FSA & HSA
Each account works in much the same way but has different eligibility requirements, list of qualified expenses and contribution limits. You may choose to enroll in the following accounts.
Health Savings Account (HSA)
Administered by Optum. The Select Plus HSA lets you set aside pre-tax dollars to help offset your annual deductible and pay for qualified health care expenses. You must be covered under a qualified HDHP, must not be enrolled in Medicare and cannot be claimed as a dependent.
- Funding: Employee pre-tax payroll contributions (or after-tax contributions deductible when you file your taxes) plus Company contributions, completed on a quarterly basis.
- Rollover: Unused funds roll over from year to year. There is no “use it or lose it” rule.
- Portability: Your HSA is yours for life, even if you change health plans, retire or leave the organization.
- Triple-tax advantage: contribute pre-tax, grow tax free and withdraw tax free for qualified health care expenses.
- You may change your contributions at any time throughout the year.
- Once you reach and maintain a minimum threshold, you can make investments to help your money grow tax free.
- Eligibility: You must be at least 18 years old, covered under a qualified HDHP, not enrolled in Medicare and not claimed as a dependent on another person’s tax return.
HSA Contribution Limits
| Coverage | Annual Limit |
|---|---|
| Individual | $4,400 |
| Family | $8,750 |
| Catch-Up (age 55-65) | $1,000 |
Individual
- Annual Limit
- $4,400
Family
- Annual Limit
- $8,750
Catch-Up (age 55-65)
- Annual Limit
- $1,000
Employer Contribution
| Coverage | Annual Contribution |
|---|---|
| Employee only coverage | $1,250 |
| Employee + dependent(s) coverage | $2,500 |
Employee only coverage
- Annual Contribution
- $1,250
Employee + dependent(s) coverage
- Annual Contribution
- $2,500