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HSA
A health savings account (HSA) is a tax-advantaged savings account that you can use for medical expenses. It is paired with a qualifying health insurance plan; typically a high deductible health plan (HDHP). An HDHP is a plan that offers lower monthly premiums in exchange for a higher deductible (the amount you pay out of pocket before insurance kicks in).
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Employee Resources
Looking for a quick overview? Download our HSA Essential Guide.
Estimate how much you could save with an HSA
Employee HSA enrollment form
High deductible health plan (HDHP) overview
Getting started with an HSA
Spending your account
How life changes impact your HSA
Investing your account
Employer Resources
Employer enrollment form - HSA
HSA Essential Guide
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Quick Answers
- What is an HSA and how does it work?
- A health savings account (HSA) is a tax-advantaged account that works in conjunction with an HSA-eligible health plan that meets IRS guidelines and allows the participant to save tax-free money for eligible medical expenses. Money in an HSA rolls over year after year and is owned by the participant even if they change jobs or health plans.
- What are the advantages of an HSA?
- There are many financial advantages to owning an HSA, including:
- Employer contributions and employee pretax contributions via a cafeteria plan are not taxable income
- Post-tax contributions are tax deductible even if you do not itemize deductions on Form 1040
- You may make tax-free withdrawals from your HSA for eligible medical expenses not covered by your plan
- The interest or other earnings on the HSA funds accumulate tax free
- If, in the future, you are not covered by an HDHP you may still make tax-free withdrawals from your account for eligible medical expenses but you can no longer contribute to the HSA
- If you become disabled or reach age 65, withdrawals can be made for non-medical reasons without penalty, but amounts must be reported as taxable income
- Is there a fee for having an HSA?
- Yes, there is a monthly fee associated with the HSA plans offered by Further. The fee is dictated by your HSA plan type. If your HSA is through your employer, your employer will choose the plan type option and may pay the fee for that plan type or pass it on to you. Accounts paid by individual account holders are billed annually and payment is automatically debited directly from the HSA, as soon as funds are available.
Unlike other HSA administrators, we don't have hidden fees, such as a debit card replacement fees, non-sufficient funds fees, or electronic funds transfer fees. To see a comprehensive chart of all costs associated with an HSA, check out the HSA Plan Options table.
- Is someone enrolled in Medicare eligible for an HSA?
- If you’re enrolled in a Medicare program, you cannot establish a new HSA. Contributions to an existing HSA must be prorated for the year you enroll in Medicare. You can, however, spend down your existing HSA. If you decline Medicare coverage when you turn 65, you can continue to contribute to an HSA. For more information, see Medicare and HSAs.
- What happens to an HSA at the end of the year?
- The funds in an HSA, regardless of the source of contributions, always belong to you as the account holder. Contributions remain in the account from year to year until used.
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FSA
A flexible spending account (FSA) is a personal expense account that works with your health plan. Each year you can set aside a portion of your salary pretax. You can use that money to pay for medical costs not paid for by your health plan.
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Quick Resources
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Looking for a quick overview? Download our FSA Essential Guide.
Use this worksheet to calculate how much money you should set aside
An Introduction to FSAs
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Quick Answers
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What is an FSA and how does it work?
What are the benefits of an FSA to employees?
How is an FSA funded?
Can I change the amount of money I set aside in my medical FSA during the plan year?
What expenses can be paid from a medical FSA?/strong>
What happens to FSA funds at the end of the year?
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DCFSA
A dependent care FSA or a Dependent Care Assistance Program (DCFSA) is an employer-sponsored account that lets you set aside pre-tax dollars to pay for your day care and other dependent care expenses required to allow you to work.
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Quick Resources
Turn these into links
Want a quick overview? Download our DCFSA Essential Guide.
Use this worksheet to calculate how much you should set aside
An Introduction to DCFSAs
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Quick Answers
Turn into content reuse calls
What dependent care expenses are eligible for reimbursement from the DCFSA account?
What types of providers are eligible for the DCFSA account?
What expenses are not eligible to be reimbursed from the DCFSA account?
Are expenses at a school for before and/or after school care eligible under the DCFSA account?
If my child’s 13th birthday is this year, can I claim dependent care expenses from the DCFSA account for the entire year?
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Additional Headings
Copy the HSA section and create additional sections for each of our products. The expanding FAQs rely on the <div class="expander"> tag to be added before the list of questions.
Testing Recently Updated Widget
- An Introduction to DCFSAs( edited Fri Nov 04, 2022 )
- Individuals( edited Thu Oct 06, 2022 )
- Which Spending Accounts Can I Pair Together?( edited Fri Sep 16, 2022 )
- Death of an Account Holder( edited Fri Sep 16, 2022 )
- Enrolling in a DCFSA( edited Fri Sep 16, 2022 )
- Contributing Funds( edited Fri Sep 16, 2022 )
- Getting Reimbursed for Dependent Care Expenses( edited Fri Sep 16, 2022 )
- DCFSA Election Change Events( edited Thu Sep 15, 2022 )
- Leave of Absence Procedures for FSA and DCFSA( edited Thu Sep 15, 2022 )
- Using a DCFSA for an Adult Dependent( edited Thu Sep 15, 2022 )
