Health Savings & Flex Spending Accounts

Health Savings Account (HSA)

• Tax-favored bank account connected with high-deductible health plan and used to pay for medical and dental expenses not covered by insurance
• Wholly voluntary on employee’s part
• Wholly funded by employee; no employer contribution
• Eligible to enter at any time after hire date
• May change election contribution during plan year
• Maximum elections (per plan year) single – $2,900; family - $5,800
• Remaining amount at year end rolls over into following year

Flexible Spending Account (FSA)

• Tax-favored account used to pay for medical and dental expenses not covered by insurance, and/or dependent supervision
• Wholly voluntary on employee's part
• Eligible to enter at date of employment and each January 1
• Minimum contribution $100 per year; maximum contribution $9,000 per year
• Expenses set aside in FSA must be incurred within 2-1/2 months after plan year ends, otherwise non-refundable