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Pre-tax Savings Accounts
- A Pre-Tax Savings Account allows you to set aside before-tax income to pay for dependent care and out-of-pocket healthcare expenses.
- The Company offers several types of Pre-Tax Savings Accounts:
- Health Savings Account (HSA) that works with high deductible medical plans.
- Healthcare Flexible Spending Accounts (FSA) that works with medical plans that are not considered high deductible plans.-
- Limited-Purpose Flexible Spending Accounts that work with high deductible medical plans and your HSA.
- Dependent Care Flexible Spending Accounts used for eligible child and elder care expenses.
- Claims for all of these pre-tax savings accounts are processed by ‘Your Spending Account’ (YSA).
- A Your Spending Account Card will be provided to HSA and FSA participants.
- When you incur eligible medical, dental and/or vision or dependent care services covered under your YSA plan, you will be eligible for reimbursement from your YSA Spending Account.
- 2014 Flexible Spending Account contributions will be deducted from your paychecks throughout the calendar year.
- 2014 eligible healthcare FSA or limited-purpose FSA expenses for reimbursement must be incurred January 1, 2014 – March 15, 2015.
- 2014 eligible dependent care expenses for reimbursement must be incurred January 1, 2014 – December 31, 2014.
*Pre-Tax Savings Plans are currently not available to Island associates.