Page 7 - Identity MSO 2021 Employee Benefits - Semi Monthly

Identity MSO
2021 Employee Benefits Brochure

Flexible Spending Accounts (FSA & HSA)

Flexible Spending Accounts – Health Equity | WageWorks
Benefit-eligible employees may choose to contribute to Identity MSO’s Flexible Spending Accounts (FSA).

Healthcare FSA:
Allows you to redirect tax free dollars to pay for eligible medical, dental, and vision costs (up to $2,750 per person) for
the 2021 plan year.

Dependent Care FSA:
A Dependent Care Account is a simple way to save money on care for your dependents. It allows you to set aside pre-tax
dollars to pay for day care expenses. The annual IRS limit for this type of account is $5,000. If you are married and file
separate returns, you can each elect $2,500 for the calendar year. To be eligible for this type of account, both you and
your spouse (if applicable) must work, be looking for work or be full-time students. You may receive reimbursement up
to the current balance in your account at the time the request is made.

Note: FSA funds not used during the plan year are normally forfeited. We have included a carry-over feature. If you don’t
use all your Healthcare FSA dollars this plan year you can carry over up to $550 into the next year.

For a list of eligible expenses please visit fsastore.com

Health Savings Account
If you enroll on the Blue Shield H.S.A. PPO plan, you are eligible to open a Health Savings Account. The contribution
limits for 2021 are $3,600 per individual and $7,200 for a family (enrollees 55 or older can contribute an extra $1,000
per year). Contributions are 100% pre-taxed (Federal) and any money not spent remains in your account. To open an
account, you may do so through a bank of your choice. Identity MSO does not administer or collect H.S.A.
contributions.

A Health Savings Account is a Tax-Free Savings Vehicle to pay for future medical expenses

▪ Funds accumulate over time & roll-over each year
▪ You own the account, even if you leave Identity MSO
▪ H.S.A. is not just a medical savings account but a retirement vehicle! You can continue to save money year after
year, and use it for retirement income, like a 401(k) with investment options (only for funds above $1,000)

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