Page 8 - 2018 CareHere Enrollment OOS
P. 8
2018 Benefits Enrollment
FSA
What is a Flexible Spending Account (FSA)?
A lexible spending account (FSA) allows you to set aside pre-tax dollars
from your paycheck 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 administered by Health Equity.
Healthcare FSA
The healthcare FSA helps you pay for certain IRS-approved medical care
expenses not covered by your insurance plan with pre-tax dollars. The
maximum contribution to the healthcare FSA is $2,650 per plan year.
Funds you elect to contribute to the healthcare FSA are available in full
on the irst day of the plan year. For example, if you elect to contribute
$1,000, the full election is available to you on January 1. You’ll continue to
pay for the election pre-tax from your paycheck throughout the plan year.
You may roll over up to $500 in unused healthcare FSA funds to the next
year’s healthcare FSA. However, you must elect to contribute at least $1 to
your healthcare FSA to access any roll-over funds. Unused healthcare FSA
funds in excess of $500 will be forfeited. Rollover funds will be available
in mid-April following the March 31 claims iling deadline.
You are not required to enroll in CareHere’s medical plan in order to
contribute to a healthcare FSA and you may use your FSA funds to
reimburse eligible expenses for your dependents.
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FSA
What is a Flexible Spending Account (FSA)?
A lexible spending account (FSA) allows you to set aside pre-tax dollars
from your paycheck 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 administered by Health Equity.
Healthcare FSA
The healthcare FSA helps you pay for certain IRS-approved medical care
expenses not covered by your insurance plan with pre-tax dollars. The
maximum contribution to the healthcare FSA is $2,650 per plan year.
Funds you elect to contribute to the healthcare FSA are available in full
on the irst day of the plan year. For example, if you elect to contribute
$1,000, the full election is available to you on January 1. You’ll continue to
pay for the election pre-tax from your paycheck throughout the plan year.
You may roll over up to $500 in unused healthcare FSA funds to the next
year’s healthcare FSA. However, you must elect to contribute at least $1 to
your healthcare FSA to access any roll-over funds. Unused healthcare FSA
funds in excess of $500 will be forfeited. Rollover funds will be available
in mid-April following the March 31 claims iling deadline.
You are not required to enroll in CareHere’s medical plan in order to
contribute to a healthcare FSA and you may use your FSA funds to
reimburse eligible expenses for your dependents.
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