Save money with FSA pretax benefit accounts. EMPLOYEE EDUCATION FSA Participant Benefits See how easy it is to start saving with a TASC Benefit Account. See details on reverse. Increase your take-home pay by reducing your taxable income. Each $1 you contribute to your FSA reduces your taxable income by $1. With less tax taken, your take-home pay increases! To estimate potential savings based on your income and expenses, use the Tax Savings Calculator at www.tasconline.com/tasc-calculators. HEALTHCARE Medical/dental office visit co-pays Dental/orthodontic care services Prescriptions, vaccinations, and OTC Eye exams; prescription glasses/lenses DEPENDENT CARE Daycare expenses Before & after school care Nanny/nursery school Elder care
- Determine your elections based on your estimated out-of-pocket expenses for the year
- Your employer may offer other types of Benefit Accounts too; ask for details
- For a complete list of eligible expenses, see IRS Publications 502 & 503 at irs.gov That’s a net increase in take-home pay of $166 every month!
Here is his net monthly take-home pay
A Flexible Spending Account (FSA) puts more money in your pocket by reducing your taxable income when you contribute pretax dollars to pay for common
expenses like these
Richard has
- Gross monthly pay of $3,500
- $600 per month in eligible expenses Without FSA ($600 spent using post-tax dollars)
$1,932 With FSA ($600 spent using pretax dollars) $2,098 Consider this example: (for illustration only)
Questions? Ask your employer or contact your Plan Administrator: Total Administration Services Corporation - www.tasconline.com - 1-800-422-4661 3. ACCESS START by making a conservative estimate of how much you expect to spend on eligible out-of-pocket expenses for the year. COMPARE your estimate to the IRS limits. If your estimate is higher than these annual contribution limits, consider making the maximum contribution allowed. Your contribution will be deducted in equal amounts from each paycheck, pretax, throughout the plan year. Your total annual contribution to a Healthcare FSA will be available to you immediately at the start of the plan year. Alternatively, your Dependent Care FSA funds are only available as payroll contributions are made. How to participate. MyCash Account: Included on your TASC Card for faster reimbursement deposits and non-benefit purchases. TASC Mobile App: Track and manage all benefits and access numerous helpful tools, anywhere and anytime! Search for “TASC” (green icon). 1. DECIDE how much you want to contribute. 2. ENROLL by completing the enrollment process. This convenient card automatically approves and deducts most eligible purchases from your benefit account with no paperwork required. Plus, for purchases made without the card, you can request reimbursement online, by mobile app, or using a paper form. Reimbursements happen fast—within 12 hours—when you request to have them added to the MyCash balance on your TASC Card. You can use the MyCash balance on your card to get cash at ATMs or to buy anything you want anywhere Mastercard is accepted! FSA Participant Benefits Page 2 GET IT ONGET IT ON It’s easy to start saving with an FSA.
Just follow 3 simple steps
Check with your employer for plan specifics and review at the IRS limits at www.tasconline.com/benefits-limits. The more you contribute, the lower your taxable income will be. However, it’s important to be conservative when choosing your annual contribution based on your anticipated qualified expenses since:
- The money you contribute to your benefit account can only be used for eligible FSA expenses.
- Any unused FSA funds at the close of the plan year are not refundable to you. (A grace period or carryover option may be in place for your plan. Check with your employer for plan guidelines and allowances.)
your funds easily using the TASC Card. FX-4245-082922 This Mastercard is administered by TASC, a registered agent of Pathward. Use of this card is authorized as set forth in your Cardholder Agreement. The card is issued by Pathward, N.A., Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.
Attachment: TASC FSA Participant Benefits (PDF)