{"id":167,"date":"2011-11-11T03:51:42","date_gmt":"2011-11-11T03:51:42","guid":{"rendered":"http:\/\/www.adminusa.us\/?page_id=167"},"modified":"2018-03-26T16:08:18","modified_gmt":"2018-03-26T16:08:18","slug":"fsa-employee-important-facts","status":"publish","type":"page","link":"https:\/\/www.adminusa.us\/index.php\/our-services\/flexible-spending-accounts\/fsa-employee\/fsa-employee-important-facts\/","title":{"rendered":"FSA – Employee – Important Facts"},"content":{"rendered":"

How Much to Place in a Flexible Benefits Plan<\/strong>
\nAfter reviewing the list of qualified expenses, try to determine how much you might spend on these expenses during the next plan year. Be conservative in your estimates as any monies that remain in the plan will be forfeited.<\/p>\n

The Rollover Options<\/strong>
\nThe new FSA ruling means that the risk of losing your FSA healthcare contributions at the end of the year is reduced.\u00a0 You are now able to roll over up to $500 into the following plan year.\u00a0 Plus, the FSA rollover provision eliminates the mad scramble at the end of the year to spend remaining FSA funds.<\/p>\n

The “Use it or Lose it” Rule<\/strong>
\nRemember the important “use it or lose it” rule when deciding how much to place in your account: If you contribute dollars to a reimbursement account and do not use all of the monies you deposit, you will lose any remaining balance in the account at the end of the plan year.<\/p>\n

Once enrolled, you may not change<\/strong>
\nTo comply with IRS regulations, you may only make a change in your election at the beginning of each plan year. This means you may not make a change in your elections after the open enrollment period, unless you experience a family status change. Examples include marriage, divorce, birth, adoption, death, loss of spouse\u2019s employment, etc.<\/p>\n

Social Security Benefits<\/strong>
\nAny reduction in your taxable pay for Social Security purposes may also lead to a reduction in your Social Security benefits. For most employees, the reduction in Social Security benefits will be insignificant compared to the value of paying lower taxes today.<\/p>\n

Adoption Account Benefits<\/strong>
\nThis account is subject to FICA taxes. You save only federal and state income taxes.<\/p>\n","protected":false},"excerpt":{"rendered":"

How Much to Place in a Flexible Benefits Plan After reviewing the list of qualified expenses, try to determine how much you might spend on these expenses during the next plan year. Be conservative in your estimates as any monies … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":132,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"adminusa-secondary-fsa.php","meta":{"footnotes":""},"class_list":["post-167","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.adminusa.us\/index.php\/wp-json\/wp\/v2\/pages\/167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.adminusa.us\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.adminusa.us\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.adminusa.us\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.adminusa.us\/index.php\/wp-json\/wp\/v2\/comments?post=167"}],"version-history":[{"count":3,"href":"https:\/\/www.adminusa.us\/index.php\/wp-json\/wp\/v2\/pages\/167\/revisions"}],"predecessor-version":[{"id":302,"href":"https:\/\/www.adminusa.us\/index.php\/wp-json\/wp\/v2\/pages\/167\/revisions\/302"}],"up":[{"embeddable":true,"href":"https:\/\/www.adminusa.us\/index.php\/wp-json\/wp\/v2\/pages\/132"}],"wp:attachment":[{"href":"https:\/\/www.adminusa.us\/index.php\/wp-json\/wp\/v2\/media?parent=167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}