FLEXIBLE SPENDING ACCOUNT (FSA) VOYA FINANCIAL 833-232-4673 | MYHEALTHACCOUNT.VOYA.COM
Set Aside Money for Future Expenses
Save on Dependent Care, Too With a Dependent Care FSA, your contribution is deducted from your paycheck in equal amounts over the course of the year. You can contribute pre-tax dollars to this FSA to help pay the costs of day care for a child or elder care for a parent – and as with a Healthcare FSA, withdrawals are tax-free. However, only the funds actually on deposit are available for withdrawal. The annual maximum you can contribute to the Dependent Care FSA is $5,000 or $2,500 if married and filing separately. Your Money Goes Further in an FSA A $1,000 contribution to your FSA could save you as much as $300 or more! Example: An employee makes $2,000 each month and decides to participate in her employer’s Flexible Benefits Plan. As a result her health and day care expenses are paid with tax-free dollars, giving her an additional $100 each month!
Flexible Spending Accounts (FSAs) offer you a way to save money on eligible health and/or dependent care expenses. You can set aside pre-tax dollars from each paycheck and then use the money to pay for eligible expenses. You can participate in either the health or dependent care FSA, or both. Save on Qualified Healthcare Expenses You can use the tax-free dollars in your FSA or HSA for any qualified medical expense, for example: z Copayments for doctor visits z Health plan deductibles and coinsurance z Prescriptions z Dental and orthodontic care z Hearing aids z Eyeglasses, contact lenses, laser eye surgery With a Healthcare FSA, your contribution is deducted from your paycheck in equal amounts over the course of the year. With an FSA your full year’s contribution is available to you from day one. When paying for eligible products and services, your Benefits Card is the most convenient way for you to access your FSA funds. Your Benefits Card is a prepaid debit card that uses funds directly from your benefits plan. You can also pay for your eligible expenses out-of-pocket and then be reimbursed. For reimbursement, you must submit a claim form through your online account or on our mobile app.
Without FSA
With FSA
Gross Earnings
$2,000 Gross Earnings
$2,000
FICA, Fed & State Taxes
- 500 Health/Daycare Expenses
- 300
Health/Daycare Expenses
- 300 Adj. Gross Earnings
$1,700
FICA, Fed & State Taxes
- 400
Net Earnings
$1,200 Net Earnings
$1,300
Important Notes z You can only participate in the Healthcare FSA if you are not contributing to a Health Savings Account (HSA). z Enrollment for the FSA plans is required each year. You do not need to be enrolled in the XGS Medical Plan to participate in the FSA Plan. z The F SA plan year runs from January 1—December 31. z You have until March 31st to submit claims for expenses incurred during the prior plan year. z Healthcare FSA funds in excess of $550 will be forfeited. This is known as the “use it or lose it” rule. Please plan your expenses carefully to avoid over-contributing to the FSA. Set aside only enough money to cover the expenses you are reasonably certain you will incur.
The annual maximum you can contribute to the Healthcare FSA is $3,050.
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