Flexible Spending Account
Save MoneyWithanFSA Using a flexible spending account (FSA) saves you money by allowing you to pay for eligible expenses on a tax-free basis. When you contribute to an FSA, you save approximately 30%* on eligible expenses, making a $100 eligible purchase cost you about $70. You get these savings because the contributions. *Thistaxexampleisabroad approximation oftaxliability. Further,yourcontributions maybesubjecttostateincometaxinsomestates.Yourspecific savings dependon your tax bracket. You should consult a tax advisor for help with your own situation. CurrentIRStaxlawscontrol all pre-taxpaymentandcontribution mattersandare subject to change.
FSA Options You may participate in any FSA available under CPIhealth you’re eligible to participate. Health Care FSA Allows you to pay for eligible medical , vision , and dental expenses that are not covered by another health plan. As long as you (or a covered spouse) are not contributing to a health saving account (HSA), you can use a health care FSA to supplement out-of-pocket costs. Limited Health FSA Allows you to pay for eligible vision and dental expenses that are not covered by another health plan. This is a great option if you (or your spouse) contribute to a health savings account (HSA) because you can maximize savings by participating in both plans at the same time. Dependent Care FSA Allows you to set aside pre-tax funds to pay for daycare expenses for eligible children or other eligible dependents. You (and your spouse if you’re married) must be working, looking for work, or be a full-time student to use this account .
Next Steps
1. View Eligible Expenses Consider which eligible expenses you can use your FSA funds on to help inform your contribution amount. These expenses will varydepending on which FSA you enroll in. For a full list of eligible health care FSA and dependent care FSA expenses, visit www.ebcflex.com/eligibleexpenses . 2. Choose Your Contribution Amount After considering the eligible expenses, decide how much you would like to contribute to the FSA. You can elect to contribute up to the established limit: • Health Care and Limited Health FSA | $3,400 • Dependent Care FSA – Married Filing Separately | $3,750 • Dependent Care FSA – Single or Married Filing Joint | $7,500 *Limit may be lower depending on individual circumstances. 3. Complete the Enrollment Process After determining which FSA to enroll in and the election amount, you should now have a better understanding of your available options and be prepared to complete the enrollment process.
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ContactUs
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