Page 16 - 2021 Willett Engineering Benefits Guide
P. 16
Quick Contact Details:
Your Health Phone: 877-924-3967
Website: healthequity.com
Flexible Spending Login to your HealthEquity account
at my.healthequity.com/ClientLogin
Accounts Download HealthEquity Mobile
in the App Store or Google Play
How do I save money by enrolling in an
FSA?
Flexible Spending Accounts (FSAs) offer an Contributions are deposited into your FSA before
easy way to pay less in taxes while paying for taxes are calculated on your paycheck. This lowers
healthcare and dependent care expenses. your taxable income and you pay less in taxes. In
short, you get a tax break for putting money aside
for expenses you would have paid for anyway.
What is a Flexible Spending Account and
what does it do?
Gray offers carryover of the Healthcare and Limited
The Flexible Spending Account, as designed by the Purpose Healthcare FSAs, which allows team
IRS, allows for three separate accounts: Healthcare, members to carry over up to $500 from last year’s
Limited Purpose Healthcare and Dependent Care. funds into the new plan year. This money becomes
Each account is designed to help you save 25-40% in part of the balance in your plan and is used the
taxes on merchandise and services you already buy. same way as the money for the new plan year.
WHO CAN HOW MUCH CAN
TYPE OF ACCOUNT WHAT IS IT?
PARTICIPATE? I CONTRIBUTE?
Healthcare FSA Allows you to pay for qualified Team members who are Up to $2,750 per year
expenses and other out of covered on a PPO plan
pocket expenses related to
medical, dental and vision
coverage.
Limited Purpose Healthcare FSA Allows you to pay for qualified Team members who Up to $2,750 per year
dental and vision expenses only. are covered on a High
Cannot be used for medical Deductible Plan
expenses.
Dependent Care FSA Allows you to pay for qualified All team members Up to $5,000 per year
expenses incurred for care
provided to dependents
including licensed childcare
workers, nursery schools or
elder care—while you work.
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