Page 16 - Gray_2020 Benefit Guide
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Quick Contact Details:
PHONE: 513-459-9997 or 800-982-7715
Your Health WEBSITE: chard-snyder.com
FLEXIBLE Login to your Chard Snyder
account at chard-snyder.com
SPENDING Download Chard Snyder Mobile
in the App Store or Google Play
ACCOUNTS
How do I save money by enrolling
in an FSA?
Flexible Spending Accounts (FSAs) Contributions are deposited into your
offer an easy way to pay less in FSA before taxes are calculated on your
taxes while paying for healthcare paycheck. This lowers your taxable income
and dependent care expenses. and you pay less in taxes. In short, you get
a tax break for putting money aside for
What is a Flexible Spending Account expenses you would have paid for anyway.
and what does it do?
Gray offers carryover of the Healthcare and
The Flexible Spending Account, as designed
Limited Purpose Healthcare FSAs, which
by the IRS, allows for three separate accounts:
allows team members to carry over up to
Healthcare, Limited Purpose Healthcare and
$500 from last year’s funds into the new
Dependent Care. Each account is designed
plan year. This money becomes part of the
to help you save 25-40% in taxes on
balance in your plan and is used the same
merchandise and services you already buy.
way as the money for the new plan year.
WHO CAN HOW MUCH CAN
TYPE OF ACCOUNT WHAT IS IT?
PARTICIPATE? I CONTRIBUTE?
Healthcare FSA Allows you to pay for Team members who Up to $2,700 per year
qualified expenses and are covered on a PPO
other out of pocket plan
expenses related to medical,
dental and vision coverage.
Limited Purpose Healthcare FSA Allows you to pay for Team members who Up to $2,700 per year
qualified dental and vision are covered on a High
expenses only. Cannot be Deductible Plan
used for medical expenses.
Dependent Care FSA Allows you to pay for All team members Up to $5,000 per year
qualified expenses incurred
for care provided to
dependents including
licensed childcare workers,
nursery schools or elder
care—while you work.
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