Page 15 - 2018 Sulzer (Pumps Equipment) New Hire Guide
P. 15
Sulzer
Flexible Spending Accounts
(FSA)
Administered by Discovery Benefits Dependent Care FSA
A great way to plan ahead and save money over the course of a year You are eligible to contribute to the
dependent care account regardless of
is to participate in the lexible spending account (FSA) programs. your medical plan election.
These accounts allow you to redirect a portion of your salary on
a pre-tax basis into reimbursement accounts. Money from these Dependent day care expenses (e.g.,
accounts is then used to pay medical, dental, and vision expenses daycare, after school programs for
which are not reimbursed by your medical, dental, and vision plans. children under age 13, or elder care
You may also set aside pre-tax funds to reimburse dependent care programs for your legal tax dependents)
expense. so you and your spouse can work or
attend school full-time.
Pre-tax means the dollars you use for eligible expenses are not subject
to Social Security tax, federal income tax, and in most cases, state, Important FSA Rules
and local income taxes—money you would have paid in taxes. Spend
wisely! While FSA programs allow you to pay for qualiied expenses X Must declare an election for the
from contributions which are tax-free, keeping more money in your entire plan year
pocket, any unspent money will not be returned to you at the end of Y Current elections will not carry
the year. forward automatically
X Your election cannot exceed annual
Healthcare FSA IRS mandated maximum limits
You are eligible to contribute to a healthcare FSA if you: noted below
X Are eligible for and enrolled in the PPO 1500 plan 2018 FSA Funding Limits
X Do not elect medical coverage from Sulzer X Healthcare FSA $2,650
X Dependent Care FSA $5,000
Discovery Beneits will provide a debit card for use in paying for ($2,500 if married and iling
eligible expenses. separately)
Healthcare FSA Eligible Expenses If you are eligible for and enroll in
X Copays, coinsurance, and deductibles the PPO medical plan and elect to
X Eye exams, contacts, glasses, and laser surgeries contribute to a healthcare FSA, Sulzer
X Dental services will match dollar for dollar up to $20
per pay period, $460 per year. Sulzer
X Over-the-counter medications (with a prescription) will not provide an FSA matching
contribution if you do not elect medical
coverage.
15
Flexible Spending Accounts
(FSA)
Administered by Discovery Benefits Dependent Care FSA
A great way to plan ahead and save money over the course of a year You are eligible to contribute to the
dependent care account regardless of
is to participate in the lexible spending account (FSA) programs. your medical plan election.
These accounts allow you to redirect a portion of your salary on
a pre-tax basis into reimbursement accounts. Money from these Dependent day care expenses (e.g.,
accounts is then used to pay medical, dental, and vision expenses daycare, after school programs for
which are not reimbursed by your medical, dental, and vision plans. children under age 13, or elder care
You may also set aside pre-tax funds to reimburse dependent care programs for your legal tax dependents)
expense. so you and your spouse can work or
attend school full-time.
Pre-tax means the dollars you use for eligible expenses are not subject
to Social Security tax, federal income tax, and in most cases, state, Important FSA Rules
and local income taxes—money you would have paid in taxes. Spend
wisely! While FSA programs allow you to pay for qualiied expenses X Must declare an election for the
from contributions which are tax-free, keeping more money in your entire plan year
pocket, any unspent money will not be returned to you at the end of Y Current elections will not carry
the year. forward automatically
X Your election cannot exceed annual
Healthcare FSA IRS mandated maximum limits
You are eligible to contribute to a healthcare FSA if you: noted below
X Are eligible for and enrolled in the PPO 1500 plan 2018 FSA Funding Limits
X Do not elect medical coverage from Sulzer X Healthcare FSA $2,650
X Dependent Care FSA $5,000
Discovery Beneits will provide a debit card for use in paying for ($2,500 if married and iling
eligible expenses. separately)
Healthcare FSA Eligible Expenses If you are eligible for and enroll in
X Copays, coinsurance, and deductibles the PPO medical plan and elect to
X Eye exams, contacts, glasses, and laser surgeries contribute to a healthcare FSA, Sulzer
X Dental services will match dollar for dollar up to $20
per pay period, $460 per year. Sulzer
X Over-the-counter medications (with a prescription) will not provide an FSA matching
contribution if you do not elect medical
coverage.
15
