Page 15 - 2018 Sulzer (Pumps Union) New Hire Guide
P. 15
Sulzer
Flexible Spending Accounts (FSA)
Administered by Discovery Benefits Dependent Care FSA
A great way to plan ahead and save money over You are eligible to contribute to the dependent care
the course of a year is to participate in the lexible account regardless of your medical plan election.
spending account (FSA) programs. These accounts
allow you to redirect a portion of your salary on a pre- Dependent day care expenses (e.g., daycare, after
tax basis into reimbursement accounts. Money from school programs for children under age 13, or elder
these accounts is then used to pay medical, dental, care programs for your legal tax dependents) so you
and vision expenses which are not reimbursed by and your spouse can work or attend school full-time.
your medical, dental, and vision plans. You may also
set aside pre-tax funds to reimburse dependent care Important FSA Rules
expense. X Must declare an election for the entire plan year
Pre-tax means the dollars you use for eligible expenses Y Current elections will not carry forward
are not subject to Social Security tax, federal income automatically
tax, and in most cases, state, and local income taxes— X Your election cannot exceed annual IRS mandated
money you would have paid in taxes. Spend wisely! maximum limits noted below
While FSA programs allow you to pay for qualiied 2018 FSA Funding Limits
expenses from contributions which are tax-free, X Healthcare FSA $2,650
keeping more money in your pocket, any unspent
money will not be returned to you at the end of the X Dependent Care FSA $5,000 ($2,500 if married
year. and iling separately)
If you elect single PPO 1500 coverage and contribute
Healthcare FSA at least $20 per pay period, Sulzer will fund $520 into
You are eligible to contribute to a healthcare FSA if your FSA. If you elect family PPO 1500 coverage and
you: contribute at least $40 per pay period, Sulzer will fund
$1,040 into your FSA. If you contribute less than $20
X Are eligible for and enrolled in the PPO 1500 plan for single or $40 for family per pay period, Sulzer will
X Do not elect medical coverage from Sulzer match dollar for dollar what you contribute. Sulzer
will not provide an FSA matching contribution if you
Discovery Beneits will provide a debit card for use in
paying for eligible expenses. do not elect medical coverage.
Healthcare FSA Eligible Expenses
X Copays, coinsurance, and deductibles
X Eye exams, contacts, glasses, and laser surgeries
X Dental services
X Over-the-counter medications (with a prescription)
15
Flexible Spending Accounts (FSA)
Administered by Discovery Benefits Dependent Care FSA
A great way to plan ahead and save money over You are eligible to contribute to the dependent care
the course of a year is to participate in the lexible account regardless of your medical plan election.
spending account (FSA) programs. These accounts
allow you to redirect a portion of your salary on a pre- Dependent day care expenses (e.g., daycare, after
tax basis into reimbursement accounts. Money from school programs for children under age 13, or elder
these accounts is then used to pay medical, dental, care programs for your legal tax dependents) so you
and vision expenses which are not reimbursed by and your spouse can work or attend school full-time.
your medical, dental, and vision plans. You may also
set aside pre-tax funds to reimburse dependent care Important FSA Rules
expense. X Must declare an election for the entire plan year
Pre-tax means the dollars you use for eligible expenses Y Current elections will not carry forward
are not subject to Social Security tax, federal income automatically
tax, and in most cases, state, and local income taxes— X Your election cannot exceed annual IRS mandated
money you would have paid in taxes. Spend wisely! maximum limits noted below
While FSA programs allow you to pay for qualiied 2018 FSA Funding Limits
expenses from contributions which are tax-free, X Healthcare FSA $2,650
keeping more money in your pocket, any unspent
money will not be returned to you at the end of the X Dependent Care FSA $5,000 ($2,500 if married
year. and iling separately)
If you elect single PPO 1500 coverage and contribute
Healthcare FSA at least $20 per pay period, Sulzer will fund $520 into
You are eligible to contribute to a healthcare FSA if your FSA. If you elect family PPO 1500 coverage and
you: contribute at least $40 per pay period, Sulzer will fund
$1,040 into your FSA. If you contribute less than $20
X Are eligible for and enrolled in the PPO 1500 plan for single or $40 for family per pay period, Sulzer will
X Do not elect medical coverage from Sulzer match dollar for dollar what you contribute. Sulzer
will not provide an FSA matching contribution if you
Discovery Beneits will provide a debit card for use in
paying for eligible expenses. do not elect medical coverage.
Healthcare FSA Eligible Expenses
X Copays, coinsurance, and deductibles
X Eye exams, contacts, glasses, and laser surgeries
X Dental services
X Over-the-counter medications (with a prescription)
15
