Flexible Spending Account Bene f i t sAss i s t 1-865-769-2800 www.mywea l thcareon l i ne. com/benef i t sass i s t
Phillips & Jordan offers employees the option to defer money on a pre-tax basis for use on approved medical and dependant care expenses. This is NOT insurance. This is simply a way for you to save on your healthcare or daycare expenses by setting money aside from your gross income, pre-tax for expenses that you anticipate for the plan year. Healthcare FSA: With the healthcare FSA, the total dollar amount set aside for the plan year is eligible for withdrawal from the account on day one of your first payroll deduction towards the account. The maximum healthcare FSA annual contribution amount is $2,700. If you are a new hire and enroll in the plan midyear, your contributions will be prorated for the annual amount you select. Dependent Care Account (DCA): You may elect to set money aside to use for your approved childcare services, provided at a daycare facility, in your home, or in someone else’s residence through a DCA. Certain requirements must be satisfied for the services to be approved for reimbursement. The maximum DCA annual contribution amount is $5,000 per family (if you are head of household or married and file a joint tax return) or $2,500 (if you are married and file a separate tax return). Limited FSA: If you enroll in the HDHP with HSA, you are only eligible for the Limited FSA. This account may be used on qualified dental and vision expense only, not medical expenses (you will use your HSA for medical expenses). The maximum annual contribution is $2,700. By setting aside money pre-tax into either a FSA or DCA, you save on taxes and take home more spendable income! Please contact BenefitsAssist or Human Resources for a list of eligible medical and dependent care expenses.
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