Flexible Spending Account
Flexible Spending Account (FSA)
WHAT IS A FLEXIBLE SPENDING ACCOUNT? A Flexible Spending Account enables you to set aside a predetermined dollar amount in an account to cover eligible out-of-pocket health care and dependent day care expenses throughout the year. IRS rules allow you to contribute to your account(s) through payroll deduction on a pre-tax basis (before federal income tax & social security) reducing your taxable income. The dollars set aside in a Flexible Spending Account are actually worth more because they are tax-free. As a participant, you pay no taxes on the contributions or the withdrawals. Any unused money left in the account at the end of the year will be forfeited. Please be conservative with your elections.
2017 FLEXIBLE SPENDING ACCOUNT MAXIMUMS
Health Care
Dependent Care
Monies can be put aside to pay for non-covered medical, dental or vision expenses up to a maximum of $---.--. Employees and eligible dependents do not need to participate in the ______ medical, dental or vision plans to participate in the health care reimbursement account. For those employees who participate in the Health Savings Account Medical Plan, you are not eligible to participate in the FSA plan at this time.
Monies can be put aside for reimbursement for dependent daycare expenses incurred for children under the age of 13. The annual maximum per family $--.--. Dependent Care Reimbursement Account & the Federal Tax Credit You have the option to take either a tax credit on your federal income tax return for your dependent care expenses or receive pretax reimbursement of expenses through the reimbursement account. You cannot use the reimbursement account and the federal tax credit for the same expenses.
HEALTHESYSTEMS BENEFITS AT A GLANCE BENEFIT AT A GLANCE
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