BNY Mellon Benefits Guide
Flexible Spending Accounts
Flexible Spending Accounts (FSAs) allow you to set aside money from your pay before it is taxable. The money you set aside can be used to pay for certain health care and dependent care expenses. You benefit from planning for upcoming expenses, and you also save on your taxes.
YOUR FSA OPTIONS
Health Care FSA
Dependent Care FSA
No participation
Contribute up to $2,600 a year
No participation
Contribute up to $5,000 a year
You will elect an annual contribution amount when you enroll. To determine how much will be deducted each pay date, divide your annual contribution by 24; or, if you enroll mid-year as a newly hired employee or as a result of a qualified life event, divide by the number of pay periods remaining in the year.
The amounts in your FSA(s) can be used to reimburse you for qualified health care and eligible dependent care expenses that are incurred from January 1, 2018, through December 31, 2018, as an active employee. You must submit all claims by the reimbursement deadline of June 30, 2019. Please note that you may carry over $500 each year from your Health Care FSA for use in the following year.
Important Reminders
  • You must re-enroll each year to participate in either of the FSAs.
  • Expenses for your domestic partner and your domestic partner's children generally are not eligible for reimbursement through either of the FSAs.
  • By law, if you enroll in Plan HSA, you may not participate in the Health Care FSA; however, you may participate in the Limited Purpose FSA that will allow you to pay for non-medical health care expenses, like dental, vision, preventive prescription drugs and out-of-network preventive care benefits.
  • If you enroll in Plan HSA, you may submit for reimbursement from the Limited Purpose FSA medical expenses you incur after satisfying the Plan HSA deductible. You must submit documentation showing that the deductible has been met, along with your first post-deductible expense reimbursement submission to "Your Spending Account."
  • Most over-the-counter (OTC) drug expenses are not eligible for reimbursement. Non-drug OTC health care expenses (such as bandages) are eligible for reimbursement. So are insulin, diabetic supplies and OTC drugs for which you have a doctor's prescription.