Page 12 - 2019 Franke Enrollment Guide
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2019 BENEFITS ENROLLMENT
FLEXIBLE SPENDING ACCOUNTS (FSA)
A great way to plan ahead and save money over the course of a year is to participate in the lexible
spending account (FSA) programs.
These accounts allow you to redirect a portion of your salary on a pre-tax basis into reimbursement
accounts. Money from these accounts is then used to pay medical, dental, and vision expenses which
are not reimbursed by your medical, dental, and vision plans. You may also set aside pre-tax funds to
reimburse dependent care expense.
Pre-tax means the dollars you use for eligible expenses are not subject to Social Security tax, federal
income tax, and in most cases, state, and local income taxes—money you would have paid in taxes.
Spend Wisely! While FSA programs allow you to pay for qualiied expenses from contributions which are
tax free, keeping more money in your pocket, any unspent money will not be returned to you at the end of
the year.
Under all three of the FSAs, you can use the funds for eligible expenses incurred between January 1, 2019 and
December 31, 2019. You have until March 31, 2020 to file claims incurred during the 2019 calendar year.
All three of these accounts are subject to an IRS “use it or lose it” requirement, so make sure to carefully decide how
much to set aside for this account.
You have access to your 2019 healthcare and limited purpose FSA account balance on January 1, 2019. You may only
access funds from your dependent care account which have been contributed each pay period.
Account Use For Contribution
Healthcare Most medical, dental, and vision care expenses not covered under the $2,700 annual maximum
FSA plan (e.g., copays, deductibles, orthodontia expenses, lasik surgery, and
prescription eyewear). May be used for eligible dependents regardless of
whether they are covered under a Franke benefit plan.
Limited Dental and vision expenses for participants electing the choice fund HSA $2,700 annual maximum
Purpose plan. May be used for eligible dependents regardless of whether they are
FSA covered under a Franke benefit plan.
Dependent Dependent day care expenses (e.g., daycare, after school programs for $5,000 annual
Care FSA children under age 13, or elder care programs for your legal tax dependents) maximum; $2,500
so you and your spouse can work or attend school full-time. if married and filing
separate tax returns
Important! If you elect the Choice Fund HSA Plan, you may only participate in the Limited Purpose
Flexible Spending Account. This account is designed to compliment an HSA and allows for reimbursement
of eligible dental and vision expenses which you may have. You may also contribute to the Dependent Care
FSA.
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FLEXIBLE SPENDING ACCOUNTS (FSA)
A great way to plan ahead and save money over the course of a year is to participate in the lexible
spending account (FSA) programs.
These accounts allow you to redirect a portion of your salary on a pre-tax basis into reimbursement
accounts. Money from these accounts is then used to pay medical, dental, and vision expenses which
are not reimbursed by your medical, dental, and vision plans. You may also set aside pre-tax funds to
reimburse dependent care expense.
Pre-tax means the dollars you use for eligible expenses are not subject to Social Security tax, federal
income tax, and in most cases, state, and local income taxes—money you would have paid in taxes.
Spend Wisely! While FSA programs allow you to pay for qualiied expenses from contributions which are
tax free, keeping more money in your pocket, any unspent money will not be returned to you at the end of
the year.
Under all three of the FSAs, you can use the funds for eligible expenses incurred between January 1, 2019 and
December 31, 2019. You have until March 31, 2020 to file claims incurred during the 2019 calendar year.
All three of these accounts are subject to an IRS “use it or lose it” requirement, so make sure to carefully decide how
much to set aside for this account.
You have access to your 2019 healthcare and limited purpose FSA account balance on January 1, 2019. You may only
access funds from your dependent care account which have been contributed each pay period.
Account Use For Contribution
Healthcare Most medical, dental, and vision care expenses not covered under the $2,700 annual maximum
FSA plan (e.g., copays, deductibles, orthodontia expenses, lasik surgery, and
prescription eyewear). May be used for eligible dependents regardless of
whether they are covered under a Franke benefit plan.
Limited Dental and vision expenses for participants electing the choice fund HSA $2,700 annual maximum
Purpose plan. May be used for eligible dependents regardless of whether they are
FSA covered under a Franke benefit plan.
Dependent Dependent day care expenses (e.g., daycare, after school programs for $5,000 annual
Care FSA children under age 13, or elder care programs for your legal tax dependents) maximum; $2,500
so you and your spouse can work or attend school full-time. if married and filing
separate tax returns
Important! If you elect the Choice Fund HSA Plan, you may only participate in the Limited Purpose
Flexible Spending Account. This account is designed to compliment an HSA and allows for reimbursement
of eligible dental and vision expenses which you may have. You may also contribute to the Dependent Care
FSA.
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