Page 14 - Evisions Benefit Guide 2020 - Effective 1.1.2020

Benefits

Flexible Spending Accounts (FSAs)

Advanced Benefit Solutions allows you to set aside money in Flexible Spending
Accounts (FSA) before taxes are deducted to pay for certain health and dependent Important FSA Rules
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 Because FSAs can give you a significant
from your accounts. Please remember that if you are using your debit card, you must tax advantage, they must be
save your receipts, just in case Advanced Benefit Solutions needs a copy for administered according to specific IRS
verification. Also, all receipts should be itemized to reflect what product or service was rules:
purchased. Credit card receipts are not sufficient per IRS guidelines.
Your FSA elections will expire each year
Health Flexible Spending Account (HFSA) on December 31st. If you plan to
This plan is used to pay for expenses not covered under your health plans, such as participate in the FSA for the upcoming
deductibles, coinsurance, copays and expenses that exceed plan limits. Employees may plan year, you are required to re-enroll.
defer up to $2,750 pre‐tax per year.
Health Care FSA
Limited Purpose Health Flexible Spending Account (LPHFSA) You must forfeit any money left in your
This plan is available if you enroll in the HSA Medical Plan and contribute to your HSA account(s) after your expenses for the
account, you may only participate in the Limited Purpose Health Care FSA to cover out- year have been reimbursed. The IRS
of-pocket Dental and Vision expenses through the Limited Purpose Plan. Employees does not allow the return of unused
may defer up to $2,750 pre‐tax per year. Please note, HSA medical participants may account balances at the end of the plan
only participate in Health Care Spending Account to cover out-of-pocket Dental and year, and remaining balances cannot be
Vision expenses through the Limited Purpose Plan. carried forward to a future plan year.

Dependent Care Flexible Spending Account (DCFSA) Grace Period
The Healthcare FSA includes a 2.5
This plan is used to pay for eligible expenses you incur for child care, or for the care of
month grace period. You can incur
a disabled dependent, while you work. Employees may defer up to $5,000 pre-tax per
claims through March 15, 2021 and
year.
must file claims by March 31, 2021.
Important Information
FSAs offer sizable tax advantages. The trade-off is that these accounts are subject to Important Note for HSA Medical
Participants:
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 If you enroll in the HSA Medical Plan
been reimbursed. The IRS does not allow the return of unused account balances at the and contribute to your HSA account,
end of the plan year, and remaining balances cannot be carried forward to a future you may only participate in the Health
plan year. If you are unable to estimate your health care and dependent care expenses Care FSA to cover out-of-pocket Dental
and Vision expenses through the
accurately, it is better to be conservative and underestimate rather than overestimate
Limited Purpose Plan.
your expenses.

Dependent Care FSA
Unused funds will NOT be returned to
you or carried over to the following
year. You must file claims by December
31st of the plan year.

Educational Video

Click here to watch a quick video to learn the basics of how Flexible Spending Accounts work.

Flexible Spending Accounts
http://video.burnhambenefits.com/fsa/

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