Page 13 - 2016 Enrollment
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Flexible Spending Accounts
Medical FSA
Eligible expenses include payments
A medical FSA provides employees with the ability to save money to day care centers, preschool costs
on a pre-tax basis for any IRS allowed health expenses not covered (up to, but not including, irst grade),
by your healthcare coverage. These expenses include deductibles, after school care, and elderly care. The
copays and coinsurance payments, uninsured dental expenses, and cost of babysitting in your home or
vision care expenses (i.e., eyeglasses or contact lenses). someone else is permitted—as long as
the person providing the care is not
You may deposit up to $2,550 per year in your medical FSA to cover one of your own children under age 19
you and your dependents during the plan year. Pre-tax contributions or anyone else for whom you claim a
are withheld from each paycheck. tax exemption on your federal income
tax return. You must provide the social
Important Notes security or tax ID number of the care
HDP participants cannot contribute to the Thompson Coburn
medical FSA. provider to be reimbursed from your
Any expenses incurred under the medical FSA must be incurred dependent care FSA.
during the 2016 calendar year; FSA reimbursements must be iled You may deposit up to $5,000 on
by March 31, 2017
a pre-tax basis ($2,500 if you are
Dependent Care FSA married and ile taxes separately) into
your dependent care FSA. Pre-tax
A dependent care FSA provides you with the ability to save money contributions are withheld from each
on a pre-tax basis for day care expenses for your child, disabled paycheck.
parent, or spouse. A participant is only eligible to have a Dependent
Care Account if he or she pays dependent care expenses in order
to be able to work. If married, the participant’s spouse must also Plan Carefully for Your FSA
work, go to school full time, or be incapable of self-care. Generally, IRS rules stipulate that you cannot roll over
expenses will qualify for reimbursement if they are the result of care unspent amounts from one year to the
for: next. Therefore, any remaining funds in
your account that are not spent by the end
Your children, under the age of 13, for whom you are entitled to of the calendar year will be forfeited. This
a personal exemption on your federal income tax return is known as the “use it or lose it” rule. Keep
it in mind, take a little time to plan, and do
A person of any age whom you claim as a dependent on your not contribute more in your account than
federal income tax return and who is mentally or physically you are willing to spend. Expenses may
incapable of caring for himself or herself be incurred through December 31, 2016.
Claims may be submitted for reimbursement
A participant in a Dependent Care FSA will not be able to through March 31, 2017.
submit for reimbursement of any expenses incurred during a
leave of absence
2016 Benefits Guide
Flexible Spending Accounts
Medical FSA
Eligible expenses include payments
A medical FSA provides employees with the ability to save money to day care centers, preschool costs
on a pre-tax basis for any IRS allowed health expenses not covered (up to, but not including, irst grade),
by your healthcare coverage. These expenses include deductibles, after school care, and elderly care. The
copays and coinsurance payments, uninsured dental expenses, and cost of babysitting in your home or
vision care expenses (i.e., eyeglasses or contact lenses). someone else is permitted—as long as
the person providing the care is not
You may deposit up to $2,550 per year in your medical FSA to cover one of your own children under age 19
you and your dependents during the plan year. Pre-tax contributions or anyone else for whom you claim a
are withheld from each paycheck. tax exemption on your federal income
tax return. You must provide the social
Important Notes security or tax ID number of the care
HDP participants cannot contribute to the Thompson Coburn
medical FSA. provider to be reimbursed from your
Any expenses incurred under the medical FSA must be incurred dependent care FSA.
during the 2016 calendar year; FSA reimbursements must be iled You may deposit up to $5,000 on
by March 31, 2017
a pre-tax basis ($2,500 if you are
Dependent Care FSA married and ile taxes separately) into
your dependent care FSA. Pre-tax
A dependent care FSA provides you with the ability to save money contributions are withheld from each
on a pre-tax basis for day care expenses for your child, disabled paycheck.
parent, or spouse. A participant is only eligible to have a Dependent
Care Account if he or she pays dependent care expenses in order
to be able to work. If married, the participant’s spouse must also Plan Carefully for Your FSA
work, go to school full time, or be incapable of self-care. Generally, IRS rules stipulate that you cannot roll over
expenses will qualify for reimbursement if they are the result of care unspent amounts from one year to the
for: next. Therefore, any remaining funds in
your account that are not spent by the end
Your children, under the age of 13, for whom you are entitled to of the calendar year will be forfeited. This
a personal exemption on your federal income tax return is known as the “use it or lose it” rule. Keep
it in mind, take a little time to plan, and do
A person of any age whom you claim as a dependent on your not contribute more in your account than
federal income tax return and who is mentally or physically you are willing to spend. Expenses may
incapable of caring for himself or herself be incurred through December 31, 2016.
Claims may be submitted for reimbursement
A participant in a Dependent Care FSA will not be able to through March 31, 2017.
submit for reimbursement of any expenses incurred during a
leave of absence
2016 Benefits Guide
