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 the 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.
Resources
Types of FSA’s:
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
Can be elected if you ARE participating in a high deductible plan, such as the Bronze medical plan, and be used for eligible dental, orthodontia, and vision expenses.
Dependent Care Account
Can be used for child care 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
