02/18/2021 (2) - Laserfiche WebLink

Home Browse Search

F'Sp Martin County Board of County Commissioners I Employee Benefit Highlights 12021 Flexible Spending Accounts The County offers Flexible Spending Accounts(FSA)administered through BenefitsWorkshop.The FSA plan year is from January 1 to December 31. If employee or family member(s)has predictable health care or work-related day care expenses,then employee may benefit from participating in an FSA.An FSA allows employee to set aside money from employee's paycheck for reimbursement of health care and day care expenses they regularly pay.The amount set aside is not taxed and is automatically deducted from employee's paycheck and deposited into the FSA.During the year,employee has access to this account for reimbursement of some expenses not covered by insurance.Participation in an FSA allows for substantial tax savings and an increase in spending power.Participating employee must re-elect the dollar amount to be deducted each plan year.There are two(2)types of FSAs: Health Care FSA Dependent Care FSA -------- This account allows participant to set aside up to an annual , This account allows participant to set aside up to an annual maximum of$5,000 if single maximum of$2,750.This money will not be taxable income or married and file a joint tax return($2,500 if married and file a separate tax return)for to the participant and can be used to offset the cost of a work-related day care expenses.Qualified expenses include day care centers,preschool, wide variety of eligible medical expenses that generate ! and before/after school care for eligible children and dependent adults. out-of-pocket costs.Participating employee can also receive reimbursement for expenses related to dental and vision Please note,if family income is over$20,000,this reimbursement option will likely save care(that are not classified as cosmetic). participants more money than the dependent day care tax credit taken on a tax return.To qualify,dependents must be: Examples of common expenses that qualify for A child under the age of 13,or reimbursement are listed below. • A child,spouse or other dependent who is physically or mentally incapable of self-care and spends at least eight(8) hours a day in the participant's household. Please Note:The entire Health Care FSA election is available for use on Please Note:Unlike the Health Care FSA,reimbursement is only up to the amount that has been deducted the first day coverage is effective. from the participant's paycheck for the Dependent Care FSA. A sample list of qualified expenses eligible for reimbursement indude,but are not limited to,the following: ✓ Prescription/Over-the-Counter Medications ✓ Physician Fees and Office Visits ✓ LASIK Surgery ✓ Menstrual Products ✓ Drug Addiction/Alcoholism Treatment ✓ Mental Health Care ✓ Ambulance Service ✓ Experimental Medical Treatment ✓ Nursing Services ✓ Chiropractic Care ✓ Corrective Eyeglasses and Contact Lenses ✓ Optometrist Fees ✓ Dental and Orthodontic Fees ✓ Hearing Aids and Exams ✓ Sunscreen SPF 15 or Greater ✓ DiagnosticTests/Health Screenings V Injections and Vaccinations V Wheelchairs Log on to http✓/www.irs.gov/publications/p502/index.html for additional details regarding qualified and non-qualified expenses. 95 13 02016,Gehring Group,Inc.,All Rights Reserved