Page 16 - Burke Hospital 2022 Benefits Summary

Flexible Spending Accounts (FSAs)
Administered by WageWorks
You can save money on your healthcare and/or dependent 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. Your FSA contributions
are deducted from your paycheck before taxes are withheld, so you save on income taxes and have more disposable income.
Healthcare Spending Limit: $2,750 (per employee) Dependent Care Spending Limit: $5,000 (per
household)
You must enroll / re-enroll annually to participate in the Flexible Spending Account plan.
The plan year runs January 1 – December 31, and elections are binding and cannot be changed during the plan year unless you have a qualifying life event.
Burke’s FSA plan does not use a run-out grace period but is a rollover plan, where up to $500 of FSA monies may remain in your account and be used in the following plan year. The funds become available the month of May if not sooner following a plan reconciliation.
Save on Childcare & Healthcare!
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 care expenses.
2. Your contributions are deducted from each paycheck before income and Social Security taxes, and deposited into your FSA.
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 submit your claim form directly to WageWorks.
4. You are reimbursed from your FSA. So, you actually pay your expenses with tax-free dollars.
To find a list of eligible and ineligible expenses, please go to WageWorks’s Flexible Spending website: https://myspendingaccount. wageworks.com/Welcome/PortalLandingPage. aspx
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