Page 13 - FOB_Guide_FY20

FOCUS ON BENEFITS 2020

Goodwill-Easter Seals Minnesota

FLEXIBLE BENEFIT PLAN MEDICAL FSA VS HSA

GESMN sponsors a flexible benefit plan to help you pay for everyday
expenses on a pre-tax basis.

• Medical Flexible Spending Arrangement: You can set aside pre-
tax contributions for medical, dental and vision expenses not paid
by your (or your spouse’s) insurance plans up to $2,750 depending We offer both a Medical Flexible Spending
on your election. This plan is not available if you are enrolled in a Arrangement and a Health Savings Account.
High Deductible Health Plan (HDHP) such as GESMN’s medical What’s the difference?
plan options with a Health Savings Account (HSA). Medical FSA HSA

• Limited Flexible Spending Arrangement: You can set aside pre-tax Health Plan Use with a copay Use with the
plan (outside of HDHP GESMN
contributions for dental and vision expenses not paid by your (or GESMN plans) plans
your spouse’s) insurance plans up to $2,750 depending on your Ownership Owned by your Owned by you
employer
election. Employee’s cannot have a Medical FSA and a Limited FSA
Enrollment Need to re-enroll Enroll once
plan. This plan can be elected in addition to a Health Savings
each year
Account (HSA). Access To You can access You can access
Your Money entire annual what is
• Note that at the end of the plan year, $500 may be carried over in
election amount deposited to
the Medical FSA or Limited FSA. If you have any amount over any time during date. If there are
the year, even if not enough
$500, it will be forfeited at the end of the plan year (i.e., “use it or not all the funds, you pay
lose it”). money has been out-of-pocket,
deducted. and reimburse
• Dependent care: You can set aside pre-tax contributions for yourself as more
funds are
dependent care expenses up to $5,000 per plan year No dollars deposited.
may be carried over into the next plan year. Use It Or Yes, any money No, money stays
Lose It left is forfeited. until you spend it
• Transportation Reimbursement Account: Set aside pre-tax Substantiati You keep The account is
contributions for transit passes/commuter highway vehicles up to on receipts, as may not “policed”,
be asked to but keep receipts
$270/month and qualified parking expenses up to $270/month. prove that the in case of IRS
money spent was audit.
eligible
Each component of the flexible benefit plan requires a separate
election. Funds cannot be moved from one component to another. Option to You can change You can change
Change election amount your election
Contributions cannot be changed unless a qualifying life event occurs Contribution if you have a amount on a
qualifying monthly basis, as
and must be made within 30 days of the event. This plan is events, (i.e., long as it does
marriage, not exceed IRS
administered by Discovery Benefits.
divorce, birth, limits, and the
etc.) or during amount is in
open enrollment proportion to the
period. number of
months you were
covered under a
HDHP plan.

12