Page 9 - Gerald R Ford International Airport Authority 2022 Benefits Guide
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Savings accounts
GFIAA 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 HDHP You can use this account for medical, Use for eligible childcare expenses for
as long as you are not enrolled in any pharmacy, dental and vision expenses, dependents under age 13 or elder care,
other health coverage or Medicare, or if you are enrolled in the BCBSM PPO Plan. and can be used if enrolled in either the
claimed as a dependent on someone BCBSM PPO Plan, or the BCBSM HDHP
else’s tax return. w/HSA.
Comparison of accounts
HSA FSA
Does the company contribute? Employee: $130
Amount for full-year 2022 Employee + 1: $312 X
Family: $390
Can I contribute my own savings?
Is there an IRS maximum annual Employee: $3,650
contribution? Family: $7,300 Health Care FSA: $2,750
Those 55 and older can contribute an Dependent Care FSA: $5,000
additional $1,000 annually.
Will my savings roll over each year? N/A
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 X
the company?
Can I also have a Flexible Spending ! N/A
Account (FSA)? Dependent Care FSA only
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