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
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