Page 12 - 2016 ACProducts Non-Union
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2016 Beneits Guide
The Healthcare Flexible Spending Account
This account allows you to set money aside pre-tax to reimburse
yourself for eligible medical, dental or vision expenses you incur
during the plan year. Healthcare FSA dollars can also be used to
reimburse you for eligible expenses not covered by your insurance
plans. Common examples are deductibles, coinsurance, and
copayments. You must incur the expenses during the plan year (by
December 31), otherwise you will lose it!
For 2016 you may contribute up to $2,550 to this account. You
cannot participate in the healthcare FSA if you are participating in the
HSA associated with the HDHP medical plan.
The Dependent Care FSA
This account allows you to set aside pre-tax money to cover the costs
of dependent child care so you (and/or) your spouse may work or
attend school on a full-time basis. The IRS maximum contribution
allowed is $5,000 per year depending on your personal tax situation.
This maximum applies to both single and married employees with
families (when iling taxes jointly). Consult a inancial advisor for
more information. This plan may also cover the costs of elder care,
provided that IRS criteria are met. You must incur the expenses
during the plan year (by December 31), otherwise you will lose it!
You will not be charged Federal, State, Social Security, and
Medicare taxes on money that you set aside in your FSA. Therefore,
participation in the FSA can save you valuable tax dollars by lowering
your taxable income. During the year, you will have access to your
FSA funds for reimbursement of healthcare and/or dependent care
expenses.
Another great beneit of the FSA program is your elected pre-tax
contributions for healthcare expenses are available in full on day one
of the plan year. You can use your full healthcare FSA election as
soon as you need it. Unlike the Healthcare FSA, reimbursement from
your Dependent Care FSA is is limited to the total amount that is
deposited in your account at that time.
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The Healthcare Flexible Spending Account
This account allows you to set money aside pre-tax to reimburse
yourself for eligible medical, dental or vision expenses you incur
during the plan year. Healthcare FSA dollars can also be used to
reimburse you for eligible expenses not covered by your insurance
plans. Common examples are deductibles, coinsurance, and
copayments. You must incur the expenses during the plan year (by
December 31), otherwise you will lose it!
For 2016 you may contribute up to $2,550 to this account. You
cannot participate in the healthcare FSA if you are participating in the
HSA associated with the HDHP medical plan.
The Dependent Care FSA
This account allows you to set aside pre-tax money to cover the costs
of dependent child care so you (and/or) your spouse may work or
attend school on a full-time basis. The IRS maximum contribution
allowed is $5,000 per year depending on your personal tax situation.
This maximum applies to both single and married employees with
families (when iling taxes jointly). Consult a inancial advisor for
more information. This plan may also cover the costs of elder care,
provided that IRS criteria are met. You must incur the expenses
during the plan year (by December 31), otherwise you will lose it!
You will not be charged Federal, State, Social Security, and
Medicare taxes on money that you set aside in your FSA. Therefore,
participation in the FSA can save you valuable tax dollars by lowering
your taxable income. During the year, you will have access to your
FSA funds for reimbursement of healthcare and/or dependent care
expenses.
Another great beneit of the FSA program is your elected pre-tax
contributions for healthcare expenses are available in full on day one
of the plan year. You can use your full healthcare FSA election as
soon as you need it. Unlike the Healthcare FSA, reimbursement from
your Dependent Care FSA is is limited to the total amount that is
deposited in your account at that time.
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