Page 16 - 2020 DAN Benefits Enrollment
P. 16
Flexible Spending
Accounts (FSAs)
Important Things to Note You have two different FSA options, the
About FSAs HealthCare FSA and the Dependent Care FSA
• If you enroll in an FSA, you
will receive a debit card from
YSA to pay for your eligible HealthCare FSA
expenses. You will also have
an option to submit a claim for The Health Care FSA gives you a valuable tax break by letting you
reimbursement. set aside pre-tax dollars for reimbursement of certain healthcare
expenses you or your family might have over the course of a year.
• Over-the-counter (OTC)
medications are not Here are some key features of this type of account:
reimbursable through FSAs
without a prescription. • Money in your account can be used for medical, dental and
vision expense
• Do the math. Estimate your
eligible expenses prior to • You may contribute up to the annual IRS maximum. In 2019,
enrolling in an FSA to avoid the annual maximum was $2700.
forfeiting unused funds that
would not be eligible for • You can access your full annual election immediately
carryover.
• Don’t forget to keep your • If you elect the High Deductible Health Plan with HSA, you may
receipts in case you need to not contribute to a Health Care FSA during 2020
verify an expense!
• At the end of the year, remaining money up to $500 will be
• For a complete list of eligible rolled over to the following year for you to continue using. If
expenses see IRS Publication
502 and 503 you have a balance above $500, that money will be forfeited,
so choose you FSA election amount wisely.
Dependent Care FSA
Just like the HealthCare FSA, the Dependent Care FSA gives you
a valuable tax break to help you pay for certain child and adult day
care expenses. Here are some key features of this type of account:
• Money in your account for expenses such as before and after
school care, expenses for day care, preschool or nursery school,
nanny service and summer camp
• You may contribute up to $5,000 each year
• You can access funds as they are deposited to your account
• Any balances remaining at the end of the year will be forfeited
16 2020 Beneits Enrollment
Accounts (FSAs)
Important Things to Note You have two different FSA options, the
About FSAs HealthCare FSA and the Dependent Care FSA
• If you enroll in an FSA, you
will receive a debit card from
YSA to pay for your eligible HealthCare FSA
expenses. You will also have
an option to submit a claim for The Health Care FSA gives you a valuable tax break by letting you
reimbursement. set aside pre-tax dollars for reimbursement of certain healthcare
expenses you or your family might have over the course of a year.
• Over-the-counter (OTC)
medications are not Here are some key features of this type of account:
reimbursable through FSAs
without a prescription. • Money in your account can be used for medical, dental and
vision expense
• Do the math. Estimate your
eligible expenses prior to • You may contribute up to the annual IRS maximum. In 2019,
enrolling in an FSA to avoid the annual maximum was $2700.
forfeiting unused funds that
would not be eligible for • You can access your full annual election immediately
carryover.
• Don’t forget to keep your • If you elect the High Deductible Health Plan with HSA, you may
receipts in case you need to not contribute to a Health Care FSA during 2020
verify an expense!
• At the end of the year, remaining money up to $500 will be
• For a complete list of eligible rolled over to the following year for you to continue using. If
expenses see IRS Publication
502 and 503 you have a balance above $500, that money will be forfeited,
so choose you FSA election amount wisely.
Dependent Care FSA
Just like the HealthCare FSA, the Dependent Care FSA gives you
a valuable tax break to help you pay for certain child and adult day
care expenses. Here are some key features of this type of account:
• Money in your account for expenses such as before and after
school care, expenses for day care, preschool or nursery school,
nanny service and summer camp
• You may contribute up to $5,000 each year
• You can access funds as they are deposited to your account
• Any balances remaining at the end of the year will be forfeited
16 2020 Beneits Enrollment
