Page 20 - GLG Benefits Guide
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HSA, Limited Purpose FSA, and Healthcare FSA … What’s the Difference?
To help you understand the differences between the Health Savings Account (HSA), Limited Purpose Flexible
Spending Account (LFSA), and Healthcare Flexible Spending Account (FSA), please review the chart below.
Health Savings Account Limited Purpose Flexible Healthcare Flexible Spending
Plan Feature (HSA) Spending Account (LFSA) Account (FSA)
Who is eligible? Eligible employees enrolled in the Eligible employees who are Eligible employees who are NOT
HSA 1400 Plan who are under enrolled in the HSA 1400 Plan. enrolled in the HSA 1400 Plan.
age 65, not covered under another
health plan or Healthcare FSA,
and not claimed as a dependent
on another person’s tax return.
Who owns the account? You GLG GLG
Who administers the Fidelity Chard Snyder Chard Snyder
account?
Who can contribute to the You and GLG You You
account?
How much can be GLG will contribute $187.50 for You can contribute up to $2,700 You can contribute up to $2,700
contributed to the account in employee only coverage and
2020? $375 for dependent coverage
quarterly ($750/$1,500 annually).
To receive these funds your
Fidelity HSA must be open at the
time payroll is processed. You can
contribute an additional $2,800
for individual coverage and
$5,600 for dependent coverage.
Those aged 55-65 may contribute
an additional $1,000 (Catch-Up
Contribution).
Are mid-year changes to Yes, at least monthly No, unless you have a qualiied life No, unless you have a qualiied life
contributions allowed? event. event.
When are the funds You can contribute to your January 1 or your effective date in January 1 or your effective date in
available? HSA per pay period and GLG the plan. the plan.
contributes per quarter. Note that
funds must be deposited into your
account before you can use them.
What happens to funds at Unused funds carry over from Up to $500 will rollover into the Up to $500 will rollover into the
the end of the plan year? year to year, with no limitations. next years FSA in early January. next years FSA in early January.
Rollover amounts will be added Rollover amounts will be added
to your next year election and are to your next year election and are
not impacted by the FSA cap. You not impacted by the FSA cap. You
will have until March 31 of the will have until March 31 of the
next year to submit claims for the next year to submit claims for the
previous year. previous year.
Can you take the account Yes No. You may submit claims No. You may submit claims
with you if you leave GLG? incurred prior to your incurred prior to your
termination date. You have 90 termination date. You have 90
days following termination to days following termination to
submit those claims. submit those claims.
What are your tax Your payroll contributions, Your payroll contributions are Your payroll contributions are
advantages? qualiied withdrawals, and interest deducted pre-tax. deducted pre-tax.
earned are tax-free.
* You are not required to set up an HSA, but you can only make pre-tax contributions and receive the employer contribution if you open the account.
Information on accounts, visit www.irs.gov/pub/irs-pdf/p969.pdf
Information regarding qualiied medical expenses, visit www.irs.gov/pub/irs-pdf/p502.pdf
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To help you understand the differences between the Health Savings Account (HSA), Limited Purpose Flexible
Spending Account (LFSA), and Healthcare Flexible Spending Account (FSA), please review the chart below.
Health Savings Account Limited Purpose Flexible Healthcare Flexible Spending
Plan Feature (HSA) Spending Account (LFSA) Account (FSA)
Who is eligible? Eligible employees enrolled in the Eligible employees who are Eligible employees who are NOT
HSA 1400 Plan who are under enrolled in the HSA 1400 Plan. enrolled in the HSA 1400 Plan.
age 65, not covered under another
health plan or Healthcare FSA,
and not claimed as a dependent
on another person’s tax return.
Who owns the account? You GLG GLG
Who administers the Fidelity Chard Snyder Chard Snyder
account?
Who can contribute to the You and GLG You You
account?
How much can be GLG will contribute $187.50 for You can contribute up to $2,700 You can contribute up to $2,700
contributed to the account in employee only coverage and
2020? $375 for dependent coverage
quarterly ($750/$1,500 annually).
To receive these funds your
Fidelity HSA must be open at the
time payroll is processed. You can
contribute an additional $2,800
for individual coverage and
$5,600 for dependent coverage.
Those aged 55-65 may contribute
an additional $1,000 (Catch-Up
Contribution).
Are mid-year changes to Yes, at least monthly No, unless you have a qualiied life No, unless you have a qualiied life
contributions allowed? event. event.
When are the funds You can contribute to your January 1 or your effective date in January 1 or your effective date in
available? HSA per pay period and GLG the plan. the plan.
contributes per quarter. Note that
funds must be deposited into your
account before you can use them.
What happens to funds at Unused funds carry over from Up to $500 will rollover into the Up to $500 will rollover into the
the end of the plan year? year to year, with no limitations. next years FSA in early January. next years FSA in early January.
Rollover amounts will be added Rollover amounts will be added
to your next year election and are to your next year election and are
not impacted by the FSA cap. You not impacted by the FSA cap. You
will have until March 31 of the will have until March 31 of the
next year to submit claims for the next year to submit claims for the
previous year. previous year.
Can you take the account Yes No. You may submit claims No. You may submit claims
with you if you leave GLG? incurred prior to your incurred prior to your
termination date. You have 90 termination date. You have 90
days following termination to days following termination to
submit those claims. submit those claims.
What are your tax Your payroll contributions, Your payroll contributions are Your payroll contributions are
advantages? qualiied withdrawals, and interest deducted pre-tax. deducted pre-tax.
earned are tax-free.
* You are not required to set up an HSA, but you can only make pre-tax contributions and receive the employer contribution if you open the account.
Information on accounts, visit www.irs.gov/pub/irs-pdf/p969.pdf
Information regarding qualiied medical expenses, visit www.irs.gov/pub/irs-pdf/p502.pdf
20
