Flexible Spending & Health Savings
How does a Medical Flexible Spending Account (FSA) differ from
a Health Savings Account (HSA)?
Lake County Schools has both a Health Savings Account (HSA) plan and a medical Flexible Spending Account (FSA) plan and they are not patterned the same.
FSA - Flexible Spending Accounts
The FSA is an optional savings account in which an employee elects to create an account with anywhere from a minimum of $250 annually to a maximum of $2,700 annually. Once the employee determines what is best for them that dollar amount is divided by 20 and deducted from each paycheck over 20 pay periods. The funds are preloaded onto a debit card and available to use immediately. However, only $500 will roll over each year.
What is a Medical FSA with Carryover?
- Pre-tax benefit account that pays for eligible expenses not covered by insurance
- Medical, Dental and Vision expenses
- Carryover up to $500 at the end of the plan year
Why You Need It:
- Save an average of 30% on everyday medical expenses
- Use several easy, no-hassle payment and reimbursement options
- Access your full election amount starting on day one
How it Works:
Determine how much to contribute
- Estimate how much you’ll need
- Elect how much to contribute
- Funds are taken from your paycheck before taxes
How You Use It:
- Use your take care® Flex Benefits Card to pay instantly
- Works like a debit card, just swipe and go
- Funds come directly from your Medical FSA
- No PIN required
- You may also file a paper claim form along with supporting documentation for reimbursement. (visit Wageworks for claim forms.
- Examples of eligible Expenses
- Prescriptions for almost any medical condition
- Prescribed over-the-counter medicines, e.g. aspirin, cough syrup
- Co-payments, co-insurance, and deductibles
- Dental care, both preventive and restorative
- Vision care, eyeglasses, contact lenses, solutions
- Counseling and therapy
- Chiropractic care and acupuncture
REMEMBER!:You will need to save your receipts even when you are utilizing your Flex Benefits Card.
See www.wageworks.com/takecare-mynewfsa for more information
HSA - Health Savings Accounts
The HSA is an available option when an employee chooses our 5180/5181 high deductible insurance plan. The employee may contribute to the health savings account and the payments are deducted from each paycheck over 20 pay periods and deposited into a special checking account. This money is always the employee's money; unused funds will roll over each year.
Due to IRS requirements, HSA enrollees using our Wellness Center are responsible for a $25 fee per visit
Your funds are available as soon as they are deposited and you can use your money in two ways:
- Pay for out-of-pocket costs when you receive
medical, prescription, dental, or vision care
- Leave the money in your account so it will carry
over from year-to-year and grow tax-free
- Please remember that you’ll need to enroll in our HDHP + HSA plan to join our HSA.
- Remember, you cannot contribute to an HSA if you’re in another medical plan (including Medicare or TRICARE) or are a dependent on someone else’s tax return. In these cases, you can still enroll in the HDHP plan, but you’ll need to opt out of the HSA. any HSA withdrawals that are used for non-qualified expenses will be subject to taxation per IRS regulations
How it Works:
$0 (No income tax is applied)
$900 Tax-free money to cover medical expenses
Visit www.mybenefitwallet.com for more information.