Health Savings & Flex Spending Accounts

Health Savings Account (HSA)

• Tax-favored bank account connected with high-deductible health plan and used to pay for eligible medical, dental and vision 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 – $3,050; family - $6,150
• Remaining amount at year end rolls over into following year

Limited Flexible Spending Account (FSA)

• Tax-favored account used to pay for eligible vision and dental expenses not covered by insurance, and/or dependent supervision (childcare)
• Wholly voluntary on employee's part
• Eligible to enter at date of employment and each January 1
• Maximum contribution $2,500 for vision and dental and $5,000 for dependent care per year
• Expenses set aside in FSA must be incurred within 2-1/2 months after plan year ends, otherwise non-refundable