Page 9 - AFL 2022 Grandfathered Guide with Legal Notices
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SAVINGS AND REIMBURSEMENT ACCOUNTS
AFL offers several accounts that enable you to pay for eligible expenses tax-free. We also offer a plan with a Health
Reimbursement Arrangement (HRA). This is a reimbursement arrangement only. You cannot contribute to this account; it is
funded and owned exclusively by the company. The IRS provides a list of eligible expenses for each account at www.irs.gov.
Health Savings Health Care Flexible Dependent
Account (HSA) Spending Accounts (FSAs) Care FSA
Available to those enrolled Your options depend on your medical plan enrollment. Use for eligible childcare
in the HSA Plan as long as ΅ Health Care FSA – If you are not enrolled in an HSA expenses for dependents
you are not enrolled in any plan, you can use this account for medical, pharmacy, under age 13 or eldercare.
other health coverage or dental and vision expenses.
Medicare, or claimed as a ΅ Limited Purpose FSA – If you are enrolled in an HSA
dependent on someone plan, you can use this account to pay for dental and
else’s tax return. vision expenses only.
Comparison of accounts
HSA HRA FSA
Does the company
contribute? X Employee: $750 X
Amount for full-year 2022 Employee +1 or Family: $1,250
Can I contribute my
own savings? X
Employee: $3,650
Is there an IRS maximum Family: $7,300 X
Health Care FSA: $2,750
annual contribution? Those 55 and older can Dependent Care FSA: $5,000
contribute an additional
$1,000 annually.
! !
Will my savings roll over Up to the amount of your Up to $500 for Health Care FSA;
each year? Unlimited deductible; available as long as No roll over for Dependent
you are enrolled in the plan Care FSA
Will I earn interest on X X
my savings?
Are the savings tax-free?
In most states
Will I get a debit card? X X X
! !
Do I keep the money if Option to continue Option to continue Health Care
I leave the company?
through COBRA FSA only through COBRA
!
Can I also have a Flexible
Spending Account (FSA)? Limited Purpose and N/A
Dependent Care FSAs only
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