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
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 | 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
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