HSA'S AND FSA'S
Health Savings Accounts (HSA's) and Flexible Spending Accounts (FSA's)
USD 450 Shawnee Heights offers employees the opportunity to put money into Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA).
HEALTH SAVINGS ACCOUNTS (HSA)
What is a Health Savings Account?
A Health Savings Account (HSA) is a plan designed to help you manage the rising cost of health care by allowing you to set aside money to pay for out-of-pocket medical expenses and to save for retirement. You can think of it as a personal savings account for medical expenses. HSAs are employee-owned accounts, meaning you take the HSA with you if you change employers. Unused funds will earn interest and can be invested until they are withdrawn for eligible expenses or at retirement If you choose the KE12 High Deductible Health Care Plan, you may be eligible to have a Health Savings Account (HSA).
To create an online account, request reimbursement, download the mobile app, etc: Refer to the following document, Welcome to Surency Flex
To request a new card: Refer to the document How to Request a New HSA Card.
HSA maximum annual contributions are:
Self Only = $3500 per year
Family = $7000 per year
Age 55+ = $1000 extra allowed per year for self or family
FLEXIBLE SPENDING ACCOUNTS (FSA):
If you are currently enrolled in the Health Care Flexible Spending Account (Health FSA), then there are a few staff friendly extensions:
Allow a temporary extension to incur claims to allow for expenses incurred through December 31, 2020.
Increase the carryover to $550 instead of $500 (from plan year 2020 into 2021 plan year.)
What is a Flexible Savings Account?
A Flexible Spending Account (FSA) is a plan allows you to set aside money to pay for out-of-pocket medical or dependent care expenses. Here’s how it works: you set aside money in your account before you pay taxes on it. When you set aside money in a FSA, you lower the amount of income the government will tax, so you pay fewer taxes each year.
To create an online account, request reimbursement, download the mobile app etc: Refer to the following document, Welcome to Surency Flex
To request a new card: Refer to the document How to Request a New FSA Card.
Log into your HSA Account at Surency.com .
Listing of Eligible Medical Expenses for your Medical FSA Account.
Flex Spending Account Frequently Asked Questions:
The calendar year for Flexible Spending Accounts is Oct. 1 to Sept 30.
The maximum yearly contributions are:
Medical FSA Account: $2700
Dependent Care FSA Account: $5000 per year for married couples filing joint federal taxes or single caretakers / $2500 for married couples filing separate federal taxes.
If you have money left in the Flexible Spending Account on Sept 30, up to $500 will automatically roll over to the next years Flex Account. Any money over $500 left in the account at the end of the calendar year will be lost.
If you roll over money to a new year then you still can only have a total of $2700 max in the medical flex account. In other words, you cannot roll over money and then add $2700 of new money to the account. You have to subtract the rollover amount from $2700 and that is your maximum new election amount.
You have up to 90 days after Sept 30 to turn in any receipts from the previous calendar years.