Page 20 - Dragados 2022 Benefits Guide

HEALTHCARE AND DEPENDENT CARE FSA ANNUAL ELECTIONS
Minimum Annual Election
Maximum Annual Election
Healthcare FSA
Dependent Care FSA
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Dragados 2022 Benefits Guide
Flexible Spending Accounts (FSA)
Administered by HealthEquity (Formerly WageWorks)
You can save money on your healthcare and/or dependent day care expenses with an FSA. You set aside funds each pay period on a pretax basis and use them tax-free for qualified expenses. You pay no federal income or Social Security taxes on your contributions to an FSA. (That’s where the savings comes in.) Your FSA contributions are deducted from your paycheck before taxes are withheld, so you save on income taxes and have more disposable income.
Here’s How an FSA Works
1. You decide the annual amount you want to contribute to either or both FSAs based on your expected healthcare and/or dependent childcare/elder
care expenses.
2. Your contributions are deducted from each paycheck before income and Social Security taxes, and deposited into your FSA.
Qualified Life-Status Changes
3. You can pay with the Healthcare FSA debit card for eligible healthcare expenses. For dependent care, you pay for eligible expenses when incurred, and then submit a reimbursement claim form or file the claim online.
4. You are reimbursed from your FSA. So, you actually pay your expenses with tax-free dollars
Once you are enrolled in an FSA, you cannot change the amount of your contributions during the year, unless you have a qualified life status change, such as marriage, divorce, birth or adoption of a child, or change in your spouse’s eligibility for medical coverage. Please contact Human Resources within 31 days of the qualifying life event to make any changes.
IRS Regulations
It is important to note that you may only carry over $500 of any unused funds from one plan year into the next. Any FSA balance over $500 that remains at the end of the plan year will be forfeited. It pays to estimate your healthcare expenses so you can decide how much to set aside through your Healthcare FSA. HealthEquity offers online calculators, and trained experts that you can call, to help you project these expenses. For additional questions, you can visit HealthEquity online at wageworks.com.
Use the Healthcare FSA for your dependents’ unreimbursed healthcare expenses.
$100 $2,750
$100 $5,000
Learn More! Click the “play” icon to watch the WageWorks video.