Page 10 - Acadia 2024 Benefits Guide | Erlanger
P. 10
Your Path to Health
Spending Accounts
Health Care Flexible Spending Acadia Adds Money To Your HSA!
Account (FSA) Acadia makes a per pay period contribution to your HSA
A Health Care Flexible Spending Account (FSA) allows you distributed equally over 24 pay periods, if eligible, to help you
to set aside a portion of your salary, before taxes, to pay for pay your deductible, out-of-pocket healthcare costs, or save for
qualiied medical expenses. Since that portion of your income the future. Acadia adds:
is not taxed, you end up with more money in your pocket. It
is designed to reimburse you for out-of-pocket health care y $500 annual for employee only coverage
expenses incurred by you or your eligible dependents that are y $1,000 annual for family coverage
not reimbursable through any other beneit plan. Examples of In order to receive the company contribution, you must enroll in
eligible expenses include: deductibles, copays, prescriptions, the HSA.
vision exams, prescription eyeglasses, dental expenses, and
many others. Many over the counter drugs are now an eligible
expense, as well. Your full annual election amount for the Health Benefits of an HSA
FSA is available at any time during the plan year, regardless of y You choose how much to set aside for health expenses up to
how much you have contributed to date. the IRS maximum. Employees enrolled in Medicare are not
eligible to contribute to an HSA.
y Annual Contribution minimum is $100 » $4,150 for single coverage annually
y Annual Contribution maximum is $3,200* » $8,300 for family coverage annually
The IRS has a “use or lose” rule which states that you lose any y Reduces taxable income—deposits are taken out of your
leftover balance in your account at the end of the plan year. paycheck before income tax is calculated and withdrawals
for qualiied medical expenses are tax-free
Dependent Care Flexible Spending y Grows with you—the money in the account is yours to invest
Account (DCA) and the earnings are tax-free
A Dependent Care Flexible Spending Account (DCA) is y Your HSA is portable even if you change jobs
designed to set aside a portion of your salary, before taxes, to
pay for dependent care for children up to age 13, a disabled y From age 55, until you enroll in Medicare, you can contribute
dependent of any age, or a disabled spouse. To be eligible for an additional $1,000 annually
this type of account, both you and your spouse (if applicable) y At age 65 you can use your HSA funds however you choose.
must work, be looking for work or be full-time students. It is counted as income and taxed without penalty
Examples of eligible expenses are daycare, after school care,
and elder care. After you have incurred an eligible expense, you Limited Health Care Flexible Spending
may be reimbursed up to your contribution balance at the time Account (LFSA)
of the reimbursement request. If you have a high deductible health plan (HDHP) along with
a health savings account (HSA), you may use a Limited Health
y Annual Contribution minimum is $100 FSA to pay some out-of-pocket expenses until your annual
y Annual Contribution maximum is $5,000 per household deductible is met. Limited FSA allows you to set aside a
portion of your salary, before taxes, to pay for qualiied vision,
Health Savings Account (HSA) dental, and/or preventive care expenses. Examples of eligible
To help offset the cost of medical expenses, you can pair expenses are dental visits/treatment, eye exams, contact lenses,
the HDHP medical plan with a Health Savings Account. This eyeglasses, immunizations, and many others.
provides you the opportunity to put pre-tax money aside
to help pay for your out-of-pocket medical expenses. This y Annual Contribution minimum is $100
combination gives you ultimate control over how you spend y Annual Contribution maximum is $3,200*
your health care dollars. * The FSA contribution maximums are subject to change for 2024
10 | Erlanger Behavioral Health
Spending Accounts
Health Care Flexible Spending Acadia Adds Money To Your HSA!
Account (FSA) Acadia makes a per pay period contribution to your HSA
A Health Care Flexible Spending Account (FSA) allows you distributed equally over 24 pay periods, if eligible, to help you
to set aside a portion of your salary, before taxes, to pay for pay your deductible, out-of-pocket healthcare costs, or save for
qualiied medical expenses. Since that portion of your income the future. Acadia adds:
is not taxed, you end up with more money in your pocket. It
is designed to reimburse you for out-of-pocket health care y $500 annual for employee only coverage
expenses incurred by you or your eligible dependents that are y $1,000 annual for family coverage
not reimbursable through any other beneit plan. Examples of In order to receive the company contribution, you must enroll in
eligible expenses include: deductibles, copays, prescriptions, the HSA.
vision exams, prescription eyeglasses, dental expenses, and
many others. Many over the counter drugs are now an eligible
expense, as well. Your full annual election amount for the Health Benefits of an HSA
FSA is available at any time during the plan year, regardless of y You choose how much to set aside for health expenses up to
how much you have contributed to date. the IRS maximum. Employees enrolled in Medicare are not
eligible to contribute to an HSA.
y Annual Contribution minimum is $100 » $4,150 for single coverage annually
y Annual Contribution maximum is $3,200* » $8,300 for family coverage annually
The IRS has a “use or lose” rule which states that you lose any y Reduces taxable income—deposits are taken out of your
leftover balance in your account at the end of the plan year. paycheck before income tax is calculated and withdrawals
for qualiied medical expenses are tax-free
Dependent Care Flexible Spending y Grows with you—the money in the account is yours to invest
Account (DCA) and the earnings are tax-free
A Dependent Care Flexible Spending Account (DCA) is y Your HSA is portable even if you change jobs
designed to set aside a portion of your salary, before taxes, to
pay for dependent care for children up to age 13, a disabled y From age 55, until you enroll in Medicare, you can contribute
dependent of any age, or a disabled spouse. To be eligible for an additional $1,000 annually
this type of account, both you and your spouse (if applicable) y At age 65 you can use your HSA funds however you choose.
must work, be looking for work or be full-time students. It is counted as income and taxed without penalty
Examples of eligible expenses are daycare, after school care,
and elder care. After you have incurred an eligible expense, you Limited Health Care Flexible Spending
may be reimbursed up to your contribution balance at the time Account (LFSA)
of the reimbursement request. If you have a high deductible health plan (HDHP) along with
a health savings account (HSA), you may use a Limited Health
y Annual Contribution minimum is $100 FSA to pay some out-of-pocket expenses until your annual
y Annual Contribution maximum is $5,000 per household deductible is met. Limited FSA allows you to set aside a
portion of your salary, before taxes, to pay for qualiied vision,
Health Savings Account (HSA) dental, and/or preventive care expenses. Examples of eligible
To help offset the cost of medical expenses, you can pair expenses are dental visits/treatment, eye exams, contact lenses,
the HDHP medical plan with a Health Savings Account. This eyeglasses, immunizations, and many others.
provides you the opportunity to put pre-tax money aside
to help pay for your out-of-pocket medical expenses. This y Annual Contribution minimum is $100
combination gives you ultimate control over how you spend y Annual Contribution maximum is $3,200*
your health care dollars. * The FSA contribution maximums are subject to change for 2024
10 | Erlanger Behavioral Health
