Flexible Spending Accounts (FSAs) and Health Savings Account (HSA)

• Acupuncture, prescription eyeglasses/reading glasses/contact lens and supplies/eye exams/laser eye surgery, physician, ambulance, psychiatrist, psychologist, hospital, fertility treatments, diabetic supplies, physical therapy, hearing aids and batteries, medical equipment.
• Funds available as they are deposited into your account.
• $640 eligible for rollover
• Maximum contribution = $3,200

Dependent Care FSA

• Au Pair, Nannies, Before and After Care, Day Camps, Babysitters, Daycare for an Elderly Dependent, Daycare for a Disabled Dependent, Nursery School, Private Pre-School, Sick Child Center, Licensed Day Care Centers.
• Maximum contribution = $5,000 ($2,500 if married filing separately)

• Dental: Orthodontia (braces), fillings, crowns, check-ups. 
• Vision: Eyeglasses, prescription sunglasses, routine eye exam, Lasik eye surgery, contact lenses, and diagnostic services.
• Preventative: Diabetes, High blood pressure, tobacco cessation, and cancer screening.
• Pre-Funded at the beginning of the year.
• Maximum contribution = $3,200

HSA 

An HSA is a portable tax-advantaged personal savings account that can be used to pay for medical, dental, vision, and other qualified expenses now or later in life. To contribute to an HSA, you must be enrolled in a qualified high-deductible health plan (HDHP) and your contributions are limited annually. The funds can even be invested making it a great addition to your retirement portfolio.

An HSA saves you money on your taxes in the following ways:

1. You pay no tax on the money you or your employer put into your HSA, up to the IRS limits.
2. You pay no taxes on interest and investment returns earned in your HSA.
3. You pay no tax on HSA money when you use it to pay eligible healthcare expenses.

• Examples of eligible expenses include co-Pays, deductibles, co-Insurance, dental and/or vision Expenses (non-cosmetic), long term care plans, COBRA premiums, and prescriptions.
• Annual contributions from all sources may not exceed $4,150 for singles or $8,300 for families in 2024. Individuals aged 55 and over may make an additional $1,000 catch-up contributions.
• HSA account with WealthCare Saver.

FSA and HSA accounts are administered through Flexible Benefit Administrators (FBA).