Flexible Spending Accounts
Administered by Flores
What type of Flexible Spending Accounts does Hafele America Co. offer?
Hafele America Co. offers a Health Care FSA, Limited Health Care FSA, Dependent Care FSA, and Commuter Benefit FSA, all administered by Flores.
What is the difference between the Health Care FSA and the Limited Health Care FSA?
Health Care FSA funds can be used for medically necessary medical, dental, vision, prescription, and over-the-counter medications and supplies.
When you enroll in a High Deductible Health Plan with an HSA, you are only eligible to enroll in a Limited Health Care FSA. This FSA may only be used for eligible dental and vision expenses. Vision exams, prescription glasses, dental exams, x-rays, crowns, and orthodontia are all eligible expenses.
What is the Benefit of the FSA?
Flexible Spending Accounts allow you to set aside pre-tax dollars for health care and dependent care out-of-pocket expenses not covered by medical, dental or visions plans. The commuter benefit account can reimburse you for allowable parking and transit costs with tax-free dollars. As a reminder, if you choose to enroll in the new HDHP with the HSA, you can only enroll in the Limited Health Care FSA.
What is the Maximum Deferral Allowed?
For the Health Care FSA and the Limited Health Care FSA, the maximum deferral amount is $3,400. You may also rollover up to $680 from your previous year’s balance. The Dependent Care FSA maximum deferral amount is $7,500. The minimum health care and dependent care deferral requirement is $100 under the FSA plan. If you have work related, qualified transportation expenses (QTE), you can elect up to a monthly maximum of $340 of pre-tax dollars.
Can I participate in the Health Care FSA if I am not covered under the Hafele America Co. Benefit Plans?
Yes, you may defer pre-tax earnings for yourself and/or your dependents for eligible FSA expenses, even if you choose not to participate in the benefit plans offered through your employment with Hafele America Co.
Can I participate in the Health Care FSA if I am enrolled in the Health Savings Account?
If you are enrolled in the HSA, you can only participate in the Limited Health Care FSA, which only allows for dental and vision expenses.
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