Page 15 - Fontbonne 2020 Benefits
P. 15
2020
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 Up to $3,550 for individual Up to $2,750, regardless of
I Contribute coverage and $7,100 for any dependents being covered on
Pre-Tax to My other coverage level; if you the medical plan
Savings Account? are 55+, the IRS allows you to
contribute an additional $1,000
catch-up contribution
What Can I Ofset your deductible, copays (if applicable to your plan),
Use My Pre-Tax coinsurance, prescription drug costs, dental care, vision care,
Savings For? and much more
Where Can I Find www.irs.gov; Section 213 (d) of the IRS Tax Code
a Comprehensive
List of Eligible
Expenses?
Can I Make Yes; you may make Upon experiencing a qualifying
Changes to My contribution changes life event only
Contribution throughout the plan year
Mid-Year?
When are My HSA funds are available shortly Healthcare FSAs are fully
Savings Available after your payroll deduction funded and available for you
to Me? occurs; only funds that have to use as of January 1 or
been payroll deducted and the date you become eligible
deposited to your account to participate
are available
What Happens HSA funds always roll over The healthcare FSA is a “use
to Funds Unused from year to year it or lose it” beneit; however,
at the End of Fontbonne allows you to
the Year? rollover up to $500 to be used
on qualiied medical expenses
in the next year. Funds over
$500 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 Up to $3,550 for individual Up to $2,750, regardless of
I Contribute coverage and $7,100 for any dependents being covered on
Pre-Tax to My other coverage level; if you the medical plan
Savings Account? are 55+, the IRS allows you to
contribute an additional $1,000
catch-up contribution
What Can I Ofset your deductible, copays (if applicable to your plan),
Use My Pre-Tax coinsurance, prescription drug costs, dental care, vision care,
Savings For? and much more
Where Can I Find www.irs.gov; Section 213 (d) of the IRS Tax Code
a Comprehensive
List of Eligible
Expenses?
Can I Make Yes; you may make Upon experiencing a qualifying
Changes to My contribution changes life event only
Contribution throughout the plan year
Mid-Year?
When are My HSA funds are available shortly Healthcare FSAs are fully
Savings Available after your payroll deduction funded and available for you
to Me? occurs; only funds that have to use as of January 1 or
been payroll deducted and the date you become eligible
deposited to your account to participate
are available
What Happens HSA funds always roll over The healthcare FSA is a “use
to Funds Unused from year to year it or lose it” beneit; however,
at the End of Fontbonne allows you to
the Year? rollover up to $500 to be used
on qualiied medical expenses
in the next year. Funds over
$500 are forfeited
We have highlighted more details about the HSA and healthcare FSA programs
in pages 11 through 14 of this beneits guide.
15
