Page 18 - PetVet 2022 Master Benefits Guide_CA Final
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Comparison – FSA vs. HSA
Flexible Spending Account (FSA) Health Savings Account (HSA)
What is it? It’s an account to help you pay for It’s a personal bank account to help
covered health care services and you save and pay for covered
certain out of pocket healthcare health care services and qualified
costs such as qualified medical medical, prescription, dental and
prescription, dental and vision vision expenses for you and your
expenses for you and your eligible eligible dependents.
dependents.
Who is eligible for the You cannot contribute to a Health 1. You must be covered under a
PetVet Care Centers Savings Account (HSA) and high deductible health plan
FSA and HSA? Healthcare Flexible Spending (HDHP),
Account (FSA) simultaneously. 2. You have no other health
All employees currently enrolled in the
HealthCare FSA cannot enroll in or coverage (including an FSA
open a HSA bank account. with your spouse)
3. You are not enrolled in
Medicare or Medicaid
4. You cannot be claimed as a
dependent on someone else’s
tax return.
Where is the account? Account is set up with Discovery Personal bank account is set up
Benefits with Optum Bank
How much can I put 2022 IRS Limit 2022 IRS Limit
in? Healthcare FSA: $2,750 Individuals: $3,650
Dependent Care FSA: $5,000 per Family: $7,300
year ($2,500 if married and filing Catch-up Contribution (age 55 or
separate tax returns) older): $1,000
Does PetVet Care No No
Centers contribute?
Can others contribute? No Almost anyone can contribute to
your HSA—you, your spouse, your
family members. Additionally, your
spouse may contribute to your HSA
on behalf of other family members
(e.g., your children) as long as the
other family members are covered
under the high-deductible health
plan and are not otherwise insured.
Will I receive a debit Yes Yes
card?
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