About Your Benefits
Health Care Spending Accounts
Health Care Spending Account contributions can be between $100 and $2,650. Per IRS regulations, any claim paid for with pre-tax money cannot then be recorded as an expense on your tax return.
All eligible expenses must be incurred during the calendar year for which you make your contribution. You are allowed to rollover up to $500 into the next calendar year. Under IRS rules, if you do not spend the money in your account by the end of the year, any remaining money over the amount of $500 is forfeited.
You may request a “benny card,” which is a MasterCard linked to your account for instant reimbursement. Documentation must match the purchase on the benny card exactly or else the card could be suspended until resolved.
|TYPICAL ELIGIBLE EXPENSES|
For a complete listing of expenses the IRS considers eligible for spending account reimbursements, go to www.irs.ustreas.gov.
Dependent Care Spending Accounts
By contributing to a Dependent Care Spending Account, you can set aside pre-tax money to pay the cost of caring for a child or other eligible dependent while you and your spouse or partner are at work. Several factors need to be considered before you enroll in this account:
- You must provide your provider’s tax ID number
- You may contribute between $100 and $5,000 into your account.
- You may not change your mind after enrollment unless there has been a qualifying event. However, qualifying events have been liberalized by the IRS: if your daycare provider changes their fees or if your mother moves in next door, YOU MAY MAKE MID-YEAR CHANGES!
- You may ask payroll to accelerate your deductions.