Page 16 - 2018 SLU New Hire Guide
P. 16
Flexible Spending Account
(FSA)
What is an FSA?
An FSA allows you to set aside pre-tax dollars from your paycheck to
cover qualiied expenses you would normally pay out of your pocket with
after-tax dollars. We partner with ConnectYourCare to offer two types of
Flexible Spending Account programs.
Healthcare FSA
The Healthcare FSA helps you pay for certain IRS-approved medical care
expenses not covered by your insurance plan with pre-tax dollars. The
maximum contribution to the Healthcare FSA is $2,650 per plan year.
Funds you elect to contribute to the Healthcare FSA are available in full
on the irst day of the plan year. For example, if you elect to contribute
$1,000, your full election is available on day one. You’ll continue to pay
for the election pre-tax from your paycheck throughout the plan year.
If you enroll in the Plus plan (or no medical plan at SLU), you are eligible
to contribute to the Healthcare FSA.
Dependent Care FSA
The Dependent Care FSA lets you use pre-tax dollars towards qualiied
childcare. The maximum amount you may contribute to the Dependent
Care FSA is $5,000 (or $2,500 if married and iling separately) per
calendar year. Please note, dependent care funds are only available once
contributions are made to the account.
You are eligible to contribute to the Dependent Care FSA regardless of
your medical plan enrollment.
16 2018 New Hire Guide
(FSA)
What is an FSA?
An FSA allows you to set aside pre-tax dollars from your paycheck to
cover qualiied expenses you would normally pay out of your pocket with
after-tax dollars. We partner with ConnectYourCare to offer two types of
Flexible Spending Account programs.
Healthcare FSA
The Healthcare FSA helps you pay for certain IRS-approved medical care
expenses not covered by your insurance plan with pre-tax dollars. The
maximum contribution to the Healthcare FSA is $2,650 per plan year.
Funds you elect to contribute to the Healthcare FSA are available in full
on the irst day of the plan year. For example, if you elect to contribute
$1,000, your full election is available on day one. You’ll continue to pay
for the election pre-tax from your paycheck throughout the plan year.
If you enroll in the Plus plan (or no medical plan at SLU), you are eligible
to contribute to the Healthcare FSA.
Dependent Care FSA
The Dependent Care FSA lets you use pre-tax dollars towards qualiied
childcare. The maximum amount you may contribute to the Dependent
Care FSA is $5,000 (or $2,500 if married and iling separately) per
calendar year. Please note, dependent care funds are only available once
contributions are made to the account.
You are eligible to contribute to the Dependent Care FSA regardless of
your medical plan enrollment.
16 2018 New Hire Guide
