SpendingAccount_Highlights2009

SpendingAccount_Highlights2009 - Spending Account...

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For additional Spending Account details, please refer to the Spending Account section of the Benefits Handbook at http://cit.hr.caltech.edu/benefits/BenHdbk_Sec6.pdf . Spending Account Highlights When you first become eligible as a new hire and during Annual Enrollment, you have the option to participate in Caltech’s Spending Account benefit. Your Spending Account contributions do not automatically roll over from year to year. To continue to take advantage of the tax benefits, you must make new Spending Account elections each year during Annual Enrollment. What is a Spending Account? A Spending Account is a benefit that lets you set aside pre-tax dollars through automatic payroll deductions throughout the year. Then, you can use the tax- free money in your account to pay for eligible expenses. What types of Spending Accounts are available? There are two types of Spending Accounts, each with a very specific purpose. The Health Care Spending Account is for a wide range of eligible health care expenses for yourself and your dependents (even if they are not covered in a Caltech plan). The Dependent Day Care Spending Account is for eligible dependent care expenses so you can work or so your spouse can work or be a full-time student. The two accounts cannot be used interchangeably. For example, you cannot use your Dependent Day Care Spending Account to pay health care expenses (for yourself or for your dependents). The next page provides additional information about eligible expenses for each Spending Account. How can using a Spending Account save me money?
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SpendingAccount_Highlights2009 - Spending Account...

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