Page 9 - Lanter | 2022 Benefits Guide LAF
P. 9
FLEXIBLE SPENDING Examples of Eligible
ACCOUNT (FSA) Expenses
Healthcare FSA Healthcare FSA
The healthcare FSA helps you pay for certain IRS- X Doctor’s visit copays
approved medical expenses with pre-tax dollars. The X Prescription drug copays
maximum contribution to the Healthcare FSA is $2,750 X Medical and dental deductibles
per calendar year.
X Hearing aids
Funds you elect to contribute to the healthcare FSA are
available in full on the irst day of the plan year. Limited Purpose FSA
X Eyeglasses, eye exams, contacts
Limited Purpose Healthcare FSA X Dental procedures
The Limited Purpose Healthcare FSA is similar to the Dependent Care FSA
Healthcare FSA except it is limited to eligible dental X Cost of child or adult daycare
and vision care services. The Limited Purpose FSA is
available to employees who are contributing to a Health X Preschool (excluding kindergarten)
Savings Account (HSA).
Dependent Care FSA
The dependent care FSA lets you set aside pre-tax
dollars to use toward qualiied dependent care. 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. Funds you contribute to
the dependent care FSA need to accumulate before you
can use them.
Carryover Feature
If you participate in any of the FSA plans, you may
carry over remaining funds at the end of the year to
use for qualiied expenses incurred during the next plan
year to the annual IRS carryover limit. Any remaining
funds over the IRS carryover limit will be forfeited.
If you enrolled in an HSA, your carryover funds will be
placed into an HSA compatible Limited Purpose FSA
plan. This will allow you to maintain HSA eligibility
while keeping your healthcare FSA funds for vision and
dental expenses.
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ACCOUNT (FSA) Expenses
Healthcare FSA Healthcare FSA
The healthcare FSA helps you pay for certain IRS- X Doctor’s visit copays
approved medical expenses with pre-tax dollars. The X Prescription drug copays
maximum contribution to the Healthcare FSA is $2,750 X Medical and dental deductibles
per calendar year.
X Hearing aids
Funds you elect to contribute to the healthcare FSA are
available in full on the irst day of the plan year. Limited Purpose FSA
X Eyeglasses, eye exams, contacts
Limited Purpose Healthcare FSA X Dental procedures
The Limited Purpose Healthcare FSA is similar to the Dependent Care FSA
Healthcare FSA except it is limited to eligible dental X Cost of child or adult daycare
and vision care services. The Limited Purpose FSA is
available to employees who are contributing to a Health X Preschool (excluding kindergarten)
Savings Account (HSA).
Dependent Care FSA
The dependent care FSA lets you set aside pre-tax
dollars to use toward qualiied dependent care. 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. Funds you contribute to
the dependent care FSA need to accumulate before you
can use them.
Carryover Feature
If you participate in any of the FSA plans, you may
carry over remaining funds at the end of the year to
use for qualiied expenses incurred during the next plan
year to the annual IRS carryover limit. Any remaining
funds over the IRS carryover limit will be forfeited.
If you enrolled in an HSA, your carryover funds will be
placed into an HSA compatible Limited Purpose FSA
plan. This will allow you to maintain HSA eligibility
while keeping your healthcare FSA funds for vision and
dental expenses.
LANTER AIR FREIGHT 9
