Page 10 - Benefit Guide 2022
P. 10
Savings Account Comparison
Hillyard offers accounts that enable you to pay for eligible health care expenses tax-free. The most significant
difference between Flexible Spending Accounts (FSA) and Health Savings Account (HSA) is that you control
an HSA and allows contributions to roll over, while FSAs are less flexible and owned by Hillyard. Both FSAs
and HSAs allow you to save for your medical expenses on a tax-advantaged basis using pretax money to pay
for qualified medical costs. The IRS provides a list of eligible expenses for each account at www.irs.gov.
HSA FSA
Available to those enrolled in a HDHP If you are not enrolled in a HDHP
medical plan as long as you are not
Plan Eligibility enrolled in any other health coverage medical plan with a HSA, you can use
this account for medical, pharmacy,
or Medicare, or claimed as a dependent dental and vision expenses.
on someone else’s tax return.
YES
Does Hillyard contribute? Employee: $500 NO
EE+Child(ren)/EE+Spouse: $750
Family: $1,000
Can I contribute to the YES YES
account?
YES
Is there an IRS maximum Employee: $3,650 YES
annual contribution? Family: $7,300 Health Care FSA: $2,750
Those 55 and older can contribute an
additional $1,000 annually.
Do I keep the money if I leave YES NO
Hillyard?
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