New Employee Benefits Enrollment - Dow Corning

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HEALTH SAVINGS ACCOUNT (HSA) HSA Contributions at Dow Corning Dow Corning’s Minimum Contribution Pre-Tax Maximum Employee Contribution Single Family $500 $1,100 $2,400 $4,700 Total Pre-Tax Eligible $2,900 $5,800 Age 55 Catch up $900 You should know… � If you are enrolled in your spouse or domestic partner’s medical plan, it also must be a highdeductible plan as defined by the IRS. � If you or your spouse enrolls in an HSA, and you have a need for a Flexible Spending Account (FSA) (see FSA section, page 24), you can only enroll for the Limited Health Care FSA. � Health care expenses for domestic partners CANNOT be reimbursed from your HSA per the IRS. 21
FLEXIBLE SPENDING ACCOUNTS (FSA) Dow Corning offers Flexible Spending Accounts (FSAs) that allow you to pay for IRS-allowable expenses with pre-tax earnings. Expenses must be incurred during the 2008 calendar year. Dow Corning offers Dependent Care, Health Care, and Limited Health Care FSAs. The following guidelines apply for expenses that are reimbursable through your FSA. For more information about reimbursable expenses, visit the IRS website at http://www.irs.gov/publications/p502/index.html Plan Highlights � Dependent Care FSA: This account may be used only for expenses incurred as a result of your (and your spouse’s or domestic partner’s) employment. It may be used to pay for childcare providers, day care facilities and certain education expenses related to the care of your dependent children under age 13 while you are at work. It may also be used to pay for care provided to an individual with a physical or mental handicapping condition who is your dependent, regardless of age. � Health Care FSA: This account may be used to pay for medical, prescription drug, dental or vision expenses that are not reimbursable by a health insurance plan. You simply use your debit card at the time the expenses are incurred or submit your FSA claims for reimbursement to Wells Fargo before the May 31, 2009 deadline. This plan is not available if you are enrolled in the CDHP option. � Limited Health Care FSA (dental and vision only): This plan is available only if you are enrolled in the CDHP option and HSA account. This FSA is limited to dental and vision expenses only. You simply use your debit card at the time expenses are incurred or submit your FSA claims for reimbursement to Wells Fargo before the May 31, 2009 deadline. Contribution Guidelines: � If both you and your spouse have access to a Dependent Care FSA, the total amount contributed by both of you cannot exceed $5,000 (with a $2,500 maximum for employees who are married but filing separately for income tax purposes). � If you and your spouse or domestic partner are both employed by Dow Corning, you may each contribute up to $3,500 per year into your Health Care FSA or Limited Health Care FSA. � You choose the ANNUAL amount of money that you wish to contribute to the account. The money is deducted from your paycheck on a pre-tax basis – in equal amounts throughout the year – saving you tax dollars. � Consider the amount of your contribution carefully. You have until May 31, 2009 to file claims for expenses incurred in 2008. Any money left in your account after May 31, 2009, will be forfeited. � Your paycheck withholding will be calculated in whole dollar amounts, based on the annual contribution you specify. Some rounding may occur. 22
Page 1 and 2: Dow Corning Corporation - Multibase
Page 3 and 4: INTRODUCTION Dear Fellow Employee:
Page 5 and 6: BENEFIT ENROLLMENT INFORMATION Dow
Page 7 and 8: DENTAL Coverage is effective on you
Page 9 and 10: MEDICAL Coverage is effective on yo
Page 11 and 12: Cost and Coverage Comparison Chart
Page 13 and 14: VISION Coverage is effective on you
Page 15 and 16: DEPENDENT LIFE Coverage is effectiv
Page 17 and 18: BASIC & OPTIONAL LIFE Coverage is e
Page 19 and 20: ACCIDENTAL DEATH & DISMEMBERMENT (A
Page 21: HEALTH SAVINGS ACCOUNT (HSA) The fe
Page 25 and 26: LONG TERM DISABILITY (LTD) Coverage
Page 27 and 28: BUSINESS TRAVEL ACCIDENT LIFE Busin
Page 29: BENEFIT ENROLLMENT WORKSHEET After

New Employee Benefits Enrollment - Dow Corning

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