Page 9 - Think Goodness Enrollment Guide

SAVINGS ACCOUNTS

Think Goodness 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 www.irs.gov.

Health Savings Health Care Flexible Dependent Care Flexible
Account (HSA) Spending Accounts (FSAs) Spending Account (FSA)
Available to those enrolled in the Your options depend on your medical plan enrollment. Use for eligible childcare
HSA Plan as long as you are not  Health Care FSA – If you are not enrolled in an HSA expenses for dependents under
enrolled in any other health Plan, you can use this account for medical, pharmacy, age 13 or eldercare.
coverage or Medicare, or claimed
as a dependent on someone else’s dental and vision expenses.
tax return.  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? Employer contributions are:
Amount for full-year 2022 Individual $500 
Family $750
Can I contribute my own savings?  

 
Employee: $3,650 Health Care or
Is there an IRS maximum annual contribution? Family: $7,300 Limited Purpose FSAs: $2,850
Those 55 and older can contribute an Dependent Care FSA: $5,000
additional $1,000 annually.
!
 Up to $500 for Health Care and
Will my savings roll over each year?
Unlimited Limited Purpose FSAs; No roll over for
Dependent Care FSA

Will I earn interest on my savings?  
Are the savings tax-free?  
In most states
!
Do I keep the money if I leave the company?  Option to continue Health Care or
Limited Purpose FSA only through COBRA
!
Can I also have a Flexible Spending
Account (FSA)? Limited Purpose and N/A
Dependent Care FSAs only

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