Page 14 - 2015/2016 Benefits Guide
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Flexible Spending Accounts
Flexible Spending Accounts
TheBANK offers lexible spending accounts to all current, part-time and
full time employees. Flexible spending accounts are a great way to save
money on your Healthcare and Dependent Care expenses.
Health Care Reimbursement Account
TheBANK’s Flexible Beneit Program offers you a choice of
comprehensive health plans. However, as with any plan, there are some
items that are not covered or only partially covered–such as deductibles,
coinsurance, and other out-of-pocket medical, dental, and vision expenses.
The Plan is designed to let you take advantage of current tax laws and pay
for these expenses with pre-tax dollars.
How It Works
The Health Care Reimbursement Account (HCRA) allows you to
deposit up to $2,550 annually into an account, on a pre-tax basis, to pay
for medical expenses not covered by another plan. Your HCRA can be
used to reimburse you for expenses incurred by you or your dependents
regardless of whether you participate in the medical insurance plan
offered through payroll deduction.
Automatic Substantiation is offered in addition to the Flex Debit Card
and paper claim submission for those employees enrolled in the medical
plan.
FSA Automatic Substantiation allows eligible claims that the employee
and their dependents incur to be automatically processed under their
Health FSA (up to the amount that they have elected for the current plan
year), after the claims have been processed under their medical/dental/Rx
plan with TheBANK without the requirement of a receipt.
TheBANK of Edwardsville
Flexible Spending Accounts
Flexible Spending Accounts
TheBANK offers lexible spending accounts to all current, part-time and
full time employees. Flexible spending accounts are a great way to save
money on your Healthcare and Dependent Care expenses.
Health Care Reimbursement Account
TheBANK’s Flexible Beneit Program offers you a choice of
comprehensive health plans. However, as with any plan, there are some
items that are not covered or only partially covered–such as deductibles,
coinsurance, and other out-of-pocket medical, dental, and vision expenses.
The Plan is designed to let you take advantage of current tax laws and pay
for these expenses with pre-tax dollars.
How It Works
The Health Care Reimbursement Account (HCRA) allows you to
deposit up to $2,550 annually into an account, on a pre-tax basis, to pay
for medical expenses not covered by another plan. Your HCRA can be
used to reimburse you for expenses incurred by you or your dependents
regardless of whether you participate in the medical insurance plan
offered through payroll deduction.
Automatic Substantiation is offered in addition to the Flex Debit Card
and paper claim submission for those employees enrolled in the medical
plan.
FSA Automatic Substantiation allows eligible claims that the employee
and their dependents incur to be automatically processed under their
Health FSA (up to the amount that they have elected for the current plan
year), after the claims have been processed under their medical/dental/Rx
plan with TheBANK without the requirement of a receipt.
TheBANK of Edwardsville
