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Flexible Spending Accounts

What Do I Need to Know to Enroll?

FSAs reduce your taxable income.

Budget accordingly... you can rollover up to $500 of your unused Health Care or Limited Purpose FSA funds to the following plan year if you re-enroll for the following year. The Dependent Care FSA does not have a rollover option.

A flexible spending account is a pre-tax savings plan that allows you to defer up to $2,650/$5,000 of your pre-tax salary for qualified out-of-pocket health/dependent care expenses in a given plan year. Each plan year, you decide whether to participate and how much money to set aside. Veritas' FSA accounts are managed by MyVeritasBenefits.

Things to keep in mind about FSAs:

  • FSAs reduce your taxable income by allowing you to set aside pre-tax income to be used on qualified expenses.
  • You may only sign up for a flexible spending account during new hire enrollment, annual open enrollment, or if you experience a life event change that allows you to enroll in an FSA.
  • You must enroll every plan year to participate.
  • Domestic partners may be covered if they meet the definition of a qualified relative in IRS section 152.
  • If you increase your FSA's annual goal amount through a mid-year Life Event, you can only use the additional funds for claims incurred from the date of the Life Event change.
  • You can rollover up to $500 of your unused Health Care or Limited Purpose FSA funds into your Health Care or Limited Purpose FSA for the following plan year, as long as you elect to participate in either FSA for the next year.
  • Remember to budget the amounts you set aside carefully -- for the Dependent Care FSA, if you don't use it, you lose it!
  • Salary deductions on a pre-tax basis may reduce your covered earnings used in calculating your social security benefits, resulting in a possible reduction in social security benefits.

Health Care Flexible Spending Accounts (HCFSA)

Health Care Flexible Spending Account is a pre-tax savings plan that allows you to defer up to $2,650 of your pre-tax salary for qualified out-of-pocket health care expenses in a given plan year, subject to IRS limits based on your marital and tax-filing status.

Eligibility

You are eligible for this benefit if you are an active U.S. Veritas employee working at least twenty (20) hours per week and not enrolled in the Anthem HSA plan. Your spouse can also contribute $2,650 to a Health Care FSA through his/her employer, even if you both work at Veritas.

Benefit - Health Care FSA

Contribution Amounts: $120 - $2,650

Funds can be used to pay for eligible medical, dental, and vision care expenses that you or your eligible dependents incur, and which are not covered (or fully covered) by your health care plans. Qualified expenses include: deductibles, copayments, chiropractic care, corrective eye surgery, and contact lens solution. You can use the Health Care FSA to pay for your dependents' expenses even if your dependents are not covered under your Veritas Health Care Plans. Each plan year, you decide whether to participate and how much money to set aside.

Over the counter (OTC) drugs are not qualified FSA health care expenses unless you have a doctor's prescription and purchase from a pharmacy (except insulin). View a full list of eligible expenses on the MyVeritasBenefits site.

Limited Purpose Flexible Spending Accounts (LPFSA)

Limited Purpose Flexible Spending Account is a pre-tax savings plan that allows you to defer up to $2,650 of your pre-tax salary for qualified out-of-pocket dental and vision care expenses in a given plan year, subject to IRS limits based on your marital and tax-filing status.

Eligibility

You are eligible for this benefit if you are an active U.S. Veritas employee working at least twenty (20) hours per week and enrolled in the Anthem High-Deductible with Health Savings Account (HSA) Plan. Employees enrolled in a different Veritas medical plan or who waive coverage are ineligible. Your spouse can also contribute $2,650 to a Limited Purpose FSA through his/her employer, even if you both work at Veritas.

Please note: If your hire date is on or after December 1 of the current plan year, you will not be eligible to participate in a Flexible Spending Account for the remainder of the plan year.

Benefit - Limited Purpose FSA

Contribution Amounts: $120 - $2,650

Funds can only be used to pay for eligible dental and vision care expenses that you or your eligible dependents incur, and which are not covered (or fully covered) by your health care plans. Medical care expenses are not eligible. Qualified expenses include: dental and vision deductibles, copayments, and contact lens solution. You can use the Limited Purpose FSA to pay for your dependents' expenses even if your dependents are not covered under your Veritas Health Care Plans. Each plan year, you decide whether to participate and how much money to set aside.

You can view a full list of eligible expenses on the MyVeritasBenefits site.

Be Conservative
Planning is crucial when participating in a Health Care or Limited Purpose FSA. Per IRS regulations, if you have money left in your account at the end of the plan year, that money cannot be refunded to you. However, you can roll over up to $500 of unused Health Care or Limited Purpose FSA funds into next plan year if funds are available and you enroll in a Health Care or Limited Purpose FSA for the following plan year.

Dependent Care Flexible Spending Accounts (DCFSA)

Dependent Care Flexible Spending Account is a pre-tax savings plan that allows you to defer up to $5,000 of your pre-tax salary for qualified out-of-pocket Dependent Care expenses in a given plan year, subject to IRS limits based on your marital and tax-filing status. Veritas' FSA accounts are managed by MyVeritasBenefits.

The Dependent Care FSA cannot be used for dependent health care expenses. Please see the Health Care Flexible Spending Account information above.

Eligibility

You are eligible for this benefit if you are an active U.S. Veritas employee working at least twenty (20) hours per week and you have

  • A legal dependent that is under the age of 13 that requires childcare
    -or-
  • An elderly dependent that requires daycare.

If you are married, your spouse must be employed (including self-employment), a full-time student, or not mentally or physically be able to care for himself or herself. If one of these applies then your dependent care FSA election cannot exceed the income of the lower-earning spouse. Please contact MyVeritasBenefits for more information about these special rules.

Benefit - Dependent Care FSA

Contribution Amounts: $120 - $5,000
This total may not be exceeded per couple.

Funds can be used to pay child or elder day care expenses of legal dependents if the care is needed in order for you (and your spouse) to work or look for work. This means that expenses related to non-work days (e.g. Saturday) are not eligible for reimbursement under the Dependent Care FSA. Qualified expense examples include: licensed day care center/after-school care for children up to age 13, care for elderly and/or disabled adults who qualify as tax dependents.

Please Note: Salary deductions on a pre-tax basis may reduce your covered earnings used in calculating your social security benefits, resulting in a possible reduction in social security benefits.

Under Internal Revenue Code section 129 (a) and (b), the maximum dependent care FSA election is limited to the lesser of:

  1. $5,000 for single taxpayers or married taxpayers filing joint returns; or
  2. $2,500 for married taxpayers filing separate returns; or
  3. The employee's earned income; or
  4. The spouse's earned income

Be Conservative -- Use It Or Lose It
Planning is crucial when participating in a Dependent Care Flexible Spending Account to ensure all the money in your account is used. Per IRS regulations, if you have money left in your account at the end of the plan year, that money cannot be refunded to you. However, your tax savings may offset any year-end forfeiture.

If you have questions for MyVeritasBenefits, please call 1-844-770-0435.

 
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