Page 9 - Winsight 2021 Benefit Guide

Savings accounts

Winsight 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
Account (HSA) Health Care FSA Dependent Care FSA
Available to those enrolled in the HSA If you are not enrolled in an HSA plan, Use for eligible childcare expenses
Plan as long as you are not enrolled in you can use this account for medical, for dependents under age 13 or elder
any other health coverage or Medicare, pharmacy, dental and vision expenses. care.
or claimed as a dependent on someone
else’s tax return.

Comparison of accounts
HSA FSA

Does the company contribute? 
Employee: $500 X
Amount for full-year 2021
Employee +1 or Family: $1,000

Can I contribute my own savings?  


Is there an IRS maximum annual Employee: $3,600 
contribution? Family: $7,200 Health Care or Limited Purpose FSAs: $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? Up to $550 for Health Care FSA;
Unlimited No roll over for Dependent Care FSA

Will I earn interest on my savings?  X

Are the savings tax-free?  
In most states

!
Will I get a debit card?  Not Applicable to DCA
!
Do I keep the money if I leave the
company?  Option to continue Health Care FSA
only through COBRA
Can I also have a Flexible Spending !
Account (FSA)? Dependent Care and Transit FSAs only N/A

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