Question:
If I’m currently on the Signature Plan and I change to the HSA Advantage Plan for 2021, can I still contribute to an FSA (Flexible Spending Account)?
Answer:
No. The IRS prohibits members of HSA medical plans from contributing to FSA accounts. However, HSA Advantage Plan members can open an HSA (Health Savings Account). This type of account allows you to use pre-tax dollars to pay for eligible healthcare expenses. In addition, money in an HSA account rolls over from year-to-year, whereas FSA contributions must be used (or forfeited) each year.
Further, members of the HSA Advantage Plan who open an HSA account will receive “seed money” from the health system on January 1, 2021. The amount from the health system is $250 for employee-only coverage and $500 for any type of employee + family coverage.
Any benefit-eligible employee may also open a Dependent Care FSA (Flexible Spending Account) to cover eligible expenses for dependent (including children) care. This account is not connected to any medical plan and enables you to pay dependent-care expenses with pretax dollars.
For full details, please visit the interactive benefits guide.
Question:
If I am currently on the HSA Advantage Plan and change to the Signature Plan for 2021, can I still contribute to my HSA (Health Savings Account)?
Answer:
No, due to IRS guidelines. Please note that you can use any funds remaining in your HSA until the funds are depleted – there is no deadline to use the funds.
If you elect the Signature Plan, you may open a Healthcare FSA to use pre-tax dollars to pay for eligible healthcare expenses.
Any benefit-eligible employee may also open a Dependent Care FSA (Flexible Spending Account) to cover eligible expenses for dependent (including children) care. This account is not connected to any medical plan and enables you to pay dependent-care expenses with pretax dollars.
For full details, please visit the interactive benefits guide
