Page 14 - 2018-19 Optimas Enrollment
P. 14
2018–19 BENEFITS ENROLLMENT
FLEXIBLE SPENDING ACCOUNTS
Dependent Care Use It or Lose It
Flexible Spending You lose any money left over in your FSA, so make sure you carefully
Accounts decide how much to set aside in your accounts. Incurred expenses during
The dependent care FSA lets you the July 2017 through June 2018 plan year must be submitted no later than
set aside pre-tax dollars to use September 30, 2018 for reimbursement.
toward qualified dependent care. Commuter Transportation and Parking
The maximum amount you may
contribute to the dependent care Flexible Spending Accounts
FSA is $5,000 (or $2,500 if married
and filing separately) per plan year. The commuter transit and parking FSA allows you to pay for eligible work-
Once you pay your provider, you related transportation and parking costs on a pre-tax basis. You can use your
may submit proof of your expense mass transit and parking FSA to pay for things such as the following.
and a reimbursement check will be Daily or monthly parking expenses
sent to you once the funds have been Bus fare and light rail fares
withheld from your paycheck. It’s
that easy! Train and subway tickets
During benefits enrollment, you can elect to set aside a certain amount of pre-
FSA Contributions tax earnings to cover qualified costs incurred while commuting to work. You
If you contribute to one or both must designate an amount for mass transit expenses and a separate amount for
FSAs, keep in mind the IRS monitors parking expenses. Separate reimbursement accounts are maintained for each
FSA contributions on a calendar category and funds cannot be commingled or transferred between accounts.
year basis, thus any contributions
you’ve made from January to June The 2018 monthly limit for commuter accounts is $260/month for qualified
are a part of your total calendar year parking expenses and $260/month for mass transit expenses. The transit and
contribution. Please consult with parking benefit does not include a “use it or lose it” penalty, as is the case with
Human Resources for more guidance the healthcare FSA and dependent care FSA.
regarding your FSA program
contributions.
Eligible Expenses
Dependent Care FSA
Cost of child or adult daycare*
Nursery school
Preschool (excluding kindergarten)
* Eligible dependent: tax dependent child under age 13; tax dependent spouse,
parent, or child
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FLEXIBLE SPENDING ACCOUNTS
Dependent Care Use It or Lose It
Flexible Spending You lose any money left over in your FSA, so make sure you carefully
Accounts decide how much to set aside in your accounts. Incurred expenses during
The dependent care FSA lets you the July 2017 through June 2018 plan year must be submitted no later than
set aside pre-tax dollars to use September 30, 2018 for reimbursement.
toward qualified dependent care. Commuter Transportation and Parking
The maximum amount you may
contribute to the dependent care Flexible Spending Accounts
FSA is $5,000 (or $2,500 if married
and filing separately) per plan year. The commuter transit and parking FSA allows you to pay for eligible work-
Once you pay your provider, you related transportation and parking costs on a pre-tax basis. You can use your
may submit proof of your expense mass transit and parking FSA to pay for things such as the following.
and a reimbursement check will be Daily or monthly parking expenses
sent to you once the funds have been Bus fare and light rail fares
withheld from your paycheck. It’s
that easy! Train and subway tickets
During benefits enrollment, you can elect to set aside a certain amount of pre-
FSA Contributions tax earnings to cover qualified costs incurred while commuting to work. You
If you contribute to one or both must designate an amount for mass transit expenses and a separate amount for
FSAs, keep in mind the IRS monitors parking expenses. Separate reimbursement accounts are maintained for each
FSA contributions on a calendar category and funds cannot be commingled or transferred between accounts.
year basis, thus any contributions
you’ve made from January to June The 2018 monthly limit for commuter accounts is $260/month for qualified
are a part of your total calendar year parking expenses and $260/month for mass transit expenses. The transit and
contribution. Please consult with parking benefit does not include a “use it or lose it” penalty, as is the case with
Human Resources for more guidance the healthcare FSA and dependent care FSA.
regarding your FSA program
contributions.
Eligible Expenses
Dependent Care FSA
Cost of child or adult daycare*
Nursery school
Preschool (excluding kindergarten)
* Eligible dependent: tax dependent child under age 13; tax dependent spouse,
parent, or child
14
