Page 9 - 2020 Stein Mart Benefits Guide - Weekly
P. 9
FLEXIBLE SPENDING ACCOUNTS (FSA)
Flexible Spending Accounts
A Flexible Spending Account (FSA) is another type of tax-advantaged savings account that allows you to set aside
pre-tax dollars from your paycheck to cover qualified expenses you would normally pay for out of pocket. The
FSA is administered through Optum Bank.
2020 Participation
Due to IRS regulations, there is no automatic re-enrollment of these programs. If you wish to participate in
either FSA program, you must re-enroll each year. Keep in mind, the contribution amount you elect during open
enrollment cannot be changed, so consider your election(s) carefully. In addition, you may enroll in the FSA
programs only during annual open enrollment. New hires and associates who experience a qualifying life event
are not eligible to participate until the next annual open enrollment.
Important! You are not eligible to participate in the Health Care FSA if you enroll in the "Health Savings Plan."
Deadline to File Claims for 2019 Plan Year
If you participated in 2019, you have until March 31, 2020 to file claims for expenses incurred in 2019.
Important! If you elect the "Health Savings Plan" medical plan, the March 31, 2020 deadline does not apply and
you must file for all reimbursements before December 31, 2019. Any FSA funds as of December 31, 2019 will be
forfeited on January 1, 2020.
Health Care FSA
The Health Care FSA helps you pay for certain IRS-approved medical Eligible Health Care
expenses that are not covered by your insurance plan. FSA Expenses
Doctor's visit copays
Contributions: The annual amount you can contribute to your Health Care Prescription drug copays
FSA must be at least $120, and may not exceed the IRS maximum of $2,700. Medical and dental
Funds: The full amount you elect is available for use on the first day of the deductibles
plan year. The election amount will be deducted (pre-tax) from each paycheck Hearing aids
through the year. Eyeglasses
Quit smoking programs
Carryover Rules: In order to carryover up to $500, you must re-elect an
amount of at least $120 during open enrollment. If you choose not to re- Blood sugar test kits for
diabetes
enroll, or switch to our "Health Savings Plan", you will forfeit any remaining Acupuncture
balance.
Dependent Care FSA Eligible Dependent Care
The Dependent Care FSA lets you set aside pre-tax dollars to use toward FSA Expenses
qualified dependent care. Cost of daycare
Nursery school
Contributions: The IRS limits the amount of money you can contribute to a Preschool (excluding
dependent care FSA during the plan year to the amounts below. kindergarten)
$5,000 each year for married couples filing jointly, unmarried couples and Babysitting services
single individuals Please note: these costs may only
$2,500 if you are married and filing separately be used for eligible dependents.
An eligible dependent is a tax
Funds: Funds become available for use as you contribute to the account each dependent child under the age of
week through payroll deductions.
13 or a tax dependent spouse,
Use it or Lose it: Carefully consider your contribution amount for the plan parent or child unable to care for
year. At the end of the year, you lose any money left over in your account. themselves.
Weekly Store and Weekly Corporate Associates 8
Department Merchandise Managers For 2020 Benefits
Flexible Spending Accounts
A Flexible Spending Account (FSA) is another type of tax-advantaged savings account that allows you to set aside
pre-tax dollars from your paycheck to cover qualified expenses you would normally pay for out of pocket. The
FSA is administered through Optum Bank.
2020 Participation
Due to IRS regulations, there is no automatic re-enrollment of these programs. If you wish to participate in
either FSA program, you must re-enroll each year. Keep in mind, the contribution amount you elect during open
enrollment cannot be changed, so consider your election(s) carefully. In addition, you may enroll in the FSA
programs only during annual open enrollment. New hires and associates who experience a qualifying life event
are not eligible to participate until the next annual open enrollment.
Important! You are not eligible to participate in the Health Care FSA if you enroll in the "Health Savings Plan."
Deadline to File Claims for 2019 Plan Year
If you participated in 2019, you have until March 31, 2020 to file claims for expenses incurred in 2019.
Important! If you elect the "Health Savings Plan" medical plan, the March 31, 2020 deadline does not apply and
you must file for all reimbursements before December 31, 2019. Any FSA funds as of December 31, 2019 will be
forfeited on January 1, 2020.
Health Care FSA
The Health Care FSA helps you pay for certain IRS-approved medical Eligible Health Care
expenses that are not covered by your insurance plan. FSA Expenses
Doctor's visit copays
Contributions: The annual amount you can contribute to your Health Care Prescription drug copays
FSA must be at least $120, and may not exceed the IRS maximum of $2,700. Medical and dental
Funds: The full amount you elect is available for use on the first day of the deductibles
plan year. The election amount will be deducted (pre-tax) from each paycheck Hearing aids
through the year. Eyeglasses
Quit smoking programs
Carryover Rules: In order to carryover up to $500, you must re-elect an
amount of at least $120 during open enrollment. If you choose not to re- Blood sugar test kits for
diabetes
enroll, or switch to our "Health Savings Plan", you will forfeit any remaining Acupuncture
balance.
Dependent Care FSA Eligible Dependent Care
The Dependent Care FSA lets you set aside pre-tax dollars to use toward FSA Expenses
qualified dependent care. Cost of daycare
Nursery school
Contributions: The IRS limits the amount of money you can contribute to a Preschool (excluding
dependent care FSA during the plan year to the amounts below. kindergarten)
$5,000 each year for married couples filing jointly, unmarried couples and Babysitting services
single individuals Please note: these costs may only
$2,500 if you are married and filing separately be used for eligible dependents.
An eligible dependent is a tax
Funds: Funds become available for use as you contribute to the account each dependent child under the age of
week through payroll deductions.
13 or a tax dependent spouse,
Use it or Lose it: Carefully consider your contribution amount for the plan parent or child unable to care for
year. At the end of the year, you lose any money left over in your account. themselves.
Weekly Store and Weekly Corporate Associates 8
Department Merchandise Managers For 2020 Benefits
