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YOUR HEAL TH
Flexible Spending Accounts (FSA)

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Accounts (FSA) Download Mobile Health in the
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What is a Flexible Spending Account Rollover Provisions
and what does it do? Gray offers carryover of the Healthcare and Limited

The Flexible Spending Account, as designed by the Purpose Healthcare FSAs, which allows team members
IRS, allows for three separate accounts: Healthcare, to carry over up to $550 from last year’s funds into
Limited Purpose Healthcare and Dependent Care. the new plan year. This money becomes part of the
Each account is designed to help you save 25-40% in balance in your plan and is used the same way as the
taxes on merchandise and services you already buy. money for the new plan year.

How do I save money by enrolling in Due to recent legislature relating to the COVID-19
an FSA? pandemic, team members’ full FSA balances at

Contributions are deposited into your FSA before taxes the end of plan year 2021 will rollover to 2022.
are calculated on your paycheck. This lowers your
taxable income and you pay less in taxes. In short, you
get a tax break for putting money aside for expenses
you would have paid for anyway.

WHO CAN HOW MUCH CAN
TYPE OF ACCOUNT WHAT IS IT?
PARTICIPATE? I CONTRIBUTE?
Allows you to pay for qualified Team members who are Up to $2,750 per year
expenses and other out of covered on a PPO plan
Healthcare FSA pocket expenses related to
medical, dental and vision
coverage.
Allows you to pay for qualified Team members who Up to $2,750 per year
dental and vision expenses only. are covered on a High
Limited Purpose Healthcare FSA Cannot be used for medical Deductible Plan
expenses.

Allows you to pay for qualified All team members Up to $5,000 for single
expenses incurred for care taxpayers and married
provided to dependents couples filing jointly*
Dependent Care FSA
including licensed childcare
workers, nursery schools or Up to $2,500 for married
elder care—while you work. individuals filing separately*

Gray Benefits 18