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Savings accounts
MCA 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 Dependent Care Flexible Health Care Flexible
Account (HSA) Spending Account (FSA) Spending Accounts (FSAs)
Available to those enrolled in Use for eligible childcare expenses for Your options depend on your medical
the HSA Plan as long as you are dependents under age 13 or eldercare. plan enrollment.
not enrolled in any other health ● Health Care FSA – If you or your spouse
coverage or Medicare, or claimed are not enrolled in an HSA plan, you can
as a dependent on someone else’s use this account for medical, pharmacy,
tax return. dental and vision expenses.
● Limited Purpose FSA – If you are
enrolled in an HSA plan, you can use
this account to pay for dental and vision
expenses only.
Comparison of accounts
FSA HSA
Does the company contribute?
Amount for full-year 2022* X Employee: $500
Employee +1 or Family: $1,000
Can I contribute my own savings?
Is there an IRS maximum annual Health Care or Employee: $3,650**
contribution?** Limited Purpose FSAs: $2,850 Family: $7,300**
Dependent Care FSA: $5,000 Those 55 and older can contribute an
additional $1,000 annually.
!
Up to $570 for Health Care and
Will my savings roll over each year? Limited Purpose FSAs;
No rollover for Dependent Unlimited
Care FSA
Will I earn interest on my savings? X
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 or Limited
Purpose FSAs only through COBRA
!
Can I also have a Flexible Spending
Account (FSA)? N/A Limited Purpose and
Dependent Care FSAs only
*Annual employer HSA contribution will be divided into a flat contribution amount each payroll period. For new hires, this amount will
be prorated.
**The maximum contribution amounts include your employer contribution to the HSA.
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