Page 10 - TimkenSteel 2022 Benefit Guide

SAVINGS ACCOUNTS

Health Savings Health Care Flexible Dependent Care Flexible
Account (HSA) Spending Account (FSA) Spending Account (FSA)
Available to those enrolled in the HSA If you are not enrolled in an HSA plan, You can withdraw your money tax-free
Plan as long as you are not enrolled you can use this account for medical, at any time, as long as you use it for
in any other health coverage or pharmacy, dental and vision expenses. qualified expenses (a list can be found
Medicare, or claimed as a dependent on www.irs.gov)
on someone else’s tax return.

Comparison of accounts

HSA FSA

Does the company contribute?  X
Amount for full-year 2022 Employee: $500
Employee +1 or Family: $1,000
Can I contribute my  
own savings?

Employee: $3,650 
Is there an IRS maximum annual Family: $7,300
contribution? Those 55 and older can contribute an Health Care FSA: $2,750
additional Dependent Care FSA: $5,000
$1,000 annually.

Will my savings roll over each year?  X
Unlimited
Will I earn interest on  X
my savings?

Are the savings tax-free?  
In most states
!
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 Spending !
Account (FSA)? Dependent Care FSA only N/A

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