Page 10 - 2020 BH Management Benefits Guide
P. 10
WageWorks Flexible Spending Account
www.wageworks.com A lexible spending account (FSA) allows you to set aside pre-tax
877.924.3967 dollars to cover qualiied expenses you would normally pay out of
your pocket with after-tax dollars. We offer two types of lexible
spending account programs through WageWorks with Wellmark.
Eligible Expenses Healthcare FSA
Healthcare FSA The healthcare FSA helps you pay for certain IRS-approved
X Medical X Laser eye medical care expenses. For example, cash which you now spend
and dental surgery on deductibles, copayments, or other out-of-pocket medical
deductibles
X Smoking expenses can instead be placed in the healthcare FSA pre-tax,
X Coinsurance and cessation to pay for these expenses. The maximum contribution to the
copays programs healthcare FSA is $2,700 per plan year.
X Prescription X Hearing aids
drugs Funds you elect to contribute are available to the healthcare FSA
X Over-the-counter are available in full on the irst day of the plan year. For example,
X Contact lenses medications if you elect to contribute $1,000, full election is available on day
and eyeglasses (with a written one. You’ll continue to pay for the election pre-tax from your
prescription)
paycheck throughout the plan year.
Dependent Care FSA
X Cost of child or X Preschool Carryover feature: you may carryover up to $500 of unused
medical FSA funds to the following calendar year. Keep in mind,
adult day care* (excluding
kindergarten) the carryover funds will expire at the end of the following plan
X Nursery school year if they were not utilized.
* Eligible dependent—tax dependent child under
age 13; tax dependent spouse, parent, or child Visit www.irs.gov/pub/irs-pdf/p502.pdf to view a complete
who are unable to care for themselves
listing of eligible expenses.
Use It or Lose It Dependent Care FSA
Be sure to carefully consider your FSA The dependent care FSA lets you set aside pre-tax dollars to use
contribution amounts. At the end of the year
or grace period, you lose any money left over toward qualiied dependent care. The maximum amount you
in your FSA. It’s important to plan carefully may contribute to the dependent care FSA is $5,000 (or $2,500 if
and not put more money in your FSA than married and iling separately) per plan year. Funds you contribute
you think you’ll spend within a year on things to the dependent care FSA function like a debit card, you need to
like copayments, coinsurance, drugs, and accumulate the funds before you can use them.
other allowed healthcare costs. You have
until March 31, 2020, to submit any charges
incurred in 2019 with funds from 2019.
10 2020 Benefits Guide
www.wageworks.com A lexible spending account (FSA) allows you to set aside pre-tax
877.924.3967 dollars to cover qualiied expenses you would normally pay out of
your pocket with after-tax dollars. We offer two types of lexible
spending account programs through WageWorks with Wellmark.
Eligible Expenses Healthcare FSA
Healthcare FSA The healthcare FSA helps you pay for certain IRS-approved
X Medical X Laser eye medical care expenses. For example, cash which you now spend
and dental surgery on deductibles, copayments, or other out-of-pocket medical
deductibles
X Smoking expenses can instead be placed in the healthcare FSA pre-tax,
X Coinsurance and cessation to pay for these expenses. The maximum contribution to the
copays programs healthcare FSA is $2,700 per plan year.
X Prescription X Hearing aids
drugs Funds you elect to contribute are available to the healthcare FSA
X Over-the-counter are available in full on the irst day of the plan year. For example,
X Contact lenses medications if you elect to contribute $1,000, full election is available on day
and eyeglasses (with a written one. You’ll continue to pay for the election pre-tax from your
prescription)
paycheck throughout the plan year.
Dependent Care FSA
X Cost of child or X Preschool Carryover feature: you may carryover up to $500 of unused
medical FSA funds to the following calendar year. Keep in mind,
adult day care* (excluding
kindergarten) the carryover funds will expire at the end of the following plan
X Nursery school year if they were not utilized.
* Eligible dependent—tax dependent child under
age 13; tax dependent spouse, parent, or child Visit www.irs.gov/pub/irs-pdf/p502.pdf to view a complete
who are unable to care for themselves
listing of eligible expenses.
Use It or Lose It Dependent Care FSA
Be sure to carefully consider your FSA The dependent care FSA lets you set aside pre-tax dollars to use
contribution amounts. At the end of the year
or grace period, you lose any money left over toward qualiied dependent care. The maximum amount you
in your FSA. It’s important to plan carefully may contribute to the dependent care FSA is $5,000 (or $2,500 if
and not put more money in your FSA than married and iling separately) per plan year. Funds you contribute
you think you’ll spend within a year on things to the dependent care FSA function like a debit card, you need to
like copayments, coinsurance, drugs, and accumulate the funds before you can use them.
other allowed healthcare costs. You have
until March 31, 2020, to submit any charges
incurred in 2019 with funds from 2019.
10 2020 Benefits Guide
