Tax-Free Accounts
The Health Savings Account
If you enroll in one of the two Consumer-Driven Health Plan Options ($1,750 or $2,500 Deductible Plans), you can choose to contribute to a Health Savings Account (HSA). An HSA is a health care account that lets you save, tax-free, for eligible health care expenses (e.g. deductibles, copays, etc. for medical, dental and vision and other eligible expenses) now and in the future. Additional benefits include:
- Contribution in 2023 up to $3,850 (you only) or $7,750 (family) on a pre-tax basis (before taxes are calculated). An additional $1,000 if you are 55 years of age or older.
- Triple tax advantage. No taxes on your contributions, as the account grows, or on eligible withdrawals.
- Invest your earnings. Once your balance reaches $1,000, you can invest your funds to further build your account.
- The money rolls over – and is yours to keep. The money in your HSA rolls over each year and is portable — you can take it with you, even if you leave the Company.
Other Tax-Free Accounts: Flexible Spending Accounts
You can also set aside tax-free dollars to reimburse yourself via a Flexible Spending Account for Health Care (if not enrolled in a Health Savings Account), Dependent Care, and/or Commuter Expenses including parking.
Only contribute what you think you will use/need during 2023 to minimize/avoid any forfeiture. (Please note: If you would like to participate in one of the FSA plans, you must make a new election each year, it does not roll over year to year).
