Page 12 - Benefit Guide 2022

Flexible Spending Account (FSA)

A Flexible Spending Account (FSA) helps you pay for health care costs using tax-free dollars.
Your contribution is deducted from your paycheck on a pretax basis and is put into the FSA. When you incur
expenses, you can access the funds in your account to pay for eligible expenses. Flexible Spending Accounts
reduce your taxable income.

Eligible Expenses Annual Contribution Limits

 Most medical, dental and vision care expenses  Maximum contribution is $2,750 per year.
that are not covered by your health plan (such
as copays, coinsurance, deductibles, eyeglasses  You cannot enroll if you are enrolled in the
and prescriptions) HDHP plan with an HSA.
 A complete list of eligible expenses can be found  Funds are deducted throughout the year, but
at www.irs.com. all funds are available on January 1.

Important information about FSAs

Your FSA elections are effective from January 1 through December 31. Claims for reimbursement
must be submitted by March 31 of the following year. Our FSA allows you to carry over $550 in
unused funds to the following year.
Please plan your contributions carefully. Any unused money remaining in your account will be for-
feited. This is known as the “use it or lose it” rule and it is governed by IRS regulations.
FSA elections do not automatically continue from year to year; you must actively enroll each year.

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