Page 17 - United Capital EE Guide 2019-2020

FLEXIBLE SPENDING ACCOUNTS

You can set aside money in Flexible Spending Accounts (FSAs) before taxes are deducted to pay for certain health and dependent
care expenses, lowering your taxable income and increasing your take home pay. Only expenses for services incurred during the
plan year are eligible for reimbursement from your accounts. You choose how you would like to pay for your eligible FSA expenses.
Please remember that if you are using your debit card, you must save your receipts, just in case TASC needs a copy for verification.
Also, all receipts should be itemized to reflect what product or service was purchased. Credit card receipts are not sufficient per
IRS guidelines.

HEALTH CARE SPENDING ACCOUNT (HCSA)
This plan is used to pay for expenses not covered under your Medical, Dental, and Vision plans, such as deductibles, coinsurance,
copays and expenses that exceed plan limits. You may defer up to $2,700 pre-tax per year.
LIMITED HEALTH CARE SPENDING ACCOUNT (L-HCSA)
Available to Health Savings Account Banking participants: If you are enrolled in the HSA medical plan and have opened and are
contributing to a Health Savings Account, you may also elect the L-HCSA. This plan is much like the Health Care Spending Account
described above, however, under the L-HCSA, you’re limited to qualifying Dental and Vision expenses ONLY while preserving
your HSA funds for Medical expenses. You may defer up to $2,700 pretax per year.
DEPENDENT CARE ASSISTANCE PLAN (DCAP)
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.
You may defer up to $5,000 pre-tax per year (or $2,500 if you are married but file taxes separately).

ACCESSING YOUR FSA:
• Online: Create an online account at www.tasconline.com. You can view transaction status’, upload
receipts, and much more. The site is secure and fully encrypted for your protection.
• Smart Phone: Download MyTASC FREE Mobile App and submit substations using your phone’s camera
to take a picture of receipts and forms.

FSAs offer sizable tax advantages. The trade-off is that these accounts are subject to strict IRS regulations, including the use-it-or-
lose-it rule. According to this rule, you must forfeit any money left in your account(s) after your expenses for the year have been
reimbursed. The IRS permits an FSA grace-period of two months and 15 days following the end of the plan year to help you if your
expenses fall a little short of expectations. During the grace period, you may incur expenses and use the funds remaining in your
account to cover these expenses. We recommend that you carefully estimate your planned expenses based on our 12 month FSA
plan year. If you are unable to estimate your health care and dependent care expenses accurately, it is better to be conservative
and underestimate rather than overestimate your expenses.

EDUCATIONAL VIDEO
Click here to watch a quick video to learn the basics of how Flexible Spending Accounts work
http://video.burnhambenefits.com/fsa/

TASC | COMMUTER BENEFIT PLAN
United Capital provides you with a Transportation Spending Account Plan through TASC. The Transportation Spending Account Plan
allows you to pay for work-related transit and parking expenses with pre-tax dollars. You can set aside up to:
z $265 per month for mass transit expenses including Transit Passes and Vanpooling
z $265 per month for parking

TASC offers an online order model which allows you to place your respective parking and transportation orders via the TASC website.
Through the TASC website, you will have the opportunity to place your monthly order during the defined order period.
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