Page 7 - VSolvit 2021 Employee Benefits_Final

VSolvit
2021 Employee Benefits Brochure

Flexible Spending Accounts (FSA & HSA)

Flexible Spending Accounts – Discovery Benefits
Benefit-eligible employees are eligible for the Flexible Spending Account Plans provided by Discovery Benefits. This
allows you to redirect tax free dollars from your paycheck to pay for eligible medical/dental costs (up to $2,750) and
dependent care expenses (up to $5,000) for calendar year 2021. FSA dollars not used during the plan year are forfeited
if not used.

Benefit-eligible employees may choose to contribute to VSolvit’s Flexible Spending Accounts (FSA).
There are three types of FSAs:
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:
Allows you to redirect tax free dollars to pay for eligible day care expenses (up to $5,000 per household) for the 2021
plan year.
Limited Purpose FSA:
Employees that elect an HSA medical plan are not eligible to participate in the FSA medical account except for ‘Limited
Purpose’ for use with dental or vision expenses (up to $2,750 per employee) for the 2021 plan year.

Health Savings Account
Full-Time employees enrolled in the Medical H.S.A. Plan are eligible to open an employee owned Health Savings
Account. The contribution limits for 2021 are $3,600 per individual and $7,200 for a family. Contributions are 100%
pre-taxed (Federal) and any money not spent remains in your account. If you enroll in the H.S.A. medical plan, Cigna
will automatically open an H.S.A. Bank account and send a welcome kit and debit card. Employees need to contact
H.S.A. Bank and request the account be closed if they do not want the H.S.A. account. Contribution amounts can be
updated through Paychex. For more information from H.S.A. Bank contact 1-866-494-2111.

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