FLEXIBLE SPENDING ACCOUNTS (FSA)
Health Care Flexible Spending Account (FSA)
For 2012, we encourage you to carefully consider the advantages of the Health Care Flexible Spending Account (FSA). You may contribute a minimum of $260 or a maximum of $5,000 per year. Your contributions are deducted (pre-tax) each pay period.
You can use the FSA to pay for eligible medical expenses for yourself, your spouse, dependent children, and anyone else claimed as a dependent on your federal income tax return. For a detailed list of eligible health care expenses, log on to TaxSaverPlan.com. You may also get a copy of IRS Publication 502, Medical and Dental Expenses, at IRS.gov.
Dependent Care Flexible Spending Account (FSA)
A Dependent Care Flexible Spending Account (FSA) allows you to use pre-tax dollars to pay for the care of dependent children under the age of 13, or for the care of a physically disabled (incapable of self-care) spouse or dependent (as defined by the IRS) of any age who spends at least 8 hours per day in your home.
Dependent care expenses include licensed day care, home day care provider (cannot also be your dependent), summer day camp, or after school care. In addition, the dependent care account can be used for the care of a disabled dependent or elderly
Your spouse must also be employed in order to participate in this account unless he or she is a full-time student, actively looking for work, or disabled. The maximum Dependent Care FSA deduction per family per year is $5,000 if you file income taxes jointly; $2,500 per person if you file income taxes separately.
For a detailed listing of eligible expenses, go to IRS Publication 503, Child and Dependent Care Expenses, at IRS.gov.
Commuter Reimbursement Account
The commuter reimbursement account allows colleagues to set aside pre-tax dollars up to $230 a month for certain work-related transportation expense, including reimbursement for parking, van pooling and/or mass transit (buses, trains and ferries). Unlike the other spending accounts, colleagues may enroll, increase, decrease or stop participation in this account effective the first day of any calendar quarter.
Once enrolled, colleagues may purchase transit passes online at TaxSaverPlan.com. If the cost of the pass is more than the amount being payroll-deducted, a form of personal payment online for the excess amount must be submitted before passes will be mailed.
FSA Debit Card
The Flex Convenience debit card is tied to the flexible spending account and allows a participant to pay for eligible FSA expenses directly at the point of service, which eliminates waiting for reimbursement. Each debit card transaction is subjected to review, and TaxSaver may request detailed claims information.
Colleagues must provide an email address (either personal or business) and sign a Debit Card Agreement Form (available on Forms link) in order to use the debit card.
Due to IRS regulations, colleagues can use the money in the account for expenses incurred in the current plan year. Any money not claimed will be forfeited.
For a full list of expenses that are covered, visit the TaxSaver website at TaxSaverPlan.com or call toll-free at 1.800.328.4337.
TaxSaver
taxsaverplan.com or call 1-800-328-4337
2012 Plan Year Information
