HSA and FSAs
Healthcare Saving account – Must be enrolled in the Consumer Choice HSA Plan to be able to select this plan. A healthcare Saving Account (HSA) is a type of personal savings account that helps you save money for many out-of-pocket medical expenses like doctor visits, vision and dental care, and prescriptions. Unlike a FSA, money left in your HSA rolls over from year to year.
When you contribute to your HSA through Payroll deduction, University System will match you dollar-for-dollar until your contributions reach $375 for an individual or $750 for a family. In 2018, you can contribute a total of up to $3,450 for an individual or $6,950 for a family.
Contributions to an Optum Flexible Spending Account (FSA) for healthcare and dependent care expenses are tax-free, allowing you to save money on your federal and state income taxes and Social Security taxes. You must enroll each year in order to have the plans.
For more information, visit: https://www.usg.edu/hr/benefits/2018_benefits/health_savings_account
Healthcare Flexible Spending Accounts – Covers out of pocket healthcare, prescription drug, dental and vision expense. You can contribute up to $2,600.
Limited Purpose FSA – Those enrolled in the Consumer Choice HSA healthcare plan can contribute up to $2,600 annually to a Limited Purpose FSA, which can be used for eligible dental and vision expenses only.
Dependent Care Flexible Spending Accounts – Helps you pay daycare expenses, after school, and Summer camps for children under age 13, and care for a disabled dependent over age 13. You can contribute up to $5000 a year or $2,500 if you are a single parent.
Qualified Transportation Flexible Spending Account– Helps you save up to 40% on eligible Parking and Transit expenses.
Contact Optum Bank Consumer Services at (877) 470-1771 (M-F, 7 a.m.-7 p.m. CT) or E-mail: [email protected]
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