HRAs & FSAs/ Monthly Premiums and other things
Category : Benefits
Published by Dave Skotarczyk [Dave Skotarczyk] on 2012/8/31
Premiums for actives are deducted from paychecks pre-taxed.
Premiums have to be deducted post-tax to be HRA reimbursable.
Employees can elect post-tax during Open Enrollment each year.
An HRA is a company funded (pre-tax) account, & rolls over year to year.
An FSA is an Employee funded (pre-tax) account that does not roll over. Unused Dollars are forfeited.
An FSA is drawn down first before monies are reimbursed from the HRA.
An HRA is a tax advantage plan so benefits are not generally subject to taxation.
Eligible bills for HRA reimbursement can be sent individually or sent all at once.
Generally 90 calendar days are given at year-end for bills incurred during the benefit year.
Many over the counter drugs like allergy meds are HRA reimbursable.
Vitamins are not generally reimbursable thru an HRA.
HRAs are guided by IRS publication 502 & 969. Tax laws could change.
SHSP is the FSA and HRA vendor. (Retirees are not eligible for FSAs).
The AT&T has informed CWA District 4 the accelerated SSP ( $1,323.00) should be credited to members HRA accounts 10-1-2012. Information packets will be sent to employees at the beginning of October.
There will be no additional contributions to the HRA with the exception of SSP Awards
To be eligible an employee had to be participating in a company sponsored plan on July1, 2012. Other employees will receive their cash awards.
Retirees eligible for an HRA will receive a single payment whether family or individual in 2013. The amount will be based on the amount of the 2013 dividend. There will not be any other payments in 2014 and 2015.
Premiums have to be deducted post-tax to be HRA reimbursable.
Employees can elect post-tax during Open Enrollment each year.
An HRA is a company funded (pre-tax) account, & rolls over year to year.
An FSA is an Employee funded (pre-tax) account that does not roll over. Unused Dollars are forfeited.
An FSA is drawn down first before monies are reimbursed from the HRA.
An HRA is a tax advantage plan so benefits are not generally subject to taxation.
Eligible bills for HRA reimbursement can be sent individually or sent all at once.
Generally 90 calendar days are given at year-end for bills incurred during the benefit year.
Many over the counter drugs like allergy meds are HRA reimbursable.
Vitamins are not generally reimbursable thru an HRA.
HRAs are guided by IRS publication 502 & 969. Tax laws could change.
SHSP is the FSA and HRA vendor. (Retirees are not eligible for FSAs).
The AT&T has informed CWA District 4 the accelerated SSP ( $1,323.00) should be credited to members HRA accounts 10-1-2012. Information packets will be sent to employees at the beginning of October.
There will be no additional contributions to the HRA with the exception of SSP Awards
To be eligible an employee had to be participating in a company sponsored plan on July1, 2012. Other employees will receive their cash awards.
Retirees eligible for an HRA will receive a single payment whether family or individual in 2013. The amount will be based on the amount of the 2013 dividend. There will not be any other payments in 2014 and 2015.