2024 2025 FINAL Nordea Bank Benefit Guide

Flexible Spending Accounts

Health Care FSA A Health Care Flexible Spending Account (FSA) provides you with the ability to save money on a pre-tax basis to pay for any IRS-allowed health expense that is not covered by your health care plan. Examples of these types of expenses include deductibles, copayments, coinsurance payments and uninsured dental and vision care expenses. You may elect a specific annual contribution for each FSA in which you plan to participate. Your annual contribution is then divided by your number of pay periods and that amount will be deducted pre- tax each pay period. The amount you elect may not be changed or revoked during the plan year unless you experience a qualifying life event. For the 2024 plan year, the maximum amount that you may contribute to a Health Care FSA is $3,200. • Money is deducted pre-tax from your paycheck up to max. benefit of $3,200 (entire amount available day 1) • Can be used to pay for medical copays, deductibles, dental, and/or vision qualified expenses • Employees enrolled in a health care FSA will receive a benefits debit card usually 15 days after enrollment • Benefits are “Use it or Lose it”! • The above FSA requires an active enrollment. You must re-enroll in order to participate for the upcoming plan year or FSA benefit will end on 9/30/24 • The FSA card will NOT work between December 15-31, 2024 for claim submissions, however paper claims can be submitted until Dec 31, 2024. • Grace Period is currently until Dec 15, 2024 and the Run-out period is currently set to Dec 31, 2024 Dependent Care FSA A Dependent Care Flexible Spending Account (FSA) provides you with the ability to set aside money on a pre-tax basis for day care expenses for your child, disabled parent or spouse. • Money is deducted pre-tax from your paycheck up to max. benefit of $5,000 • Used to pay for daycare, after school programs, & more • Eligible for dependents under 13 • The above FSA requires an active enrollment. You must re-enroll in order to participate for the upcoming plan year or FSA benefit will end on 9/30/24 The IRS has set the maximum allowable contribution per calendar year for a Dependent Care Flexible Spending Account as follows:

• $5,000 for a married couple filing jointly • $2,500 for a single parent filing separately

2024-2025 Benefit Summary

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