Page 17 - Career Group Guide 2020 - CA (SF) Full Time

Flexible Spending Accounts

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 Important FSA Rules
funded with tax-free dollars using convenient payroll Because FSAs can give you a significant tax
deductions. Only expenses for services incurred during the plan advantage, they must be administered
according to specific IRS rules:
year are eligible for reimbursement from your accounts. If you
are using your debit card, you must save your receipts, just in Health Care FSA & Dependent Care FSA
case PlanSource needs a copy for verification. Also, all receipts The IRS requires that any balance that remains
should be itemized to reflect what product or service was in an employee's FSA account at the end of
purchased. Credit card receipts are not sufficient per IRS the plan year be forfeited and cannot be
guidelines. carried forward to the next plan year.
However, the Company will continue to
provide a 2.5 month FSA grace period that
Health Care FSA
provides more time for you to use the funds in
This plan is used to pay for expenses not covered under your your FSA account.
health plans, such as deductibles, coinsurance, copays and
expenses that exceed plan limits. Employees may defer up to For example, if you have a balance as of
$1,000 pre-tax per year. Eligible expenses include: 12/31/2019 and you incur eligible expenses
during the grace period through 3/15/2020,
you may continue claim expenses on your 2019
FSA. PlanSource will automatically use funds
from your prior plan year dollars for the
expenses incurred during the grace period.
Coinsurance, Medical and Dental Eye Exams, This is a perk of the plan to help participants
Copays and Prescriptions and Eyeglasses and use any left-over funds from the previous plan
Deductibles Orthodontia Lasik Eye year and is allowed by the IRS. The final day
Surgery to submit any manual claims for any services
incurred up until 3/15/2020 is 3/15/2020.

Go to www.fsastore.com to shop for FSA-eligible products,
and for a list of eligible expenses. Tip!
If you are unable to estimate your health care
Dependent Care FSA and dependent care expenses accurately, it is
better to be conservative and underestimate
This plan is used to pay for eligible expenses you incur for rather than overestimate your expenses.
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:

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

Employee Benefits 17