Page 11 - Murphy Benefits Guide
P. 11
What is the Difference Between an HSA and FSA?
Health Savings Account Healthcare FSA
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 medical deductible, copays (if applicable to your
Use My Pre-Tax plan), coinsurance, prescription drug costs, dental care, vision
Savings For? care, 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 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 Murphy Company allows a
Year? grace period extension through
March 31 of the following
calendar year
Murphy 11
Health Savings Account Healthcare FSA
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 medical deductible, copays (if applicable to your
Use My Pre-Tax plan), coinsurance, prescription drug costs, dental care, vision
Savings For? care, 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 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 Murphy Company allows a
Year? grace period extension through
March 31 of the following
calendar year
Murphy 11
