Page 13 - Future Steps
P. 13
Tax-Favored Savings 2017 Beneits Enrollment
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 differences 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 High Deductible Plan) (available with Traditional Plan)
How much can I contribute Up to $3,400 for single coverage and $6,750 for Up to $2,600, regardless of dependents being
pre-tax to my savings family coverage; if you are 55+, the IRS allows covered on the medical plan
account? you to contribute an additional $1,000 catch-up
contribution
What can I use my pre-tax Offset your deductible, copays (if applicable to your plan), coinsurance, prescription drug costs, dental care,
savings for? vision care, and much more
Where can I find a irs.gov; Section 213 (d) of the IRS Tax Code
comprehensive list of eligible
expenses?
Can I make changes to my Yes; you may make contribution changes throughout Upon experiencing a qualifying life event only
contribution mid-year? the year
When are my savings HSA funds are available shortly after your payroll Healthcare FSAs are fully funded and available for
available to me? deduction occurs; only those funds which have been you to use as of January 1 or the date you become
payroll deducted and deposited to your account are eligible to participate
available to you to spend
What happens to funds HSA funds always roll over from year to year The healthcare FSA is a “use it or lose it” benefit;
unused at the end of the funds you do not use during the year are forfeited
year? to the plan; carryover benefit applies, allowing up to
$500 to roll over to the following year
We have highlighted more details about the HSA and Healthcare FSA programs later in this benefits guide.
13
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 differences 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 High Deductible Plan) (available with Traditional Plan)
How much can I contribute Up to $3,400 for single coverage and $6,750 for Up to $2,600, regardless of dependents being
pre-tax to my savings family coverage; if you are 55+, the IRS allows covered on the medical plan
account? you to contribute an additional $1,000 catch-up
contribution
What can I use my pre-tax Offset your deductible, copays (if applicable to your plan), coinsurance, prescription drug costs, dental care,
savings for? vision care, and much more
Where can I find a irs.gov; Section 213 (d) of the IRS Tax Code
comprehensive list of eligible
expenses?
Can I make changes to my Yes; you may make contribution changes throughout Upon experiencing a qualifying life event only
contribution mid-year? the year
When are my savings HSA funds are available shortly after your payroll Healthcare FSAs are fully funded and available for
available to me? deduction occurs; only those funds which have been you to use as of January 1 or the date you become
payroll deducted and deposited to your account are eligible to participate
available to you to spend
What happens to funds HSA funds always roll over from year to year The healthcare FSA is a “use it or lose it” benefit;
unused at the end of the funds you do not use during the year are forfeited
year? to the plan; carryover benefit applies, allowing up to
$500 to roll over to the following year
We have highlighted more details about the HSA and Healthcare FSA programs later in this benefits guide.
13
