Page 13 - HutsonWood-2023-24-Benefit Guide

Savings Accounts

HutsonWood 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 www.irs.gov.

Health Savings Health Care Flexible Dependent Care Flexible
Account (HSA) Spending Accounts (FSAs) Spending Account (FSA)

Available to those enrolled in an HDHP medical plan as long as Your options depend on your medical plan enrollment. Use for eligible childcare expenses for dependents under
you are not enrolled in any other health coverage or Medicare, • General Purpose Health Care FSA – If you are not enrolled in age 13 or elder care.
or claimed as a dependent on someone else’s tax return. an HDHP medical plan, you can use this account for medical,
pharmacy, dental and vision expenses.
• Limited Purpose Health Care FSA – If you are enrolled in
an HDHP medical plan, you can use this account to pay for
dental and vision expenses only.

Comparison of accounts HSA FSA


Does the company contribute? No, it is all employee funded
Amount for plan year 2023-24 Employee: $19.23 (per pay period)
Employee +1 or Family: $38.46 (per pay period)
Can I contribute my own savings?  

Employee: $3,850 Family: $7,750 
Is there an IRS maximum annual contribution? Health Care or Limited Purpose FSAs: $3,050
Those 55 and older can contribute an additional Dependent Care FSA: $5,000
$1,000 annually.
 FSAs have a 2 1/2-month extension to use funds
Will my savings roll over each year?
Unlimited but there is no rollover provision
Will I earn interest on my savings?  No
Are the savings tax-free?  
In most states
Do I keep the money if I leave the company?  No, any funds not reimbursed will be forfeited
Limited Purpose and
Can I also have a Flexible Spending Account (FSA)? N/A
Dependent Care FSAs only

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