Page 7 - ARCO Construction 2015 Benefits Guide
P. 7
2015 Associate Benefits
Flexible Spending
Account
We will continue to offer the tax-friendly FSA program through
Discovery Beneits. Their contact information is as follows:
z (866) 451-3399
7:30 a.m. to 7:30 p.m. CST
www.discoverybeneits.com
Why Should I Participate?
FSAs provide you with an important tax advantage that can help you As a reminder, over-the-counter
pay healthcare and dependent care expenses on a pre-tax basis. By medicines (Tylenol, cold and allergy
anticipating your family’s healthcare and dependent care costs for the next medication, etc.) are not eligible
year, you can actually lower your taxable income. for purchase with an FSA unless
accompanied by a prescription
How Does the Plan Work? from a doctor (and then, only by
Essentially, the Internal Revenue Service set up FSAs as a means to submitting a manual claim; you
provide a tax break to associates. As an associate, you agree to set aside a will not be able to use your FSA
portion of your pre-tax salary in an account, and that money is deducted debit card for OTC medications,
from your paycheck over the course of the year. The amount you even with a prescription). Medical
contribute to the FSA is not subject to Social Security (FICA), federal, supplies like bandages, contact lens
state, or local income taxes—effectively adjusting your annual taxable solution, insulin, reading glasses,
salary. The taxes you pay each paycheck and collectively each year can and sunscreen are still eligible
be reduced signiicantly, depending on your tax bracket. And, as a result for reimbursement without a
of the personal tax savings you realize, your spendable income will prescription.
increase.
How Do the Healthcare and Dependent Care Accounts
Differ?
Healthcare Reimbursement FSA
The Healthcare Reimbursement FSA lets you pay for certain IRS-
approved medical care expenses not covered by your insurance plan with
pre-tax dollars. For example, cash that you now spend on deductibles,
copayments, or other out-of-pocket medical expenses can instead be
placed in the Healthcare Reimbursement FSA pre-tax, to pay for these
expenses. The maximum contribution to the Healthcare Reimbursement
FSA is $2,550 per calendar year.
7
Flexible Spending
Account
We will continue to offer the tax-friendly FSA program through
Discovery Beneits. Their contact information is as follows:
z (866) 451-3399
7:30 a.m. to 7:30 p.m. CST
www.discoverybeneits.com
Why Should I Participate?
FSAs provide you with an important tax advantage that can help you As a reminder, over-the-counter
pay healthcare and dependent care expenses on a pre-tax basis. By medicines (Tylenol, cold and allergy
anticipating your family’s healthcare and dependent care costs for the next medication, etc.) are not eligible
year, you can actually lower your taxable income. for purchase with an FSA unless
accompanied by a prescription
How Does the Plan Work? from a doctor (and then, only by
Essentially, the Internal Revenue Service set up FSAs as a means to submitting a manual claim; you
provide a tax break to associates. As an associate, you agree to set aside a will not be able to use your FSA
portion of your pre-tax salary in an account, and that money is deducted debit card for OTC medications,
from your paycheck over the course of the year. The amount you even with a prescription). Medical
contribute to the FSA is not subject to Social Security (FICA), federal, supplies like bandages, contact lens
state, or local income taxes—effectively adjusting your annual taxable solution, insulin, reading glasses,
salary. The taxes you pay each paycheck and collectively each year can and sunscreen are still eligible
be reduced signiicantly, depending on your tax bracket. And, as a result for reimbursement without a
of the personal tax savings you realize, your spendable income will prescription.
increase.
How Do the Healthcare and Dependent Care Accounts
Differ?
Healthcare Reimbursement FSA
The Healthcare Reimbursement FSA lets you pay for certain IRS-
approved medical care expenses not covered by your insurance plan with
pre-tax dollars. For example, cash that you now spend on deductibles,
copayments, or other out-of-pocket medical expenses can instead be
placed in the Healthcare Reimbursement FSA pre-tax, to pay for these
expenses. The maximum contribution to the Healthcare Reimbursement
FSA is $2,550 per calendar year.
7
