PMC 2024 Benefit Guide (English)

• •

•

Total

IBC

You

$5,000

$2,000

$3,000 deductible

•

You could use pre-tax FSA dollars to help pay for your portion. Your full FSA election is available on your BRI MasterCard on the first day of the plan year.

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ANNUAL TAX SAVINGS EXAMPLE

WITH AN FSA

WITHOUT AN FSA

If your taxable income is

$50,000

$50,000

Pre-Tax FSA contribution

($2,000)

$0

Taxable Income

$48,000

$50,000

Federal Income and FICA Taxes

$7,857

$8,310

After-tax dollars spent on eligible FSA expense

$0

$3,000

Available after tax income

$40,143

$38,690

Savings with an FSA

$1,453

N/A

EXAMPLES OF ELIGIBLE EXPENSES

CONTRIBUTION LIMITS

ACCOUNT TYPE

ACCESS TO FUNDS

PRE TAX BENEFIT

Health Care FSA:

Minimum: ·

Allows immediate access to the entire contribution amount from the 1st day of the benefit year, before all scheduled contributions have been made. Use your debit card to access funds. If you are currently enrolled in the FSA, and are re-enrolling, a new card will not be issued. You will be able to submit claims up to your year-to-date accumulated amount in your account

Save 20% - 40% on your health care expenses

• • • • • • • • • •

Medical Plan Deductibles

$100 per year

Medical Plan Coinsurance

(for yourself or any dependent claimed on your federal tax return)

Most Insurance Copays

Save on purchases not covered by insurance

Maximum: ·

Prescription Drugs

$3,200 per year

Vision Exams/Eyeglasses/Contacts

Laser Eye Surgery

Reduce your taxable income

Dependent Care FSA:

Minimum: ·

Save 20% - 40% on your dependent care expenses

Dependent/Child Care Centers

$100 per year

Adult Day Care

( for eligible dependents under age 13, a disabled spouse, a parent or disabled child over age 13)

Nursery School/Pre-School

Reduce your taxable income

Maximum: ·

After School/Summer Day Camp

(You will only be reimbursed based on your accumulated contribution amounts)

$5,000 per year

·

$2,500 if married and filing separately

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