Employee Support Website

May’s Benefits Buzz – Flexible Spending Account

Why use a Flexible Spending Account,FSA?

An FSA allows you to put aside tax free dollars to use for eligible expenses throughout the year. You must elect a contribution at open enrollment each year. The amount elected is available September 1 and the pre-tax deductions are made over 12 months (September through August)

Remember, if any unused funds remain at the end of the plan year, you may lose that money.
Expenses for services must be received during the current plan year. You will then have 90 days to submit receipts for reimbursement after the plan year.

Tax Savings Example

Without FSA

$35,000 Gross Pay
-$4,783.75 Taxes
=$30,216.25
-$2,400 Medical Costs
=$27,816.25 Net Pay

With FSA

$35,000 Gross Pay
-$2,400 Medical Costs
=$30,216.25
-$4,455.72 Taxes
=$28,144.28 Net Pay

Two Types of FSAs

Health Care FSA

Available if you’re enrolled on the Traditional Medical Plan. You may use money contributed to your FSA account for qualified medical, dental, and vision expenses. See IRS publication 969. Maximum Contribution of $2,600 for current year, $2,650 for upcoming 2018 plan year.

Dependent Care FSA

Available regardless of which medical insurance plan you’re enrolled on. This is a completely separate account from the Health Care FSA. Dependent FSA may be used for dependent care expenses while you (and your spouse if applicable) are at work. Maximum Contribution of $5,000.

Need More Information

  • Website: www.apachoicepoint.net
  • Phone: 801.561.4980

Download May’s Benefits Buzz

Share
Tweet
Share
0 Shares

What is Phishing?

  • December 10th, 2018

Phishing is a cybercrime It is received by email, phone, or text message from a cyber criminal...

January PD Day

  • December 10th, 2018

The third PD Day of the year is coming up on January 22nd, 2018 The schedule for this PD day is...

Why I Teach: John Mcilmoil

  • December 10th, 2018

This week's feature is John Mcilmoil John is a physics teacher at Timpview and has been teaching...

Wellness Program: What now?

  • December 3rd, 2018

Now that the first deadline has come and gone, congratulations to those that completed the 1st...

Why I Teach: Christine Giles

  • December 3rd, 2018

This week's feature is Christine Giles, a kindergarten teacher at Edgemont Elementary Christine was...

Why I Teach: Janice Edwards

  • November 26th, 2018

This week's feature is Janice Edwards, a fourth grade teacher at Franklin Elementary Janice has...

December Book List

  • November 26th, 2018

What better time than the holidays to find and share a new holiday book to read with friends...

PCSD Snow Procedures

  • November 26th, 2018

As we move into the winter season, we wanted to remind everyone of the snow procedures for when...

Timpview High Sub for Santa

  • November 26th, 2018

This Holiday Season, November and December of 2018, Timpview High School will host its 30th annual...

November Benefits Buzz

  • November 26th, 2018

LiveWell Employee Assistance Program Your LiVe Well Partner Offering free, confidential, and...