Administered by WEX
Arhaus continues to offer you the opportunity to participate in the Flexible Spending Account (FSA), which can save you valuable dollars by lowering your taxable income. You decide how much to set aside based on your estimate of the amount you & your family will spend for eligible healthcare & dependent day care expenses during the plan year. After six months of employment, all full-time Associates are eligible for a Flexible Spending Account.
Resources
You must actively re-enroll each year to participate in a Flexible Spending Account by making an annual contribution election during Open Enrollment or when first eligible. Once you elect a contribution amount, you cannot change that amount during the plan year, unless you experience a qualifying change of status event.
Remember to estimate your expenses conservatively when electing your annual FSA contribution. You must incur the eligible expense on or before December 31st of the plan year to receive reimbursement. A Rollover Provision has been added to the Plan to allow participants to rollover up to $610.00 of their remaining fund from the prior year.
If you have any interest in enrolling in the FSA, it is very important that you understand this plan. Please be sure to contact Human Resources for more information.
Healthcare Flexible Spending Account
The Healthcare Flexible Spending Account allows you to pay for a wide range of eligible health, dental & vision related expenses not fully reimbursed under your plan. The expenses can be paid with pre-tax dollars. The annual maximum that you may contribute to the Healthcare Flexible Spending Account is $3,200 annually. A rollover provision has been added to the plan to allow the participants to rollover up to $610 of remaining funds from the prior year.
The following are examples of expenses that you could be reimbursed for:
- Medical or dental copayments, deductibles & coinsurance
- Prescription drug copayments
- Orthodontia
- Contacts, glasses or laser eye surgery
For a detailed listing of eligible & ineligible expenses, refer to IRS Publication 502 which is available from the IRS website at www.irs.gov/pub/irs-pdf/p502.pdf.
Dependent Care Flexible Spending Account
The Dependent Care Flexible Spending Account allows you to pay for eligible dependent care expenses with pre-tax dollars. The annual maximum that you may contribute to the Dependent Care Flexible Spending Account is $5,000. However, that maximum is reduced to $2,500 if you are married & filing separate tax returns. Eligible expenses included:
- Child care & adult care
- Daycare & after-school care
For a detailed listing of eligible & ineligible expenses, refer to IRS Publication 503 which is available from the IRS website at www.irs.gov/pub/irs-pdf/p503.pdf.
