How an HSA can benefit you and your wallet
Whether you are a Health Savings Account (HSA) beginner or a seasoned account holder, brush up on best practices for using your account.
How an FSA can benefit you and your wallet
Whether you are a Flexible Spending Account (FSA) beginner or a seasoned account holder, brush up on best practices for using your account. You may elect a medical and/or a dependent care FSA.
Just the basics HSA
An HSA is a short-term or long-term tax-free saving for eligible out-of-pocket health care expenses. The account belongs to you and grows year over year. You maintain ownership, even if you leave the company. HSA money is yours to keep and spend on eligible health care expenses.
Translation: Create a rainy day fund for future costs.
Just the basics FSA
An FSA is a savings account benefit that allows employees to contribute a portion of their regular earnings for qualified medical expenses. Its purpose is to help participants pay (tax-free) for eligible out-of-pocket expenses based on the account type. The FSA is a critical part of helping your workforce set aside the funds they need to cover their medical expenses throughout the year.
Translation: You never pay taxes on your FSA funds, so it’s like a discount every time you use your money on medical-related expenses.
HSA: DLL contributes $750 for individual or $1,500 for family (prorated for new hires and deposited on a biweekly basis)
How much can I contribute each year?
- The 2023 annual HSA contribution limit is $3,850 for individuals with self-only HDHP coverage (up from $3,650 in 2022)
- $7,750 for individuals with family HDHP coverage (up from $7,300 in 2022).
- Age 55+ can contribute an extra $1,000
- These are IRS maximums and include the funds contributed by DLL.
FSA: I can contribute:
- $3,050 for Medical FSA
- $5,000 for Dependent care FSA
Tools and features to easily and conveniently manage your account:
- Manage account at www.benefitsolver.com
- Check your account balance, check the status of recently submitted claims or submit new claims for reimbursement
- New card features include contactless pay chip-enabled card, virtual wallet enabled
DLL has corporate partnerships with childcare providers.
DLL members are eligible for discounts at childcare facilities including Chesterbrook Academy, Malvern School and The Learning Experience. The participation and guidelines of the discount may vary by facility but in general, the discount is 10%. For more information search daycare, parent support group or childcare on MyDLL US HR One Source.
