Page 9 - 2022-23 Drug Plastics Benefit Guide

Savings Accounts

Drug Plastics 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 Account (FSA) Spending Account (FSA)
Available to those enrolled in the You can use this account to pay for Use for eligible childcare expenses for
PPO (HSA) Green Plan (formerly medical, dental and vision expenses only. dependents under age 13 or elder care.
Value Plan) as long as you are
not enrolled in any other health
coverage or Medicare, or claimed
as a dependent on someone else’s
tax return.

Comparison of accounts

HSA (Fidelity) FSA (Optum)

 
Does the company contribute? Up to the first $120 of your contributions
Amount for plan year 2022-23 Employee: $1,000 (not to exceed a combined total of $2,850)
Employee + Dependents/Family: $2,000
for Health Care FSA

Can I contribute my own savings?  
 

Is there an IRS maximum annual Employee: $3,650 Health Care FSA: $2,850
contribution? Family: $7,300 Dependent Care FSA: $5,000
Those 55 and older can contribute an ($2,500 if you are married and
additional $1,000 annually. file separate tax returns)

Will my savings roll over each year? X
Unlimited

Will I earn interest on my savings?  X
Are the savings tax-free?  
In most states
Do I keep the money if I leave 
the company? X
Can I also have a Flexible Spending !
Account (FSA)? Dependent Care FSA only N/A

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