Healthcare Savings
Learn more about your Health Savings Account & Flexible Spending Account options
Manage your Flex/HSA with MyChoice Accounts
Health Savings Accounts (HSA)
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Health Savings Accounts (HSA) are individually owned accounts that allow you to set aside pre-tax dollars for medical, dental and vision expenses. With an HSA, you can deposit money and it will grow tax-free. Once you have accumulated $1,000 in your HSA you have the option to invest some of your funds into interest-bearing account or mutual funds. HSA funds roll over from year to year, you don’t lose them if you don’t use them.
You may spend your HSA funds on any qualified expenses that are not covered by your insurance. These expenses include deductibles, copayments, prescription drug costs, dental and vision expenses and the like. Please consult IRS Publication 502, Medical and Dental Expenses, for a list of eligible expenses.Distributions from your HSA to pay for eligible expenses are tax-free.
To open an HSA, you must be enrolled in one of the High Deductible Health Plans (HDHP Option 1 or HDHP Option 2). Then you can use the money in your HSA to pay towards your future medical, dental and vision expenses that apply to your plan’s deductible and out-of-pocket maximum, or continue to save the money for future medical expenses. The HSA is yours even if you are no longer covered by an HDHP or if you leave the company.
You have the option to contribute your own pre-tax money to the HSA and the company will help you grow that money by contributing an additional $500 for individual coverage, $750 for single + dependents and $1,000 for family coverage.
Participating in an HSA
To be eligible for an HSA, you must be covered by a High Deductible Health Plan (HDHP Option 1 or HDHP Option 2) and contributions can be made to the HSA by employers, eligible individuals or both – up to the contribution maximum.
Employees must be able to verify their address (P.O. Boxes not accepted) and identity to be eligible for an HSA – if you are unable to provide documentation to verify your address and identity you will not be able to access the funds in your HSA. Terms and conditions of the HSA account and HSA debit card must also be accepted prior to accessing any funds in the account. Access your MyChoice Accounts from MyBenefits at Work at https://n11.ultipro.com.
Individuals may be excluded from setting up an HSA if they are:
- Not covered by an HDHP
- Covered under a spouse’s or a dependent’s employer’s health plan that is not a HDHP
- Claimed on someone’s taxes
- Covered by any Medicare Benefit - this includes Medicare Part A
- Covered under a Medicare Medical Savings Account (MSA) or Health Reimbursement Account (HRA), unless the coverage under either of the above is limited to permitted benefits or specific benefits not provided by one of the HDHPs.
Who can use the HSA funds
You can use your HSA funds on expenses for you, your spouse, and your eligible dependents. Please note: Domestic partners may not use your HSA funds because they are not considered an eligible dependent for the HSA account.
Note: Employees joining the plan mid-year will receive a prorated amount based on the number of months in the plan.
Tax Advantages
- Contributions are tax-free.*
- Earnings from investments grow tax-free.
- Withdrawals are tax-free when made for eligible medical care expenses.
*For specific tax advantages, please consult your tax advisor.
Flexible Spending Accounts (FSA)
Want to save on taxes? You can with a Flexible Spending Account (FSA). These tax advantaged accounts let you pay for your out-of-pocket health care costs and dependent care costs with tax-free dollars. With easy payroll deductions and convenient debit cards, these accounts may be easier to use than you think. They sound similar, but they’re very different – it’s important for you to understand the difference. One thing they all have in common is the funds in them do not roll over from year to year. If you are a participant in the Flexible Spending Accounts on the last day of the plan year, December 31, you will be entitled to a 2 ½-month grace period. This means that you can incur expenses that can apply against the prior year’s balance until March 15 of the following year.
Important: You have until April 30 of the next year to submit claims that were incurred by March 15. If you do not submit claims or additional information requested by June 30, you will lose that money, or it could become taxable to you.
Flexible Spending Account
(FSA - to be used with a PPO Plan)
This allows you to deduct a specific dollar amount from your paycheck pre-tax that can be used to pay for qualified medical expenses. You can be reimbursed for qualified medical expenses incurred during the plan year on behalf of you, your spouse, or dependents. The annual plan limit is $3,050* and this account is only available when you select a PPO Plan. As a member enrolled in the FSA, you will also be receiving a debit card preloaded with your enrolled amount.
Limited Flexible Spending Account
(LFSA - to be used with the HDHP Option 1 or HDHP Option 2 Plan
This account can be used in conjunction with the High Deductible Health Plans (HDHP). This allows you to deduct a specific dollar amount from your paycheck pre-taxed that can be used to pay for only qualified dental and vision expenses. The annual plan limit is $3,050*. As a member enrolled in the Limited FSA, you will also receive a debit card pre-loaded with your enrolled amount.
Dependent Care Reimbursement
This allows you to deduct a specific dollar amount from your paycheck pre-taxed that can be used to pay for dependent care expenses. The annual plan limit is $5,000* if you are single or married filing a joint tax return or $2,500 if you are married but file a separate tax return. Unlike the Health FSA and the Limited Health FSA, this money is only available to you as you contribute it to the account; it is not pre-funded.
* Annual plan limits are subject to IRS regulations and may be different than shown. The IRS usually releases FSA limits in autumn for the following year.