Page 14 - HWS 2021 Benefit Guide

Savings accounts

Horizontal Wireline Services 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 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 HSA Plan 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? X X

Can I contribute my own savings?  



Is there an IRS maximum annual Employee: $3,600 
contribution? Family: $7,200 Health Care or Limited Purpose: $2,700
Those 55 and older can contribute an Dependent Care: $5,000
additional $1,000 annually.
!
 Up to $500 for Health Care and Limited
Will my savings roll over each year?
Unlimited Purpose FSAs; No rollover 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? 

!
Can I also have a Flexible Spending Limited Purpose and N/A
Account (FSA)?
Dependent Care FSAs only

14 14