Page 16 - 2019 Benefits Enrollment
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FLEXIBLE SPENDING ACCOUNTS (FSA)
For associates who do not Associates who enroll are issued an FSA debit card for added
contribute to an HSA, or are not convenience. You can use your FSA debit card at approved providers to
eligible to do so, a healthcare FSA instantly access your account. It allows you to pay for eligible expenses
allows you to set aside pre-tax and services at the point of service by automatically deducting the
dollars from your paycheck to amount from your FSA. No hassle and no waiting! In addition, you can
cover qualiied expenses which you view your account activity and balance any time online with Beneit
would normally pay out of your Planning Consultants at www.bpcinc.com.
pocket with after-tax dollars.
It’s also important to plan carefully during your annual enrollment
Busey offers 3 types of FSAs. window as you cannot change your FSA election during the plan year
unless you experience a qualifying life status event.
1. Healthcare FSA
2. Limited health FSA Healthcare FSA
3. Dependent care FSA The IRS has mandated you can contribute up to $2,700* per calendar year
You pay no federal income, state to the healthcare FSA. Any expense reimbursed through your healthcare
income, or Social Security taxes on FSA is not eligible to be claimed as a deduction or credit on your tax
the money you place in your FSA. return. Funds you elect to contribute are available in full on the irst day
of the plan year.
Dependent Care FSA
The dependent care FSA permits you to pay for qualiied child and adult
care expenses on a pre-tax basis. The IRS has limited the amount you can
elect to contribute to $5,000 per year. If your spouse also participates in
a pre-tax FSA, your combined contribution total must not exceed $5,000.
Unlike the healthcare FSA, you can only use funds from your account as
they become available.
Limited Health FSA
According to IRS guidelines, you cannot contribute to a healthcare FSA
if you or your spouse is contributing to an HSA. So, if you are enrolled in
our medical plan and are contributing to the HSA, you are only eligible to
participate in the limited health FSA. The limited health FSA can be used
for eligible dental and vision expenses.
16 2019 Benefits Enrollment
For associates who do not Associates who enroll are issued an FSA debit card for added
contribute to an HSA, or are not convenience. You can use your FSA debit card at approved providers to
eligible to do so, a healthcare FSA instantly access your account. It allows you to pay for eligible expenses
allows you to set aside pre-tax and services at the point of service by automatically deducting the
dollars from your paycheck to amount from your FSA. No hassle and no waiting! In addition, you can
cover qualiied expenses which you view your account activity and balance any time online with Beneit
would normally pay out of your Planning Consultants at www.bpcinc.com.
pocket with after-tax dollars.
It’s also important to plan carefully during your annual enrollment
Busey offers 3 types of FSAs. window as you cannot change your FSA election during the plan year
unless you experience a qualifying life status event.
1. Healthcare FSA
2. Limited health FSA Healthcare FSA
3. Dependent care FSA The IRS has mandated you can contribute up to $2,700* per calendar year
You pay no federal income, state to the healthcare FSA. Any expense reimbursed through your healthcare
income, or Social Security taxes on FSA is not eligible to be claimed as a deduction or credit on your tax
the money you place in your FSA. return. Funds you elect to contribute are available in full on the irst day
of the plan year.
Dependent Care FSA
The dependent care FSA permits you to pay for qualiied child and adult
care expenses on a pre-tax basis. The IRS has limited the amount you can
elect to contribute to $5,000 per year. If your spouse also participates in
a pre-tax FSA, your combined contribution total must not exceed $5,000.
Unlike the healthcare FSA, you can only use funds from your account as
they become available.
Limited Health FSA
According to IRS guidelines, you cannot contribute to a healthcare FSA
if you or your spouse is contributing to an HSA. So, if you are enrolled in
our medical plan and are contributing to the HSA, you are only eligible to
participate in the limited health FSA. The limited health FSA can be used
for eligible dental and vision expenses.
16 2019 Benefits Enrollment
