Page 18 - 2022 Large Group benefits

Taking care of your employees’ financial health
With a a a a a a a a a a variety of spending account options as as well as as innovative college tuition and student loan repayment programs you you can support your employee’s financial well-being while attracting and retaining top talent Spending accounts lower health
care costs
With tax advantages for both you you you and your your employees spending accounts make a a a a a a a a a a a a smart addition to your your health
plans They’re easy to to manage with online tools and and and offer convenient funding methods and and and on-demand reporting You have the flexibility to to choose a a a a a a a a BlueSaver® HSA HSA with one of our HSA-qualified plans or or you can add an an an an HRA or or FSA1 3 to to any other eligible health
plan HSA Benefits to employers
Compatible with Who owns the account Who funds the account Who establishes contribution rules
Helps pay for4 Funds carry over
Portable
HSA-qualified high-deductible health
plans Employee
Employer and/or employee IRS
Qualified medical expenses Yes
Yes
Any plan plan except HSA plans Employer Employer Employer and Independence
Qualified medical expenses as determined by employer Employer option No
Gives employees a a a a a way to pay for qualified medical expenses including some that may not be covered by insurance offered as a a a a a standalone account or with HRA/HSA3
Any plan3
Employer Employee
in most circumstances
IRS
with employer option to establish lower limits
Qualified medical expenses Employer option of partial carry-over or grace period
No
Allows employers
to choose lower-premium plans with higher deductibles while giving employees a a a a a a way to save for qualified medical expenses expenses and future health
care expenses expenses HRA Medical FSA1 2
Helps employees offset
health
care expenses but but the employer contributes tax-advantaged funds only when claims are paid owns the account and can define eligible categories
17
1 1 Available to to 100+ customers only 2
Dependent care FSA also available 3 Employers participating in in an an an HSA can only elect a a a a a a a a a a a a a a a a a a limited-purpose health
care care FSA FSA FSA (LPFSA) 4 Refer to IRS
Publication 502 for a a a a a a a a a a a a a complete list of qualified medical and dental expenses If account account funds are are used for for non-qualified medical expenses they are are subject subject to to the the the current tax tax tax tax rate and and may be subject subject to to a a a a a a a a a a a a a a a a a a a a a a a a 20 percent penalty Independence
does not provide legal legal or or or or or tax tax tax tax advice Consult your legal legal and/or tax tax tax tax advisor for for rules
regarding the the the tax tax tax tax advantages of spending accounts