Page 10 - Benefit Guide
P. 10
Savings accounts [Option for HSA and FSA]
Company 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 FSA
Account (HSA) Spending Accounts (FSAs)
Use for eligible childcare expenses
Available to those enrolled in Your options depend on your medical plan for dependents under age 13 or
the HSA Plan as long as you are enrollment. elder care.
not enrolled in any other health
coverage or Medicare, or claimed ΅΅ Health Care FSA – If you are not enrolled
as a dependent on someone else’s
tax return. in an HSA plan, you can use this account
for medical, pharmacy, dental and vision
expenses.
΅΅ 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? X
Amount for full-year 20XX
Can I contribute my own savings? Employee: $XXX
Employee +1 or Family: $X,XXX
Is there an IRS maximum annual
contribution?
Health Care or Limited Purpose: $2,700
Will my savings roll over each year? Dependent Care: $5,000
Employee: $3,550
Will I earn interest on my savings? Family: $7,100 !
Are the savings tax-free? Up to $500 for Health Care and Limited
In most states Those 55 and older can contribute an Purpose FSAs; No rollover for Dependent
Will I get a debit card? additional $1,000 annually.
Do I keep the money if I leave the Care FSA
company? X
Can I also have a Flexible Spending
Account (FSA)? Unlimited
!
Not available for Limited Purpose FSA
!
Option to continue Health Care or Limited
Purpose FSA only through COBRA
! N/A
Limited Purpose and
Dependent Care FSAs only
10
