Page 16 - 2017 Benefits Enrollment Busey Pulaski
P. 16
2017 BENEFITS ENROLLMENT
Flexible Spending Accounts (FSA)
For associates who do not An FSA is comprised of two accounts: a healthcare FSA and a dependent
contribute to an HSA, a healthcare care FSA for child or elder care reimbursement. You will set aside an
FSA allows you to set aside pre- amount of money through ixed payroll deductions to help pay for
tax dollars from your paycheck to eligible expenses.
cover qualiied expenses which
you would normally payout of The IRS has mandated you can contribute up to $2,600 per calendar year
your pocket with after-tax dollars. to the healthcare FSA. Any expense reimbursed through your healthcare
You pay no federal income, state FSA is not eligible to be claimed as a deduction or credit on your tax
income, or Social Security taxes on return. Funds you elect to contribute are available in full on the irst day
the money you place in your FSA. of the plan year.
According to IRS guidelines, you The dependent care FSA permits you to pay for qualiied child and adult
cannot contribute to a healthcare care expenses on a pre-tax basis. The IRS has limited the amount you can
FSA if you or your spouse is elect to contribute to $5,000 per year. If your spouse also participates in
contributing to an HSA. So, if you a pre-tax FSA, your combined contribution total must not exceed $5,000.
are enrolled in our medical plan Unlike the healthcare FSA, you can only use funds from your account as
and are contributing to the HSA, they become available.
you are only eligible to participate
in the limited health FSA. The Associates who enroll are issued an FSA debit card for added
limited health FSA can be used for convenience. You can use your FSA debit card at approved providers
eligible vision and dental expenses. 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.
Associates with Flex funds remaining at year end will have several options available to them in 2017. If
associates elect the Traditional PPO plan, funds will be rolled into an FSA in 2017. If associates elect either of
the CDHP plans, funds will be rolled into one of the following.
FSA, if you will not be opening an HSA
Limited FSA, if you will be opening an HSA
16 FIRST BUSEY CORPORATION
Flexible Spending Accounts (FSA)
For associates who do not An FSA is comprised of two accounts: a healthcare FSA and a dependent
contribute to an HSA, a healthcare care FSA for child or elder care reimbursement. You will set aside an
FSA allows you to set aside pre- amount of money through ixed payroll deductions to help pay for
tax dollars from your paycheck to eligible expenses.
cover qualiied expenses which
you would normally payout of The IRS has mandated you can contribute up to $2,600 per calendar year
your pocket with after-tax dollars. to the healthcare FSA. Any expense reimbursed through your healthcare
You pay no federal income, state FSA is not eligible to be claimed as a deduction or credit on your tax
income, or Social Security taxes on return. Funds you elect to contribute are available in full on the irst day
the money you place in your FSA. of the plan year.
According to IRS guidelines, you The dependent care FSA permits you to pay for qualiied child and adult
cannot contribute to a healthcare care expenses on a pre-tax basis. The IRS has limited the amount you can
FSA if you or your spouse is elect to contribute to $5,000 per year. If your spouse also participates in
contributing to an HSA. So, if you a pre-tax FSA, your combined contribution total must not exceed $5,000.
are enrolled in our medical plan Unlike the healthcare FSA, you can only use funds from your account as
and are contributing to the HSA, they become available.
you are only eligible to participate
in the limited health FSA. The Associates who enroll are issued an FSA debit card for added
limited health FSA can be used for convenience. You can use your FSA debit card at approved providers
eligible vision and dental expenses. 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.
Associates with Flex funds remaining at year end will have several options available to them in 2017. If
associates elect the Traditional PPO plan, funds will be rolled into an FSA in 2017. If associates elect either of
the CDHP plans, funds will be rolled into one of the following.
FSA, if you will not be opening an HSA
Limited FSA, if you will be opening an HSA
16 FIRST BUSEY CORPORATION
