Compass Group offers three flexible spending accounts (FSAs) that let you pay for certain healthcare, dependent care and commuter expenses using pre-tax dollars. It's a great way to save money.
Full-time associates can choose to contribute to any or both of these accounts:
- Healthcare Spending Account
- Dependent Care Spending Account
- Commuter Benefits Program
RememberYou do not have to be enrolled in any medical plan to enroll in an FSA.
FSAs offer tax breaks that feel like a boost to your take-home pay. You direct part of your pay into a spending account. Compass Group will deduct money from your pay each pay period and put it into the spending account - before you pay federal income taxes, Social Security and most state taxes.
|How do pre-tax savings work?|
|The money that funds your account comes from your pay throughout the year, and is taken out before federal income tax, state income tax (in most states) and FICA (Social Security) taxes are calculated. Because you never pay taxes on this money, you can see your savings in your paycheck - in the form of reduced tax withholding. |
How to use your FSAs
Identify your household's annual healthcare expenses not covered by insurance, and determine your dependent care expenses. Consider any planned treatments, such as LASIK surgery or braces for your children. This will help you determine how much you may want to put aside in an FSA account.
Your account is yours to spend on a wide range of eligible expenses for yourself and your eligible dependents during the plan year.
Use it or lose it
The IRS requires that you use all your spending account money for expenses incurred within the calendar year. Expenses are incurred as of the date the service is provided, not when you pay for it. Compass Group is not legally allowed to return unused amounts to you, so plan carefully. You forfeit any money left in your account after all eligible expenses have been paid.
You have three months after the end of the year or after your coverage ends to submit claims incurred while you were covered.
So, you have until March 31 of the next plan year to submit claims incurred through December 31 of the current plan year or within three months of the last day of coverage.