Page 21 - HM Benefits Guide 2019 National
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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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