Tax Favored Accounts
Flexible Spending Accounts allow you to pay for health care and day care expenses with tax-free dollars. They help you stretch your money and reduce your federal, state, and Social Security taxes.
Tax Favored Accounts
Health Savings Account (HSA)
Administered by Health Equity.
- Your HSA contributions may be conveniently payroll deducted on a pre-tax basis.
- If you don’t use all the money in the HSA during the benefit year, it rolls over to the next year.
- You can also take the money in the HSA if you leave the company or retire.
- Tax advantages: money goes in tax-free, grows tax-free and is tax-free when used to pay for eligible medical expenses
- Claims Portal: Health Equity website
- Phone: (866) 346-5800
- When you elect the HD Plan, you also have the opportunity to enroll in a Health Savings Account (HSA). An HSA is a special bank account that provides a tax-free way to pay for current or future health care expenses. You choose whether to use your HSA now or to save it for health care expenses after you retire. Once money is in the account, it’s yours to keep or use toward eligible healthcare expenses.
HSA Contribution Limits
| Coverage | Annual Limit |
|---|---|
| Single coverage | $4,400 |
| Two person or family coverage | $8,750 |
| Age 55 or older | Additional $1,000 per year |
Single coverage
- Annual Limit
- $4,400
Two person or family coverage
- Annual Limit
- $8,750
Age 55 or older
- Annual Limit
- Additional $1,000 per year