Page 16 - 2016 Open Enrollment
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Flexible Spending Accounts (FSA)
Flexible Spending An FSA is comprised of two accounts: a Healthcare FSA and a
Accounts (FSA) Dependent Care FSA for child or elder care reimbursement. The IRS
For associates who do not has mandated you can contribute up to $2,550 per calendar year to the
healthcare FSA. Any expense reimbursed through your Healthcare FSA
contribute to an HSA, a is not eligible to be claimed as a deduction or credit on your tax return.
Healthcare FSA allows you to Funds you elect to contribute are available in full on the irst day of the
set aside pre-tax dollars from plan year.
your paycheck to cover qualiied
expenses which you would The Dependent Care FSA permits you to pay for qualiied child and adult
normally payout of your pocket care expenses on a pre-tax basis. You’ll set aside an amount of money
with after-tax dollars. You pay no through ixed payroll deductions to help pay for eligible dependent care
federal income, state income, or expenses. The IRS has limited the amount you can elect to contribute
Social Security taxes on the money to $5,000 per year. If your spouse also participates in a pre-tax FSA,
you place in your FSA. your combined contribution total must not exceed $5,000. Unlike the
Healthcare FSA, you can only use funds from your account as they
According to IRS guidelines, you become available.
cannot contribute to a Healthcare
FSA if you or your spouse is Associates who enroll are issued an FSA debit card for added
contributing to an HSA. So, if you convenience. You can use your FSA debit card at approved providers
are enrolled in our medical plan to instantly access your account. It allows you to pay for eligible
and are contributing to the HSA, expenses and services at the point of service by automatically deducting
you are only eligible to participate the amount from your FSA. No hassle and no waiting! In addition,
in the Limited Health FSA. The you can view your account activity and balance any time online with
Limited Health FSA can be used Beneit Planning Consultants, at www.bpcinc.com.
for eligible vision and dental
expenses. It’s also important to plan carefully during your annual enrollment
window as you cannot change your FSA election during the plan year
unless you experience a qualifying event.
First Busey Corporation
Flexible Spending Accounts (FSA)
Flexible Spending An FSA is comprised of two accounts: a Healthcare FSA and a
Accounts (FSA) Dependent Care FSA for child or elder care reimbursement. The IRS
For associates who do not has mandated you can contribute up to $2,550 per calendar year to the
healthcare FSA. Any expense reimbursed through your Healthcare FSA
contribute to an HSA, a is not eligible to be claimed as a deduction or credit on your tax return.
Healthcare FSA allows you to Funds you elect to contribute are available in full on the irst day of the
set aside pre-tax dollars from plan year.
your paycheck to cover qualiied
expenses which you would The Dependent Care FSA permits you to pay for qualiied child and adult
normally payout of your pocket care expenses on a pre-tax basis. You’ll set aside an amount of money
with after-tax dollars. You pay no through ixed payroll deductions to help pay for eligible dependent care
federal income, state income, or expenses. The IRS has limited the amount you can elect to contribute
Social Security taxes on the money to $5,000 per year. If your spouse also participates in a pre-tax FSA,
you place in your FSA. your combined contribution total must not exceed $5,000. Unlike the
Healthcare FSA, you can only use funds from your account as they
According to IRS guidelines, you become available.
cannot contribute to a Healthcare
FSA if you or your spouse is Associates who enroll are issued an FSA debit card for added
contributing to an HSA. So, if you convenience. You can use your FSA debit card at approved providers
are enrolled in our medical plan to instantly access your account. It allows you to pay for eligible
and are contributing to the HSA, expenses and services at the point of service by automatically deducting
you are only eligible to participate the amount from your FSA. No hassle and no waiting! In addition,
in the Limited Health FSA. The you can view your account activity and balance any time online with
Limited Health FSA can be used Beneit Planning Consultants, at www.bpcinc.com.
for eligible vision and dental
expenses. It’s also important to plan carefully during your annual enrollment
window as you cannot change your FSA election during the plan year
unless you experience a qualifying event.
First Busey Corporation
