Flexible Savings Accounts (FSAs)
Healthcare FSA
Get reimbursed for out-of-pocket expenses not covered by any medical, prescription, dental, or vision plan. Health Care FSAs are front loaded, so your entire election is available right away, and you make payments into the account throughout the year. This helps if you have larger expenses early in the year. Remember that these accounts have a use-it-or-lose-it functionality so make sure you find something to spend it on or you’ll lose money! Examples include deductibles, copays, contact lenses, hearing aids, and orthodontia.
Limited Purpose FSA — This account is offered to employees who elect the Savings Plan with an HSA as an alternative to the traditional Health Care FSA. This account similar the Health Care FSA, except only non-medical services (dental, vision, hearing) may be reimbursed.
Dependent Care FSA
Get reimbursed for work-related daycare for your children up to age 13, disabled children of any age and dependent parents who live with you. Examples include pre-school, day care centers, day camp.
The IRS establishes annual contribution limits that may change year to year. For a complete list of eligible expenses, go to HealthEquity.
| FEATURE | HSA | FSA |
|---|---|---|
| Save money to pay for eligible health care expenses | ||
| You decide if you want to contribute and how much; deductions are made from your paycheck | ||
| All employees are eligible | ||
| You must be in a high deductible health plan to participate | ||
| Pre-tax contribution | ||
| Unused funds roll over from year to year | ||
| Investment options with tax-free earnings | ||
| Tax-free withdrawal (for qualified expenses) | ||
| Portable — take your account with you if you leave the company | ||
| Use it or lose it at the end of each calendar year |
Resources
Auto Tech NA Benefit Guide
Detailed plan comparisons, premium information, and additional features. Password required — see your manager for more information.
HealthEquity App
Manage your account directly from your phone.