BNY Mellon Benefits Guide
Flexible Spending Accounts (FSAs) Highlights
- BNY Mellon offers three FSAs: Health Care, Limited Purpose Health Care and Dependent Care.
- Your 2016 health plan election determines whether you are eligible to enroll in the Health Care FSA or the Limited Purpose FSA.
- Your health plan election does not affect your participation in a Dependent Care FSA.
- For more information on the FSAs, including eligibility, contributions, tax benefits and other provisions, see the Flexible Spending Accounts section. To see how the Health Care and Limited Purpose FSAs compare with the Health Savings Account under Plan HSA, review "How the Health Accounts Compare" in the Medical and Prescription Drug section.
- Over-the-counter (OTC) drugs are not eligible for reimbursement from a Health Care or Limited Purpose Health Care FSA. Non-drug OTC purchases, such as bandages, are eligible for reimbursement, as well as insulin and any OTC drug for which you have a doctor's prescription.
- The maximum you can contribute annually to a Health Care FSA or Limited Purpose Health Care FSA is $2,550.
- If you have a balance remaining in your Health Care FSA or Limited Purpose Health Care FSA at year-end 2015, up to $500 will be carried over for your use in 2016. (Any unused amounts over $500 are subject to the IRS "use it or lose it" forfeiture rule unless submitted for reimbursement on or before June 30, 2016. Reimbursement is limited to expenses incurred in 2015.)
- Any carryover from 2015 to 2016 will not affect your contribution for 2016. You can contribute up to the allowable annual election amount for 2016 ($2,550) plus any carryover from 2015 (up to $500) for a total balance of up to $3,050 in 2016.
- With the exception of the $500 Health Care FSA carry-over, eligible 2016 expenses must be incurred during the plan year (January 1, 2016, through December 31, 2016) and submitted for reimbursement by June 30, 2017.