5,000 per year
school programs or elder care programs) for children ($2,500 if married and filing separate tax
Dependent Care FSA
under age 13 or elder care so you and your spouse returns).
can work or attend school full-time

Please Note: The IRS Annual Contribution Limits are subject to change.

Important information about FSAs
Your FSA elections are effective from January 1 through December 31. Claims for reimbursement must be
submitted by March 31 of the following year. Our Health Care FSA allows you to carry over $550 in unused
funds to the following plan year. If you are enrolled in an FSA in 2021 and do not elect an FSA for 2022,
your funds will be automatically carried over into a Limited Purpose FSA for 2022. You will only be able to
use these funds for qualified dental and vision expenses.

Please plan your contributions carefully. Any unused money remaining in your Health Care Flexible Spending
account(s) greater than $550 will be forfeited. Any monies in Dependent Care Flexible Spending accounts
will be forfeited. This is known as the “use it or lose it” rule and it is governed by Internal Revenue Service
regulations. Note that FSA elections do not automatically continue from year to year; you must actively
enroll each year.

The minimum election to enroll in the Health Care FSA and Dependent Care FSA is $500.

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