Page 14 - 2022 MLB Benefit Guide 08.2022

Home: Work / Life Balance

There are so many demands on our time, both at work and at home. Here are some of the benefits and programs that
Baseball offers to help you keep your work and personal life in balance.

Flexible Spending Accounts (FSA) – BRI Worldwide

Health Care Assistance Plan
The Health Care Assistance Plan (HCAP) can help you save taxes on any health care expenses that are not
covered (or only partially covered) by your benefit plans, such as deductibles, coinsurance, copays, eye care
services, laser eye surgery, orthodontia, and prescription medication. When you join the HCAP, you estimate
your eligible, out-of-pocket health care expenses for the coming year. (Estimate carefully. IRS regulations
require that any money left in your account at the end of the plan year be forfeited.) Your contributions, up to
$2,850 per calendar year, are then deducted in equal amounts from your pay before taxes are withheld.
When you incur an eligible expense, you submit a claim for reimbursement with tax-free dollars from your
account. You have up to 90 days after the end of the plan (calendar) year to submit for reimbursement any
eligible expenses incurred in the plan year. Only $570 can be carried over into the next plan year. All funds
over $570 will be forfeited.

Dependent Care Assistance Plan
The Dependent Care Assistance Plan (DCAP) helps you set aside money on a pre-tax basis to help pay for
dependent day care services for your child under age 13 or for any legal dependent who is physically or
mentally incapable of caring for himself or herself. Charges must be incurred so that you, or you and your
spouse if you are married, can work. When you join, you estimate your day care expenses for the coming
year. (Estimate carefully. IRS regulations require that any money left in your account at the end of the plan
year be forfeited.) Your contributions, up to $5,000 per year, $2,500 if you are married and filing separately,
are deducted in equal amounts from your pay before taxes are withheld. When you incur eligible day care
expenses, you submit a claim for reimbursement with tax-free dollars from your account. You have up to 90
days after the end of the plan (calendar) year to submit for reimbursement any eligible expenses incurred in
the plan year.

Before you enroll in the DCAP, you may want to see if the federal child care tax credit makes more sense for
you.

Remember: FSA funds are subject to the IRS “use it or lose it” rule. You can only carryover $570 from your
health care fund into the next plan year. Any additional amount will be forfeited. All unused dependent care
funds will be forfeited at the end of the plan year.

Click here for FSA Plan Details

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