Page 27 - IPsoft 2018 Benefits Guide

fsa
FINANCIAL
HERE’S HOW IT WORKS!
1. You decide the annual amount you want to contribute to either (or both) FSAs based on your expected healthcare expenses.
2. Your contributions are deducted from each paycheck before income and Social Security taxes, and deposited into your FSA.
3. You can pay with the Healthcare FSA debit card for eligible healthcare expenses.
You must plan carefully before you enroll in a spending account. Because of its tax advantages, the Internal Revenue Service (IRS) pays close attention to how the spending accounts work.
Under IRS rules:
Expenses for Healthcare FSA, Dependent Care FSA and Parking/ Transit must be incurred during the plan year or during the 2.5 month grace period. Any balances remaining after the grace period ends will be forfeited.
⸋ You have 90 days after the end of each plan year to submit claims to TASC for reimbursement.
⸋ You cannot stop or change your contributions during the year except as a result of a Quali ed Life Event Change.
⸋ If you enroll in the spending accounts, remember you will need to save your itemized receipts to apply for reimbursement.
⸋ Important Notes: There will be a separate open enrollment period for FSA elections in December of each year.
27
Want More? Click the “play” icon to watch the FSA video.
Powered by IPsoft