The accounts listed in the chart below can save you money because you can set aside pretax dollars from your paycheck to cover qualified expenses that you would normally pay with after-tax dollars.
The health system offers these tax-advantaged accounts through Fidelity, the same partner who administers our retirement plans. Access your accounts any time with Fidelity’s mobile app, NetBenefits.
Health savings account (HSA) | Healthcare flexible spending account (FSA) | Dependent care flexible spending account (FSA) | |
Who can open the account? | Employees who elect the HSA Advantage Medical Plan. | Benefit-eligible employees who are not enrolled in the HSA Advantage Medical Plan. | Any benefit-eligible employee. |
Why should I open an account? | To save for future healthcare expenses in 2023 and beyond. Money goes in tax-free, is invested tax-free and can be used to pay for qualified medical, dental and vision expenses. The health system contributes $500 for employee-only coverage; $1,000 for family. | To save for healthcare expenses expected in 2023. The money you set aside in the FSA is not subject to payroll taxes, so you take home more of your paycheck. | To save for dependent care expenses expected in 2023. The money you set aside in the FSA is not subject to payroll taxes, so you take home more of your paycheck. |
How can I use the money? | To pay for medical, dental and vision expenses including deductibles, coinsurance, prescriptions and other eligible expenses. | To pay for medical, dental and vision expenses including deductibles, coinsurance, prescriptions and other eligible expenses. | To pay for eligible expenses at licensed day or elder care centers, nursery schools, day camps and home care with valid tax ID numbers. |
What if I don't use the money in 2023? | All unused funds roll over each year. | Any unused funds are forfeited. You have until April 30, 2024, to submit claims for eligible expenses incurred Jan. 1, 2023-Feb. 28, 2024. | Any unused funds are forfeited. You have until April 30, 2024, to submit claims for eligible expenses incurred Jan. 1, 2023-Feb. 28, 2024. |
When can I use the money in my account? | Money you contribute from each paycheck is available as soon as it's added to your account. Funds provided by the health system are available Jan. 1 or, for newly eligible employees, as sson as their account is activated. | Your total annual elected amount is available for you to use beginning Jan. 1, 2023. | Money you contribute from each paycheck is available as soon as it's added to your account. |
Can I invest the money in my account? | Yes | No | No |
How much can I contribute? | $3,850 individual, $7,750 family. Age 55 and over can contribute an extra $1,000. | $2,850 | $5,000 |