Flexible Spending Accounts

Flexible Spending Accounts (FSAs) allow you to set aside before-tax dollars from your pay to cover certain healthcare or child/elder care expenses in two separate accounts.

• The Health Care Flexible Spending Account (HFSA) lets you set aside before-tax dollars to pay for certain health care expenses for yourself, your spouse and your eligible dependent children. See a full list of healthcare expenses eligible for reimbursement through the HFSA.
• The Dependent Care Flexible Spending Account (DFSA) lets you set aside before-tax dollars to pay for certain dependent child/elder care expenses that you incur so that you (and your spouse, if you are married) can work or look for work, or so that your spouse can attend school full time. See a full list of dependent care expenses eligible for reimbursement through the DFSA.

You may elect to participate in one account, both accounts or neither account. To participate, you must actively re-enroll each year during annual open enrollment. Your elections do not automatically continue from one year to the next.

Eligibility

As a represented employee, you are eligible to participate on your date of hire. Review the Flexible Spending Accounts (Reimbursement Accounts) Summary Plan Description (SPD) for details.

Coverage Options and Costs

Coverage Options

The HFSA may be used to pay for eligible healthcare expenses for yourself, your spouse and your eligible dependents.

The DFSA may be used to pay for eligible child/elder care expenses that allow you to work, or if you are married, that allow both you and your lawful spouse to work or your lawful spouse to attend school full time.

How the Accounts Work

• When you enroll, you choose how much to contribute to the accounts, up to the maximum allowed for the year;
• Your contribution is taken from your pay on a before-tax basis;
• When you incur an eligible expense, you file a claim; and
• You are then reimbursed for eligible expenses according to the rules of the plan.

You do not pay taxes on the payments you receive from the accounts, but you cannot deduct expenses that are reimbursed through the accounts from your federal income taxes.

Additionally, you cannot start or stop contributing or change your contribution amounts in either account during the year unless you have a Life Event (qualified status change).

If you contribute more to the accounts than you claim in expenses during the year, federal law requires you to forfeit the leftover money in your accounts. If you do not use all the funds you set aside for the Plan Year, they cannot be reimbursed to you, they cannot be carried over to the next Plan Year and they cannot be transferred between the HFSA and the DFSA, or vice versa.

An HFSA Debit Card Is Available
If you contribute to the HFSA, you will automatically receive a debit card at no cost the first time you enroll. This card makes it easy for you to pay for eligible expenses directly from your account — simply use your card at the time of purchase just like you would use a credit card. The funds will be automatically deducted from your account, so you do not need to pay out-of-pocket and then wait for reimbursement. You can even use the card to purchase mail-order prescription drugs and contact lenses. However, you will need to continue submitting claims to receive reimbursement for any eligible expenses not purchased with the card.

Cards are not available for the DFSA.

Deadlines

HFSA

• If you are enrolled during the current Plan Year, any eligible claims can be incurred from January 1 of the current Plan Year through March 15 of the following Plan Year. The deadline for filing your claims to receive reimbursement is May 15 of the following Plan Year.
  • For example: You have $100 left in your HFSA at the end of the prior Plan Year, and incur a $30 doctor's office visit copayment on February 2 of the new Plan Year. You can pay for the $30 copayment from your $100 HFSA balance since you have until March 15 of the new Plan Year to spend the money left in your HFSA from the prior Plan Year. Remember to file your claim by May 15 of the new Plan Year to receive reimbursement.

DFSA

• If you are enrolled, any eligible claims can be incurred between January 1 and December 31 of the current Plan Year, and filed by May 15 of the following Plan Year.
• Note: If you leave the company before the end of the Plan Year (December 31) you may submit claims under the DFSA for eligible child/elder care expenses, up until May 15 of the following year, for all claims incurred prior to the earlier of (1) December 31 of the current Plan Year, or (2) when there is no more money in your account. You cannot continue to make DFSA contributions after you leave the payroll.

Questions? Go to the Your Benefits Resources website or call the Nokia Benefits Resource Center.

Costs

HFSA — You can contribute a minimum of $100 or up to a maximum of $2,750 on a before-tax basis to each individual account, in $1 increments.

DFSA — You can contribute a minimum of $100 or up to a maximum of $5,000 on a before-tax basis to each individual account, in $1 increments.