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Contribution Deduction Examples
The following example illustrates how to determine your contributions if you contribute to the Health Care Spending Account. This example shows an employee who is paid on a semimonthly basis and who chooses to contribute $2,850 during Annual Benefits Enrollment. Generally, semimonthly deductions would be calculated as follows:
  • $2,850 ÷ 24 pay periods = $118.75 per semimonthly pay period
If you are hired on April 1 and you elect $2,850, you will contribute $2,850 for the remainder of the year. If you are a full-time employee, this means your contributions will begin on May 1 and the amount deducted each pay period will be calculated as follows:
  • $2,850 ÷ 16 pay periods = $178.13 per semimonthly pay period
MRA Funds Will Be Used Up First
If you are enrolled in the JPMorgan Chase Medical Plan, funds in your Medical Reimbursement Account (MRA) will be used to pay for eligible medical and prescription drug expenses before your Health Care Spending Account funds are used.
You need to carefully consider the amount you plan to contribute to the Health Care Spending Account in order to avoid having to forfeit a balance that exceeds $570.