Common use of Health Care Account Clause in Contracts

Health Care Account. An eligible employee may elect to have a specified amount withheld on a pre-tax basis from the first two paychecks of each month, up to the annual maximum, to be used for reimbursement of medical expenses which are not covered by insurance, in accordance with the plan and IRS regulations. Eligible expenses are those currently recognized as deductible for Federal Tax purposes, except mileage and parking. Funds which are withheld must be reimbursed for expenses incurred in the Plan year in which they are withheld or, within the first two (2) months of the next plan year (carryover), or under current IRS rules, the unused funds will be forfeited.

Health Care Account. An eligible employee may elect to have a specified amount withheld on a pre-tax basis from the first two paychecks of each month, up to the annual maximum, to be used for reimbursement of medical expenses which are not covered by insurance, in accordance with the plan and IRS I RS regulations. Eligible expenses are those currently recognized as deductible for Federal Tax purposes, except mileage and parking. Funds which are withheld must be reimbursed for expenses incurred in the Plan year in which they are withheld or, within the first two (( 2) months of the next plan year (carryover), or under current IRS rules, the unused funds will be forfeited.