CrossCountry Mortgage’s employee benefit package allows employees to participate in a Flexible Spending Account (FSA). The FSA is administered through PNC Bank. An FSA is a pre-taxed benefit allowable under Internal Revenue Code (IRC) Section 125. The plan allows eligible employees to set aside a specific pretax dollar amount for medical, dental, vision, orthodontia, and dependent care expenses. If you have predictable out-of-pocket expenses, you may want to consider opening an FSA. Employees are eligible to participate in an FSA on the 1st following 30 days from their date of hire.
Types of FSA’s:
Medical FSA
A medical FSA can be elected if you are NOT participating in a high-deductible plan and can be used for eligible medical, dental, vision, and orthodontia expenses.
Examples include:
- Office visit Co-pays
- Deductibles
- Prescription eyeglasses or contact lenses
- Dental Cleanings
Limited Medical FSA
A limited medical FSA can be elected if you ARE participating in a high deductible plan, such as the Bronze medical plan, and can be used for eligible dental, orthodontia, and vision expenses.
Dependent Care Account
A Dependent Care Account can be used for childcare expenses for a claimed dependent. Examples include:
- Day care center or babysitter
The IRS Annual Contribution Limits for the 2024 plan year are:
- Medical: $3,200
- Limited Purpose: $3,200
- Dependent Care: $5,000
