Benefit Guide - Circles

FLEXIBLE SPENDING ACCOUNT

FSA Ac

Through a Section 125 Plan, One Step Up offers eligible employees the opportunity to open a Flexible Spending Account (FSA). WHAT IS A FLEXIBLE SPENDING ACCOUNT (FSA)? A FSA is a tax - free account, in your name, that pays or reimburses you for qualified health care or dependent care expenses. Your FSA contributions are made pretax (no employment or federal income taxes are deducted) through payroll deductions. When you receive a distribution from your FSA, the reimbursements are tax - free. Eligible expenses must be incurred from January 1, 2024 through December 31, 2024. Do you want to reduce your out - of - pocket costs and lower your taxable income at the same time? The FSA is a special savings account that enables you to lower the after - tax cost of your out - of - pocket expenditures by setting aside money from your paycheck in one or all three of these accounts, before taxes are calculated. The money can then be used to reimburse yourself for certain eligible expenses. You can set aside any amount up to $3,200 in your Health Care FSA . One Step Up is offering an Health Care Flexible Spending Account (FSA): • Health Care FSA – Can be used to reimburse yourself for medical, dental and vision expenses incurred by you and your dependents. Expenses that are eligible for reimbursement include annual deductibles and co - pays. For a list of eligible expenses please visit ParticipantServices@BenefitResource.com . Participants in Health Care FSA must utilize all available funds by March 15th and file all claims for calendar year 2024 by March 31, 2025.

ACCOUNT TYPE

EXAMPLES OF ELIGIBLE EXPENSES

CONTRIBUTION LIMITS*

ACCESS TO FUNDS

PRE TAX BENEFIT

HealthCare FSA

Maximum contribution: $3,200 per year

Allows immediate access to the entire contribution amount from the 1st day of the benefit year, before all scheduled contributions have been made

Save 20% - 40% on your health care expenses

• Medical Plan Deductibles • Insurance Co-payments • Prescription Drugs • Vision Exams/Eyeglasses/Contacts • Laser Eye Surgery • Acupuncture • Weight Loss Programs • Dental and Orthodontia (Braces) • Birth Control Pills / Devices / Procedures • Chiropractic

Save on purchases not covered by insurance

Reduce your taxable income resulting in more money in your pocket

Employees may be required to provide substantiation to complete the processing of your claim and are responsible to check their balances.

For additional information, please refer to your detailed plan summary. In the event of a discrepancy, the carrier Plan Document shall prevail.

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