Page 11 - 2021 ASG Benefit Guide

Savings accounts

ASG Technologies Group 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 FSA
Account (HSA) Spending Accounts (FSAs) Use for eligible childcare expenses
Available to those enrolled in Your options depend on your medical plan for dependents under age 13 or
the HDHP as long as you are enrollment. elder care.
not enrolled in any other health ΅ Health Care FSA – If you are not enrolled
coverage or Medicare, or claimed in an HSA plan, you can use this account
as a dependent on someone else’s for medical, pharmacy, dental and vision
tax return. 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
HSA FSA


Does the company contribute?
Amount for full-year 2021 Employee: $850 N/A
Employee +1 or Family: $1,700

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.
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 Up to $500 for Health Care and
Will my savings roll over each year?
Unlimited Limited Purpose FSAs; No rollover for
Dependent Care FSA

Will I earn interest on my savings?  N/A

Are the savings tax-free?  
In most states
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Will I get a debit card?  Not available for Limited Purpose FSA

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Do I keep the money if I leave the  Option to continue Health Care or
company?
Limited Purpose FSAs only through COBRA
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Can I also have a Flexible Spending
Account (FSA)? Limited Purpose and N/A
Dependent Care FSAs only

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