BNY Mellon Benefits Guide
Flexible Spending Accounts
Flexible Spending Accounts (FSAs) allow you to set aside money from your pay on a tax-free basis, as described below. 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. You do not have to be enrolled in a BNY Mellon-sponsored health plan to contribute to an FSA.
YOUR FSA ENROLLMENT OPTIONS
Health Care FSA
Dependent Care FSA
No participation
Contribute up to $2,650 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 medical or eligible dependent care expenses that are incurred from January 1, 2019, through December 31, 2019, as an active employee. You must submit all claims by the reimbursement deadline of June 30, 2020. Please note that you may carry over $500 each year from your Health Care FSA for use in the following year.
If you elect either the Lower Deductible HSA Plan or Higher Deductible HSA Plan for 2019, your Health Care FSA becomes a Limited Purpose FSA. See "Limited Purpose FSA" more information.
Important Reminders
  • You must re-enroll each year to participate in either of the FSAs.
  • Expenses for your qualified domestic partner and your qualified domestic partner's children generally are not eligible for reimbursement through either of the FSAs.
  • By law, if you enroll in either the Lower Deductible HSA Plan or Higher Deductible HSA Plan, you may not participate in the General Purpose Health Care FSA; however, you may participate in the Limited Purpose Health Care FSA, which will allow you to pay for non-medical health care expenses, like dental, vision, preventive prescription drugs and out-of-network preventive care benefits. And, after you meet the annual HSA plan deductible, you may seek reimbursement for other qualified medical plan expenses.
  • If you enroll in either HSA plan, you will not be eligible to use the FSA debit card but may submit documentation of eligible expenses for reimbursement from the Limited Purpose FSA. To obtain reimbursement of qualified medical expenses, you must submit documentation showing that the deductible has been met, along with your first post-deductible expense reimbursement submission.
  • 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.