LM_SW_Benefits Guide 2024

Flexible Spending Accounts

FLEXIBLE SPENDING ACCOUNT A flexible spending account (FSA) allows you to set aside pre-tax dollars from your pay which may be used to reduce out-of- pocket health care expenses throughout the year. Budget Appropriately. FSAs are “use it or lose it” type programs meaning if you do not use all of the funds you elect to contribute to your FSA during the plan year, you will lose those remaining funds. It is important for you to budget appropriately and use all of the funds by the end of the plan year grace period which is March 15, 2024. All claims must be submitted by April 15, 2024. The only time you may make a change to your contribution rate is if you experience an IRS qualified life event such as marriage, birth of a child, adoption of a child, divorce, widowed, etc. Employees may be required to provide substantiation to complete the processing of a claim and are responsible to check their balances. In accordance with the IRS regulations, if you leave the Company, any amount not used for claims on or before the termination date is forfeited, unless COBRA is elected.

EXAMPLES OF ELIGIBLE EXPENSES

ANNUAL CONTRIBUTION LIMITS

ACCESS TO FUNDS

PRE-TAX BENEFIT

ACCOUNT TYPE

Health Care FSA (Full Purpose) (For employees who waive the HSA Plan)

Annual maximum contribution is subject to change based on IRS regulations.

Allows immediate access to the entire election amount from the 1st payday of the plan year before all scheduled contributions have been made Allows immediate access to the entire election amount from the 1st payday of the plan year before all scheduled contributions have been made Allows claim submittal up to your annual contribution amount. Reimbursement is distributed as your accumulated contribution amount allows. Allows for pre-tax contributions towards qualified workplace mass transit and parking expenses.

• Medical Plan Deductibles • Prescription Drugs • Over the Counter Drugs - prescription required* • Vision Exams/Glasses/Contacts • Laser Eye Surgery • Dental and Orthodontia (braces)

• Save 20% - 40% on your health care expenses

Limited Purpose FSA (For employees who participate in the HSA Plan)

For Dental and Vison expenses only

Employees enrolled in the HDHP/ HSA may also contribute money to their Limited Purpose FSA Annual maximum contribution is subject to change based on IRS regulations. Annual maximum contribution is subject to change based on IRS regulations.***

• Save on eligible

purchases not covered by insurance

• Reduce your taxable income

Dependent Care FSA (For eligible dependents under age 13, a disabled spouse, a parent or disabled child over age 13) Commuter Benefit (For employees who use mass transit and/or parking)

• Dependent/Child Care Centers • Adult Day Care • Nursery School/Pre-School • After School/Summer Camp

• Mass Transit • Parking Expenses

Annual maximum contribution is subject to change based on IRS regulations.

For a current list of eligible and ineligible items, please go to: www.benefitresource.com *Most over-the-counter medications require a doctor’s prescription in order to be reimbursed from your account. ***Dependent Care participation is based on IRS guidelines.

www.BenefitResource.com • 866.996.5200 • Or download app

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QUESTIONS? Call BenefitsVIP ® at 866.286.5354