Page 15 - Fontbonne 2021 New Hire Guide
P. 15
2021
Fontbonne University Enrollment Guide
What is the Difference Between an HSA and FSA?
Health Savings Account Healthcare FSA
(Available with QHDHP Plan) (Available with Plus Plan)
How Much Can I Up to $3,600 for individual coverage and $7,200 Up to $2,750, regardless of dependents being
for any other coverage level; if you are 55+,
Contribute Pre-Tax to My the IRS allows you to contribute an additional covered on the medical plan
Savings Account? $1,000 catch-up contribution
What Can I Use My Pre-Tax Ofset your deductible, copays (if applicable to your plan), coinsurance, prescription drug costs,
Savings For? dental care, vision care, and much more
Where Can I Find a
Comprehensive List of www.irs.gov; Section 213 (d) of the IRS Tax Code
Eligible Expenses?
Can I Make Changes to My Yes; you may make contribution changes
Contribution throughout the plan year Upon experiencing a qualifying life event only
Mid-Year?
HSA funds are available shortly after your payroll
When are My Savings deduction occurs; only funds that have been Healthcare FSAs are fully funded and available
for you to use as of January 1 or the date you
Available to Me? payroll deducted and deposited to your account become eligible to participate
are available
The healthcare FSA is a “use it or lose it”
What Happens to Funds beneit; however, Fontbonne allows you to
Unused at the End of HSA funds always roll over from year to year rollover up to $550 to be used on qualiied
the Year? medical expenses in the next year. Funds over
$550 are forfeited
We have highlighted more details about the HSA and healthcare FSA programs in pages 11 through 14 of this beneits guide.
15
Fontbonne University Enrollment Guide
What is the Difference Between an HSA and FSA?
Health Savings Account Healthcare FSA
(Available with QHDHP Plan) (Available with Plus Plan)
How Much Can I Up to $3,600 for individual coverage and $7,200 Up to $2,750, regardless of dependents being
for any other coverage level; if you are 55+,
Contribute Pre-Tax to My the IRS allows you to contribute an additional covered on the medical plan
Savings Account? $1,000 catch-up contribution
What Can I Use My Pre-Tax Ofset your deductible, copays (if applicable to your plan), coinsurance, prescription drug costs,
Savings For? dental care, vision care, and much more
Where Can I Find a
Comprehensive List of www.irs.gov; Section 213 (d) of the IRS Tax Code
Eligible Expenses?
Can I Make Changes to My Yes; you may make contribution changes
Contribution throughout the plan year Upon experiencing a qualifying life event only
Mid-Year?
HSA funds are available shortly after your payroll
When are My Savings deduction occurs; only funds that have been Healthcare FSAs are fully funded and available
for you to use as of January 1 or the date you
Available to Me? payroll deducted and deposited to your account become eligible to participate
are available
The healthcare FSA is a “use it or lose it”
What Happens to Funds beneit; however, Fontbonne allows you to
Unused at the End of HSA funds always roll over from year to year rollover up to $550 to be used on qualiied
the Year? medical expenses in the next year. Funds over
$550 are forfeited
We have highlighted more details about the HSA and healthcare FSA programs in pages 11 through 14 of this beneits guide.
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