Page 16 - The Raymond Group Supplemental Benefit Guide

FLEXIBLE SPENDING

ACCOUNT (FSA)

Employee Benefits Corporation| FSA
Flexible Spending Accounts (FSAs) are special tax-advantaged
accounts used to pay for eligible out-of-pocket health care and Important FSA Rules
dependent care expenses. If elected, your account(s) will be funded Because FSAs can give you a significant tax
with tax-free dollars using convenient payroll deductions. Only
advantage, they must be administered according to
expenses for services incurred during the plan year are eligible for
specific IRS rules:
reimbursement from your accounts. If you are using your debit card,

you must save your receipts, just in case Employee Benefits
Corporation needs a copy for verification. Also, all receipts should be Health Care FSA
itemized to reflect what product or service was purchased. Credit You must forfeit any money left in your account(s)
card receipts are not sufficient per IRS guidelines. after your expenses for the year have been
reimbursed. You do however have a $500 Carry-
Over starting in 2020: Up to $500 of any unspent
Health Care FSA
funds remaining in your account at the end of the
This plan is used to pay for expenses not covered under your health plan year will carry-over to the next plan year, and
plans, such as deductibles, coinsurance, copays and expenses that unspent funds above $500 will be forfeited.
exceed plan limits. Employees may defer up to $2,700 pre-tax per
year. Eligible expenses include:
Dependent Care FSA

Unused funds will NOT be returned to you or
carried over to the following year. You must file
claims by December 31, 2020.

Coinsurance, Medical and Dental Eye Exams, Download the app!
Copays and Prescriptions and Eyeglasses and Smart, Simple, Secure and Mobile!
Deductibles Orthodontia Lasik Eye • File a claim
Surgery
• Attach receipts

Go to fsastore.com to shop for FSA-eligible products, and for a list of • Check balances
eligible expenses. • View payment history
Visit ebcflex.com to learn more

Dependent Care FSA
This plan is used to pay for eligible expenses you incur for child care,
or for the care of a disabled dependent, while you work. Employees
may defer up to $5,000 pre-tax per year. Eligible expenses include:

Educational Video

Flexible Spending Accounts

video.burnhambenefits.com/fsa/
Licensed nursery schools, Adult daycare facilities
qualified childcare centers, after
school programs, summer camps
(under age 13), preschool

16 Employee Benefits