Page 10 - Acadia | 2024 Benefits Guide | California
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
eligible expenses include: deductibles, copays, prescriptions, In order to receive the company contribution, you must enroll in
vision exams, prescription eyeglasses, dental expenses, and the HSA.
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
y Annual Contribution minimum is $100 eligible to contribute to an HSA.
y Annual Contribution maximum is $3,200* » $4,150 for single coverage annually
The IRS has a “use or lose” rule which states that you lose any » $8,300 for family coverage annually
leftover balance in your account at the end of the plan year. y Reduces taxable income—deposits are taken out of your
paycheck before income tax is calculated and withdrawals
Dependent Care Flexible Spending for qualiied medical expenses are tax-free
Account (DCA) y Grows with you—the money in the account is yours to invest
A Dependent Care Flexible Spending Account (DCA) is and the earnings are tax-free
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 Your HSA is portable even if you change jobs
dependent of any age, or a disabled spouse. To be eligible for y From age 55, until you enroll in Medicare, you can contribute
this type of account, both you and your spouse (if applicable) an additional $1,000 annually
must work, be looking for work or be full-time students.
Examples of eligible expenses are daycare, after school care, y At age 65 you can use your HSA funds however you choose.
and elder care. After you have incurred an eligible expense, you It is counted as income and taxed without penalty
may be reimbursed up to your contribution balance at the time
of the reimbursement request. Limited Health Care Flexible Spending
Account (LFSA)
y Annual Contribution minimum is $100 If you have a high deductible health plan (HDHP) along with
y Annual Contribution maximum is $5,000 per household a health savings account (HSA), you may use a Limited Health
FSA to pay some out-of-pocket expenses until your annual
Health Savings Account (HSA) deductible is met. Limited FSA allows you to set aside a
To help offset the cost of medical expenses, you can pair portion of your salary, before taxes, to pay for qualiied vision,
dental, and/or preventive care expenses. Examples of eligible
the HDHP medical plan with a Health Savings Account. This expenses are dental visits/treatment, eye exams, contact lenses,
provides you the opportunity to put pre-tax money aside eyeglasses, immunizations, and many others.
to help pay for your out-of-pocket medical expenses. This
combination gives you ultimate control over how you spend y Annual Contribution minimum is $100
your health care dollars.
y Annual Contribution maximum is $3,200*
* The FSA contribution maximums are subject to change for 2024
10 | California
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
eligible expenses include: deductibles, copays, prescriptions, In order to receive the company contribution, you must enroll in
vision exams, prescription eyeglasses, dental expenses, and the HSA.
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
y Annual Contribution minimum is $100 eligible to contribute to an HSA.
y Annual Contribution maximum is $3,200* » $4,150 for single coverage annually
The IRS has a “use or lose” rule which states that you lose any » $8,300 for family coverage annually
leftover balance in your account at the end of the plan year. y Reduces taxable income—deposits are taken out of your
paycheck before income tax is calculated and withdrawals
Dependent Care Flexible Spending for qualiied medical expenses are tax-free
Account (DCA) y Grows with you—the money in the account is yours to invest
A Dependent Care Flexible Spending Account (DCA) is and the earnings are tax-free
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 Your HSA is portable even if you change jobs
dependent of any age, or a disabled spouse. To be eligible for y From age 55, until you enroll in Medicare, you can contribute
this type of account, both you and your spouse (if applicable) an additional $1,000 annually
must work, be looking for work or be full-time students.
Examples of eligible expenses are daycare, after school care, y At age 65 you can use your HSA funds however you choose.
and elder care. After you have incurred an eligible expense, you It is counted as income and taxed without penalty
may be reimbursed up to your contribution balance at the time
of the reimbursement request. Limited Health Care Flexible Spending
Account (LFSA)
y Annual Contribution minimum is $100 If you have a high deductible health plan (HDHP) along with
y Annual Contribution maximum is $5,000 per household a health savings account (HSA), you may use a Limited Health
FSA to pay some out-of-pocket expenses until your annual
Health Savings Account (HSA) deductible is met. Limited FSA allows you to set aside a
To help offset the cost of medical expenses, you can pair portion of your salary, before taxes, to pay for qualiied vision,
dental, and/or preventive care expenses. Examples of eligible
the HDHP medical plan with a Health Savings Account. This expenses are dental visits/treatment, eye exams, contact lenses,
provides you the opportunity to put pre-tax money aside eyeglasses, immunizations, and many others.
to help pay for your out-of-pocket medical expenses. This
combination gives you ultimate control over how you spend y Annual Contribution minimum is $100
your health care dollars.
y Annual Contribution maximum is $3,200*
* The FSA contribution maximums are subject to change for 2024
10 | California
