FSA
Flexible Spending Account (FSA) vs Health Savings Account (HSA): What's the difference?
FSA: The HealthCare FSA is used for eligible out-of-pocket expense for healthcare, prescription, dental, and vision expenses for your and your eligible dependents. Your contributions are tax-free, saving you money on federal and state income taxes and Social Security taxes. How an FSA works: FSAs must be elected during your new hire eligibility period and reelected each year during annual open enrollment for the next year. You are not automatically reenrolled each year. Decide what you want to contribute to your FSA for the year. Money is then deducted pretax from your paycheck in equal installments. Amount cannot be changed after election for that plan year. Use your HSA Bank Health Benefits Debit Card to pay for qualified medical expenses for yourself, your spouse, and your dependents. Or, pay out of pocket for eligible expenses and submit a claim for reimbursement.
Check your balance and account information on the Member Website or HSA Bank mobile app 24/7.
Plan carefully! Money left in your FSA at the end of the grace period is forfeited and cannot be returned to you. This is called the “use-it-or-lose-it” rule. You must incur eligible expenses by March 15, 2024 and submit them for reimbursement before March 30, 2024.
The Owl HR Exclusive
Made with FlippingBook HTML5