Page 11 - Fontbonne University 2022 Benefits Guide
P. 11
2022
Benefits Guide
TAX-FAVORED SAVINGS ACCOUNTS
Depending on your medical plan enrollment, you have the option of enrolling in either the healthcare lexible
spending account (FSA) or the health savings account (HSA). While similar, there are several diferences
you need to be aware of before signing up. Below is a high level overview. More details are included on the
following pages.
What is the Difference Between an HSA and FSA?
Health Savings Account Healthcare FSA
(Available with HSA Plan) (Available with Premium Plan)
Up to $3,650 for individual coverage and $7,300
How Much Can I for any other coverage level; if you are 55+, the Up to $2,850, regardless of dependents being
Contribute Pre-Tax to My IRS allows you to contribute an additional $1,000 covered on the medical plan
Savings Account?
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” beneit;
What Happens to Funds however, Fontbonne allows you to rollover up to
Unused at the End of HSA funds always roll over from year to year $570 to be used on qualiied medical expenses in
the Year?
the next year. Funds over $570 are forfeited
We have highlighted more details about the HSA and healthcare FSA programs later in this beneits guide.
11
Benefits Guide
TAX-FAVORED SAVINGS ACCOUNTS
Depending on your medical plan enrollment, you have the option of enrolling in either the healthcare lexible
spending account (FSA) or the health savings account (HSA). While similar, there are several diferences
you need to be aware of before signing up. Below is a high level overview. More details are included on the
following pages.
What is the Difference Between an HSA and FSA?
Health Savings Account Healthcare FSA
(Available with HSA Plan) (Available with Premium Plan)
Up to $3,650 for individual coverage and $7,300
How Much Can I for any other coverage level; if you are 55+, the Up to $2,850, regardless of dependents being
Contribute Pre-Tax to My IRS allows you to contribute an additional $1,000 covered on the medical plan
Savings Account?
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” beneit;
What Happens to Funds however, Fontbonne allows you to rollover up to
Unused at the End of HSA funds always roll over from year to year $570 to be used on qualiied medical expenses in
the Year?
the next year. Funds over $570 are forfeited
We have highlighted more details about the HSA and healthcare FSA programs later in this beneits guide.
11
