Page 16 - 2018 Busey Benefit Guide
P. 16
2018 BENEFITS ENROLLMENT
Flexible Spending Accounts (FSA)
For associates who do not Healthcare FSA
contribute to an HSA, or are not The IRS has mandated you can contribute up to $2,650 per calendar year
eligible to do so, a healthcare FSA to the healthcare FSA. Any expense reimbursed through your healthcare
allows you to set aside pre-tax FSA is not eligible to be claimed as a deduction or credit on your tax
dollars from your paycheck to return. Funds you elect to contribute are available in full on the irst day
cover qualiied expenses which of the plan year.
you would normally pay out of
your pocket with after-tax dollars. Dependent Care FSA
Busey offers 3 types of FSAs. The dependent care FSA permits you to pay for qualiied child and adult
care expenses on a pre-tax basis. The IRS has limited the amount you can
1. Healthcare FSA elect to contribute to $5,000 per year. If your spouse also participates in
2. Limited health FSA a pre-tax FSA, your combined contribution total must not exceed $5,000.
3. Dependent care FSA Unlike the healthcare FSA, you can only use funds from your account as
they become available.
You pay no federal income, state
income, or Social Security taxes on Limited Health FSA
the money you place in your FSA.
According to IRS guidelines, you cannot contribute to a healthcare FSA
if you or your spouse is contributing to an HSA. So, if you are enrolled in
our medical plan and are contributing to the HSA, you are only eligible to
participate in the limited health FSA. The limited health FSA can be used
for eligible dental and vision expenses.
Associates who enroll are issued an FSA debit card for added
convenience. You can use your FSA debit card at approved providers
to instantly access your account. It allows you to pay for eligible
expenses and services at the point of service by automatically deducting
the amount from your FSA. No hassle and no waiting! In addition,
you can view your account activity and balance any time online with
Beneit Planning Consultants, at www.bpcinc.com.
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.
16 FIRST BUSEY CORPORATION
Flexible Spending Accounts (FSA)
For associates who do not Healthcare FSA
contribute to an HSA, or are not The IRS has mandated you can contribute up to $2,650 per calendar year
eligible to do so, a healthcare FSA to the healthcare FSA. Any expense reimbursed through your healthcare
allows you to set aside pre-tax FSA is not eligible to be claimed as a deduction or credit on your tax
dollars from your paycheck to return. Funds you elect to contribute are available in full on the irst day
cover qualiied expenses which of the plan year.
you would normally pay out of
your pocket with after-tax dollars. Dependent Care FSA
Busey offers 3 types of FSAs. The dependent care FSA permits you to pay for qualiied child and adult
care expenses on a pre-tax basis. The IRS has limited the amount you can
1. Healthcare FSA elect to contribute to $5,000 per year. If your spouse also participates in
2. Limited health FSA a pre-tax FSA, your combined contribution total must not exceed $5,000.
3. Dependent care FSA Unlike the healthcare FSA, you can only use funds from your account as
they become available.
You pay no federal income, state
income, or Social Security taxes on Limited Health FSA
the money you place in your FSA.
According to IRS guidelines, you cannot contribute to a healthcare FSA
if you or your spouse is contributing to an HSA. So, if you are enrolled in
our medical plan and are contributing to the HSA, you are only eligible to
participate in the limited health FSA. The limited health FSA can be used
for eligible dental and vision expenses.
Associates who enroll are issued an FSA debit card for added
convenience. You can use your FSA debit card at approved providers
to instantly access your account. It allows you to pay for eligible
expenses and services at the point of service by automatically deducting
the amount from your FSA. No hassle and no waiting! In addition,
you can view your account activity and balance any time online with
Beneit Planning Consultants, at www.bpcinc.com.
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.
16 FIRST BUSEY CORPORATION
