Page 9 - Watermark Retirement Communities 2022 Benefits Guide Logan Square Union After

Savings Accounts

Watermark offers several accounts that enable you to pay for eligible expenses tax-free. The IRS provides a list
of eligible expenses for each account at irs.gov.

Health Savings Health Care Flexible Dependent Care FSA
Account (HSA) Spending Account (FSA)
Available only to those enrolled in the Only available to those enrolled in the Available to those enrolled in any
Consumer Driven Plan as long as you are Select Plan or Enhanced Plan. medical plan.
not enrolled in any other health coverage
If you are not enrolled in an HSA plan, Use for eligible childcare expenses
or Medicare or claimed as a dependent on you can use this account for medical, for dependents under age 13 or
someone else’s tax return.
pharmacy, dental and vision expenses. elder care.

Comparison of accounts

HSA FSA
Does the company contribute? ✓
The 2022 company contributions
Associate Only: $750
will be deposited into your Associate + Spouse: $1,000 
account in equal installments Associate + Child(ren): $1,000
each pay period throughout
Family: $1,500
the year.
Can I contribute my own ✓ ✓
savings?
✓
Employee: $3,650 ✓
Is there an IRS maximum
annual contribution? Family: $7,300 Health Care FSA: $2,750
Those 55 and older can contribute an additional Dependent Care FSA: $5,000
$1,000 annually.
!
Associates must incur charges on or prior to
Will my savings roll over each ✓ December 31st and have until March 31st to
year? Unlimited submit claims. Funds remaining in your account
after March 31 of the following year will be
forfeited. No rollover for Dependent Care FSA.
Will I earn interest on my ✓ 
savings?
Are the savings tax-free? ✓ ✓
In most states
Will I get a debit card? ✓ 

!
Do I keep the money if I leave ✓
the company? Option to continue Health Care FSA
only through COBRA
Can I also have a Flexible ! N/A
Spending Account (FSA)? Dependent Care FSA only

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