Page 13 - 2016 Enrollment
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Flexible Spending Accounts
Why Section 125 Flexible Spending Healthcare FSA
(Reimbursement) Accounts? A Healthcare FSA provides you
Fontbonne University sponsors a Section 125 Flexible Spending Plan with the ability to save money on a
that lets you redirect a portion of your pay through payroll deduction pre-tax basis for any IRS-allowed
into healthcare and dependent care reimbursement accounts. You may health expenses not covered by
be reimbursed from your accounts as you incur eligible dependent care your healthcare coverage. These
expenses as well as expenses not covered by health, dental, or vision expenses include deductibles,
insurance. The money that goes into your FSAs is deducted on a pre- copays and coinsurance payments,
tax basis, which means it is deducted from your pay before Federal and routine physicals, uninsured dental
Social Security taxes are calculated. Because you do not pay these taxes on expenses, vision care expenses
money that goes into your FSA, you decrease your payroll tax liability and (i.e., eyeglasses or contact lenses),
potentially reduce your Federal income tax liability, thus increasing your and hearing care expenses (i.e., a
net money. hearing exam or a hearing aid).
How do FSA Contributions Work? BeneFLEX is the third party
How much money should you put into your accounts each pay period? administrator for our FSA plans.
That depends on your eligible expenses. The best way to estimate your Per IRS guidelines, you may
expenses for the upcoming year is by looking over the eligible expenses deposit up to $2,550 (pre-tax)
you incurred over the past few years. Divide the total predictable for the 2016 plan year into
expenses by the number of pay periods in the plan year. The resulting your Healthcare FSA to cover
number represents the amount you should consider contributing each pay you and your dependents
period to your reimbursement accounts. If, at the end of the plan year, during the plan year. Pre-tax
you have unused funds remaining in your FSA, Fontbonne will allow you contributions are withheld from
to roll-over up to $500 to be used on qualiied medical expenses in the each paycheck. It is important
next year. to estimate carefully; if your
FSA balance exceeds $500 on
December 31, 2015, anything
over $500 will be forfeited.
2016 Employee Benefits Guide
Flexible Spending Accounts
Why Section 125 Flexible Spending Healthcare FSA
(Reimbursement) Accounts? A Healthcare FSA provides you
Fontbonne University sponsors a Section 125 Flexible Spending Plan with the ability to save money on a
that lets you redirect a portion of your pay through payroll deduction pre-tax basis for any IRS-allowed
into healthcare and dependent care reimbursement accounts. You may health expenses not covered by
be reimbursed from your accounts as you incur eligible dependent care your healthcare coverage. These
expenses as well as expenses not covered by health, dental, or vision expenses include deductibles,
insurance. The money that goes into your FSAs is deducted on a pre- copays and coinsurance payments,
tax basis, which means it is deducted from your pay before Federal and routine physicals, uninsured dental
Social Security taxes are calculated. Because you do not pay these taxes on expenses, vision care expenses
money that goes into your FSA, you decrease your payroll tax liability and (i.e., eyeglasses or contact lenses),
potentially reduce your Federal income tax liability, thus increasing your and hearing care expenses (i.e., a
net money. hearing exam or a hearing aid).
How do FSA Contributions Work? BeneFLEX is the third party
How much money should you put into your accounts each pay period? administrator for our FSA plans.
That depends on your eligible expenses. The best way to estimate your Per IRS guidelines, you may
expenses for the upcoming year is by looking over the eligible expenses deposit up to $2,550 (pre-tax)
you incurred over the past few years. Divide the total predictable for the 2016 plan year into
expenses by the number of pay periods in the plan year. The resulting your Healthcare FSA to cover
number represents the amount you should consider contributing each pay you and your dependents
period to your reimbursement accounts. If, at the end of the plan year, during the plan year. Pre-tax
you have unused funds remaining in your FSA, Fontbonne will allow you contributions are withheld from
to roll-over up to $500 to be used on qualiied medical expenses in the each paycheck. It is important
next year. to estimate carefully; if your
FSA balance exceeds $500 on
December 31, 2015, anything
over $500 will be forfeited.
2016 Employee Benefits Guide
