UL - 2023-24 Benefits Guide (FINAL 11.1.2023) SP

10 • 2023 Gerresheimer Salary Benefits Bulletin

TAKE ADVANTAGE OF TAX SAVINGS WITH FSAs

Feel like a big chunk of your paycheck goes to taxes? Using Flexible Spending Accounts is a way to save tax dollars on expenses you would otherwise have paid with after tax funds. One Flexible Spending Account is available for out of pocket healthcare expenses you and your dependents incur while you are participating and the other is for Dependent Care provided to your eligible children or adult dependents. Flexible Spending Accounts

HEALTHCARE FSA

DEPENDENT CARE FSA

For the Healthcare Account, you decide during Open Enroll ment how much you want to contribute to the FSA, up to the prescribed governmental limit. You’ll be provided with a Beniversal card that you may use like a credit card each time you have an out-of-pocket expense. For example, you can pay your doctor’s visit copay with it. Need to fill a prescrip tion? Pay your share of the cost with the card. The card can be used up to the maximum you have elected to contribute for the year even though you have yet to contribute the full amount. In effect, you are advanced the funds, if needed.

For the Dependent Care Account, you must have an eligible dependent – that is, a child under age 13 or a dependent adult who is incapable of self-care. The care provided must enable you and your spouse, if any, to work, look for work or attend school on a full-time basis. Reimbursement is only available up to the amount in your account at any time.

In either account, IRS regulations are specific about eligible expenses. They also require that if you have not used all of the funds in your account by the applicable deadline (for Healthcare, that is March 15 of the year AFTER the year you enroll, while it is December 31 of the same year for Dependent Care), those funds will be forfeited. Nonetheless, appropriate planning makes it unlikely this will occur. To learn more about how you can save tax dollars with Flexible Spending Accounts if you are not already familiar with them, ask your Human Resources representative for a brochure.

YOU MUST ENROLL FOR FLEXIBLE SPENDING ACCOUNT PARTICIPATION ANNUALLY. ELECTIONS WILL NOT BE CARRIED OVER AUTOMATICALLY. HIGH DEDUCTIBLE HEALTHCARE PLAN PARTICIPANTS ARE NOT ELIGIBLE TO PARTICIPATE IN THE HEALTHCARE FSA.

Annual Contribution Maximums for 2023

HEALTHCARE FSA DEPENDENT CARE FSA $3,050* $7,750* * The IRS has not officially released the benefits for 2023. If the limits are changed after Open Enrollment ends, you will have an opportunity to elect the maximum.