HSA and FSA

HSA and FSA

2022

BENEFIT SERVICES

plan year

Health Savings Account (HSA)

Renewal Date: 01/01/2022 Administrator iSolved Benefit Services Your eligibilty In order to open and fund an HSA, you must meet the following requirements: • You are enrolled in OS33’s High Deductible Plan (HDHP) • Are not covered under another medical plan such as Medicare, Tricare or a spouse’s medical plan (not an HDHP) which provides similar coverage; and • Cannot be claimed as a dependent on another person’s insurance policy or tax return. 2022 IRS Calendar Year Contribution Limit OS33 is contributing $1,200 annually directly into your HSA The amount you may contribute to your HSA is based on your HDHP medical plan’s tier. 2022 If you cover just yourself on the plan: $3,650 If you cover yourself and a spouse or dependents: $7,300 Age 55+ Catch-Up: $1,000 When You Can Begin Contributing You may begin funding your HSA when your medical HDHP benefits begin. You are able to contribute as little or as much (up to the IRS limit) as you wish out of each paycheck and this election may be changed at If you terminate HDHP medical plan coverage (or employment) with OS33, you may no longer contribute to your HSA through OS33 payroll deduction. You own the HSA so your balance can be carried over year after year and the funds you contributed always belong to you. Benefits of an HSA Tax Savings! An HSA provides triple tax savings: (1) tax deductions when you contribute to your account (2) tax-free investment earnings (3) tax-free withdrawals for qualified medical expenses any time throughout the year. When You Cannot Contribute

Qualified Health Care Expenses Each time you have a medical, dental or vision expense you decide if you want to pay with money from your HSA. “Qualified Medical Expenses” are determined by the US Treasury, 213(d) expenses, and detailed in IRS Publication 502. Some examples include but are not limited to: • Expenses that apply toward your deductible • Prescription expenses • Contact lens fitting Whose Medical Expenses Can You Use Your HSA Funds on? Generally your: • Legally married spouse. Domestic partners are not covered under the tax code. • Permanently and totally disabled dependent of any age. • Dependent under the age of 19 at the end of calendar year or a full- time student under the age of 24 at the end of the calendar year who also: • Lived with you more than 1/2 the calendar year, and • Didn’t provide over 1/2 his/her own support in the calendar year, and • Didn’t file a joint tax return, other than to claim a refund • Qualifying relative. See IRS Publication 502 for more information. • Orthodontia • Acupuncture • Artificial teeth • Eye glasses

Flexible Spending Account (FSA)

Renewal Date: 01/01/2022 Administrator iSolved Benefit Services

What is the Benefit? A Flexible Spending Account (FSA) can save you up to 25% on your eligible health care and/or dependent care expenses by using pre-tax dollars. This plan runs January through December.

Your Eligibility To be eligible for enrollment in any of the FSAs listed above you must work 30+ hours a week and be at least 21 years of age.

2022 IRS Contribution Limit

Medical FSA - $2,850* Carry over $570 of unused funds Dependent Care FSA - $5,000 • Married Filing Separately - $2,500 • Single or Married Filing Jointly - $5,000 Limited Purpose FSA - $2,850* Carry over $570 of unused funds Transit and Parking - $280/mo. *Can roll over if re-enrolled Obtain a complete list of eligible and ineligible expenses for FSAs by accessing www.irs.gov . Under “Search Forms and Publications,” enter “502” for the health care plan and “503” for the dependent care plan.

Accounts Offered Health Care FSA - medical, dental, vision expenses

Dependent Care FSA - care for your child, disabled spouse, or other dependent who is physically or mentally incapable of self- care. Medical expenses for your dependent are not eligible for reimbursement under the Dependent Care FSA. Limited Purpose FSA - This pre-tax benefit account lets you take advantage of the savings power of an HSA and a Healthcare FSA simultaneously. A Limited Purpose FSA is referred as this because it is used to pay for eligible dental and vision expenses only. Transit FSA - Allows you to set aside your hard-earned dollars on a pre-tax basis to pay for the expense of getting to and from work: Public Transportation (bus, train, ferry, subway, Commuter Highway Vehicles (vanpools) Parking FSA - Allows you to set aside your hard-earned dollars on a pre-tax basis to pay for the expense of getting to and from work: Park n’ ride, ramp