FLEXIBLE SPENDING ACCOUNT (FSA) With an FSA, you elect to have your annual contribution deducted from your paycheck each pay period in equal installments throughout the policy year. The amount of your pay that goes into an FSA will not count as taxable income, so you will have immediate tax savings. FSA dollars can be used during the plan year to pay for qualified expenses and services for yourself and any immediate dependents in your family.
2025 IRS Contribution Limit
Medical FSA - $3,300* Carry over $660 of unused funds Dependent Care FSA - $5,000 • Married Filing Separately - $2,500 • Single or Married Filing Jointly - $5,000
Obtain a complete list of eligible and ineligible expenses for FSAs by accessing www.irs.gov. Under “Search Forms and Publications,” enter “502” for the health care plan and “503” for the dependent care plan.
Accounts Offered Health Care FSA - medical, dental, vision and pharmacy expenses Dependent Care FSA - care for your child, disabled spouse, or other dependent who is physically or mentally incapable of self-care. Medical expenses for your dependent are not eligible for reimbursement under the Dependent Care FSA. Is an FSA right for you? An FSA is a great way to pay for expenses with pre-tax dollars. A Health Care FSA could save you money if you or your dependents: • Have out-of-pocket expenses like copays, coinsurance, or deductibles for health, prescription, dental or vision plans • Have a health condition that requires the purchase of prescription medications on an ongoing basis • Wear glasses or contact lenses or are planning LASIK surgery • Need orthodontia care, such as braces, or have dental expenses not covered by your insurance
Spring Harbor 2025 Benefits Guide |
17
Made with FlippingBook - professional solution for displaying marketing and sales documents online