Page 9 - AFL 2022 Manufacturing Guide with Legal Notices
P. 9


        AFL offers several accounts that enable you to pay for eligible expenses tax-free. We also offer a plan with a Health
        Reimbursement Arrangement (HRA). This is a reimbursement arrangement only. You cannot contribute to this account; it is
        funded and owned exclusively by the company. The IRS provides a list of eligible expenses for each account at

                Health Savings                     Health Care Flexible                      Dependent
                 Account (HSA)                  Spending Accounts (FSAs)                      Care FSA

             Available to those enrolled   Your options depend on your medical plan enrollment.  Use for eligible childcare
             in the HSA Plan as long as     ΅ Health Care FSA – If you are not enrolled in an HSA   expenses for dependents
             you are not enrolled in any   plan, you can use this account for medical, pharmacy,   under age 13 or eldercare.
             other health coverage or    dental and vision expenses.
             Medicare, or claimed as a     ΅ Limited Purpose FSA – If you are enrolled in an HSA
             dependent on someone        plan, you can use this account to pay for dental and
             else’s tax return.          vision expenses only.

        Comparison of accounts

                                           HSA                          HRA                         FSA
         Does the company                                               
         contribute?                        X                      Employee: $750                    X
         Amount for full-year 2022                            Employee +1 or Family: $1,250
         Can I contribute my                                                                        
         own savings?                                                    X
                                       Employee: $3,650                                              
         Is there an IRS maximum        Family: $7,300                   X
                                                                                            Health Care FSA: $2,750
         annual contribution?       Those 55 and older can                                Dependent Care FSA: $5,000
                                    contribute an additional
                                       $1,000 annually.
                                                                         !                            !
         Will my savings roll over                             Up to the amount of your   Up to $500 for Health Care FSA;
         each year?                      Unlimited           deductible; available as long as   No roll over for Dependent
                                                               you are enrolled in the plan       Care FSA

         Will I earn interest on                                        X                           X
         my savings?
         Are the savings tax-free?                                                                 
         In most states

         Will I get a debit card?           X                            X                           X
                                                                         !                            !
         Do I keep the money if                                  Option to continue      Option to continue Health Care
         I leave the company?
                                                                   through COBRA            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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