SPENDING ACCOUNTS
Help USA understands the value of your dollar and most importantly, how to stretch it. As part of the benefits package, we offer Flexible Spending Accounts (FSA) to help you stretch your dollars. FSAs allow you to set aside funds on a pre-tax basis that you can then use for qualified expenses.
FLEXIBLE SPENDING ACCOUNTS
Eligibility: Full-time non-union employees are eligible to participate after 90 days of service.
Medical Flexible Spending Account
A medical FSA is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses. It’s a smart, simple way to save money while keeping you and your family healthy and protected. You may elect a specific annual contribution for the Medical FSA. Your annual contribution is then divided by your number of pay periods and that amount will be deducted pre-tax each pay period. The amount you elect may not be changed or revoked during the plan year unless you experience a qualifying life event.
You can use your Medical Flexible Spending Account for:
Eligible expenses include medical, dental, vision expenses, and some over-the-counter items. Your full annual election will be available on day one of the plan year, January 1, 2024.
For 2024, the spending account administrator will continue to be OCA. You may elect up to the 2024 IRS maximum contribution limit of $3,200 for the Medical FSA.
FSA's do have a 'Use it or Lose it Rule' - however, Help USA allows employees to carry over $610 of FSA funds from the January 1, 2023 - December 31, 2023 plan year.
As for the following plan year, you will be permitted to carry over $640 of FSA funds from the January 1, 2024 - December 31, 2024 plan year.
Dependent Care FSA
A Dependent Care Flexible Spending Account (FSA) provides you with the ability to set aside money on a pre-tax basis for day care expenses for your child, disabled parent or spouse so that you and your spouse can work. Generally, expenses will qualify for reimbursement if they are the result of care for:
- Your children, under the age of 13, for whom you are entitled to a personal exemption on your federal income tax return
- Your spouse or other dependent, including parents, who are physically or mentally incapable of self-care
The IRS has set the maximum allowable contribution per calendar year for a Dependent Care Flexible Spending Account as follows: » $5,000 for a married couple filing jointly » $5,000 for a single parent » $2,500 for a married person filing separately
You can use your DCFSA for:
- Licensed nursery schools
- Qualified childcare centers
- Adult daycare facilities
- After school programs
- Summer camps for dependent children under age 13
- Preschool tuition
COMMUTER SPENDING ACCOUNTS
Eligibility: All full-time employees are eligible immediately upon hire. Enrollment can be done by sending an email to benefits@helpusa.org
Mass Transit Spending Account
The Mass Transit account is used to set aside pre-tax dollars to pay for mass transit passes for commuting to and from work. What are Commuter Expenses?
- Transit Pass Expenses are expenses incurred or paid for a pass, token, fare card, voucher, or similar item for transportation
- On mass transit facilities (such as trains, buses, subways, or ferries), whether or not publicly owned; or provided by any person in the business of transporting persons for compensation or hire if such transportation is provided in a vehicle with a seating capacity of at least six adults (excluding the driver).
Parking Spending Account
The commuter parking spending account is used to pay for qualified parking expenses you incur for parking at or near your regular place of employment. This can be an expense incurred to park your car at a location from which you commute to your regular place of employment by:
- Carpool
- Commuter Highway Vehicle
- Mass transit facilities
- Transportation provided by any person in the business of transporting persons for compensation or hire, if such transportation is in a Commuter Highway Vehicle.
