HEALTH SAVINGS ACCOUNT
Enrolling in a Health Savings Account (HSA) allows you to set aside money to pay for eligible medical, dental and vision expenses on a pre-tax basis. Our HSA Administrator is NueSynergy.
Availability of Funds – Health Savings Account
Once you elect your HSA, you must have funds in your HSA in order to call upon them. For example, if you elect to contribute $2,000 annually to your HSA, your contributions will be deducted evenly across all of your paychecks for the year, but you do not have access to all $2,000 until the funds are in your health savings account. You can use your funds for expenses incurred by you, your spouse or eligible dependents.
No Use-Or-Lose
There is no "use it or lose it" rule. Your HSA dollars are always yours and will rollover from year to year.
Changing Your HSA Election
During Open Enrollment, you can elect an HSA and determine how much you want to contribute. You may make changes after Open Enrollment as you see fit throughout the year.
2023 Annual Contribution Limits
Single: $3,850
Family: $7,750
Catch-Up (age 55 and older) additional $1,000
2024 Annual Contribution Limits
Single: $4,150
Family: $8,300
Catch-Up (age 55 and older) additional $1,000
Enrolling in a Flexible Spending Account (FSA) allows you to set aside money to pay for eligible dependent care or medical expenses on a pre-tax basis. There are FSA options available to employees based on their medical plan selection. Our FSA administrator is NueSynergy.
Availability of Funds – Medical FSA
Once you elect medical FSA, all of your medical FSA dollars are available for you to use the very first day of the plan year. For example, if you elect to contribute $1,200 to your medical FSA, your contributions will be deducted evenly across all of your paychecks for the year, but you have access to all $1,200 on Day 1. You can use your funds for expenses incurred by you, your spouse or eligible dependents.
Availability of Funds - Dependent Care FSA
You may use your dependent care FSA funds as you contribute to the dependent care FSA with each paycheck. After each payroll contribution is made, those funds are applied to your account and available for reimbursement. This is different from a medical FSA because you cannot use all of the funds Day 1.
Use-Or-Lose
Don’t forget to spend your FSA dollars. If you have not used all of your FSA dollars before the end of the plan year, you will forfeit any money left in your account. MULTIVAC has implemented a grace period in which to use your FSA funds. For the 2023 plan year, the grace period ends March 31, 2024.
Changing Your FSA Election
During Open Enrollment, you can elect an FSA and determine how much you want to contribute. In order to make changes after Open Enrollment, you need to experience a qualifying life event.
2023 Annual Contribution Limits
Health Care FSA: $3,050
Dependent Care FSA: $5,000