Page 21 - HM Benefits Guide 2019 National
P. 21

Flexible Spending Accounts









               Plan Year: January 1 – December 31
               Flexible Spending Accounts can help you pay for
               the high cost of health care and dependent care.                    FSA Rules
               These IRS-approved accounts allow you to set          Because FSAs can give you a significant
               aside pre-tax money from each of your paychecks.      tax advantage, they must be administered
               Then, as you incur eligible expenses, you can         according to specific IRS rules:
               request tax-free withdrawals to reimburse yourself,
               or you may use a debit card provided by IGOE. If      Your FSA elections will expire each
               you are using your debit card, you must save your     year on December 31st. If you plan to
               itemized receipts, just in case IGOE needs a copy     participate in the FSA for the upcoming
               for verification.                                     plan year, you are required to re-enroll.

                                                                     Health Care FSA
                Igoe | Health Care FSA                               The Healthcare FSA includes a 2.5
                                                                     month grace period. You can incur claims
                You may save up to $2,700 pre-tax, dropping your     through March 15th of each plan year and
                taxable income by $2,700 for the year! Eligible      must file claims by March 31st of each
                health care expenses include:
                                                                     plan year. After the grace period, unused
                                                                     funds will be forfeited.

                 Coinsurance,  Medical &   Dental and  Vision and    Dependent Care FSA
                 Copays and   Prescription  Orthodontia  Lasik Eye   Unused funds will NOT be returned to
                 Deductibles    Drugs                 Surgery        you or carried over to the following year.
                                                                     You must file claims by December 31st of
                                                                     each plan year.
                Igoe | Dependent Care FSA
                You may save up to $5,000 pre-tax per year (or
                $2,500 if you are married but file taxes separately).
                Eligible dependent care expenses include:




                    Licensed nursery         Adult daycare
                    schools, qualified          facilities
                    childcare centers,                                          Educational Video
                  after school programs,                                   Flexible Spending Accounts
                  summer camps (under                                 http://video.burnhambenefits.com/fsa/
                    age 13), preschool




                                    Accessing Your FSA Account
                                    Create an online account at www.goigoe.com. You can view transaction
                                    status’, upload receipts, and much more. The site is secure and fully
                                    encrypted for your protection.




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