Page 15 - Fontbonne New Hire
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Fontbonne University
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 $3,450 for individual Up to $2,650, regardless of
I Contribute coverage and $6,850 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 Offset 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 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 Mid- throughout the plan year
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 the
been payroll deducted and date you become eligible to
deposited to your account are participate
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 the Fontbonne allows you to
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
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 $3,450 for individual Up to $2,650, regardless of
I Contribute coverage and $6,850 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 Offset 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 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 Mid- throughout the plan year
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 the
been payroll deducted and date you become eligible to
deposited to your account are participate
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 the Fontbonne allows you to
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
