Page 18 - Marcus & Millichap EE Guide 2020

Flexible Spending Accounts

Flexible Spending Accounts

FSA Plan Year: January 1 - December 31

Flexible Spending Accounts (FSAs) are special tax-advantaged
accounts used to pay for eligible out-of-pocket health care and
dependent care expenses. If elected, your account(s) will be funded
with tax-free dollars using convenient payroll deductions. Only Important FSA Rules
expenses for services incurred during the plan year are eligible for

reimbursement from your accounts. If you are using your debit card,
Because FSAs can give you a significant tax
you must save your receipts, just in case Flex Today needs a copy for
advantage, they must be administered according to
verification. Also, all receipts should be itemized to reflect what
specific IRS rules:
product or service was purchased. Credit card receipts are not
sufficient per IRS guidelines.
Your FSA elections will expire each year on

December 31st. If you plan to participate in the FSA
Flex Today | Health Care FSA for the upcoming plan year, you are required to re-
This plan is used to pay for expenses not covered under your health enroll.
plans, such as deductibles, coinsurance, copays and expenses that
exceed plan limits. You may defer up to $2,750 pre-tax per year. Health Care FSA

Eligible health care expenses include: Up to $500 of any unspent funds remaining in your
account at the end of the plan year will carry-over
to the next plan year, and unspent funds above
$500 will be forfeited.

Coinsurance, Medical and Dental Eye Exams, Dependent Care FSA
Copays and Prescriptions and Eyeglasses and
Deductibles Orthodontia Lasik Eye Unused funds will NOT be returned to you or
carried over to the following year. You must submit
Surgery
claims by March 31st for expenses incurred during
the previous plan year.
Flex Today | Dependent Care FSA
Important Note About 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
It is important to note that your FSA elections will
may defer up to $5,000 pre-tax per year.
expire each year on December 31st. If you plan to
Eligible dependent care expenses include: participate in the FSA for the upcoming plan year,
you are required to re-enroll during the annual FSA
open enrollment period held at the end of each
calendar year.

Licensed nursery schools, Adult daycare facilities
qualified childcare centers, after
school programs, summer camps
(under age 13), preschool

Video – Learn About the FSA
To learn more about how our Health Care and Dependent Care FSAs work, visit
http://video.burnhambenefits.com/fsa/.

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