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Healthcare Savings

Flexible Spending and Health Savings Accounts allow you to save for out-of-pocket expenses while benefiting from specific tax advantages. Eligibility for these programs may be linked to your medical plan selection.

For a complete breakdown of your pre-tax Health Care Savings Options, please view the IRS Publication 969.

New 2024 Health Savings Account (HSA) and Flexible Spending Limits

  • HSA: Employee Only : $4,150 - Family : $8,300 - - Age 55+ $1,000 Catch-Up
  • Medical/Limited FSA: $3,200
  • Dependent Care FSA : $5,000

Resources

Healthcare Savings

An FSA allows you to set aside savings for expenses you estimate incurring during the calendar year. You have immediate access to 100% of your annual elected total but your deductions are taken in biweekly installments. These contributions are deducted from your pay before taxes are calculated, allowing you to pay for qualified medical, dental and vision expenses using pre-tax dollars. The IRS determines how much you can save by setting a contribution limit which may change from year to year.

FSA plans come with precautions. Once an election has been made, it cannot be adjusted unless you have a qualifying life event (e.g., marriage, divorce, birth). If you experience a life event, you have 30-days to request a change. your savings must be used within the current plan year or are forfeited, except for a limited carry-over amount. You must also substantiate all expenses with an Explanation of Benefits (EOB) from your insurer or receipts from providers.

Flexible Spending Rollover Rule

  • You can roll-over up to $610 of your unused medical or limited FSA balance into the next plan year. Your roll-over amount won’t affect your election limit for the upcoming plan year.
  • If you have an FSA balance from 2023, funds over $610 will be forfeited on January 1 of the following plan year. Receipts and documentation for outstanding or unsubstantiated claims must be sent to ASI Flex by March 31 of the following plan year.
  • Funds spent inappropriately, or undocumented receipts may require you to reimburse the plan, so please provide requested documentation to ASI upon request.

Fidelity Health Savings Account

Think of an HSA as a savings plan for health care you’ll need today, tomorrow and into the future. It works like a regular bank account, but you don’t pay federal income tax on the money you deposit. When you use your HSA money to pay for qualified medical expenses, you won’t pay income taxes on the money, either. You even build your savings into a nest egg for retirement.

What All HSA Owners Should Know

If you have an HSA and understand the benefits, take a more active role.

  1. It has pre-tax benefits. Take advantage of everything you can save by maximizing your contribution.
  2. Funds grow tax-free, contributions are tax-free (state, federal, and FICA), and as long as you spend your funds on qualified medical expenses, they’re not taxed.
  3. 2024 limits are $4,150 for single and $8,300 for family. If you’re over age 55, you can contribute an additional $1,000.
  4. Save now for your future. The county lump-sum contribution of $600 for single and $1,200 for family is deposited into your HSA the first few weeks in January, so you start the year with cash in your account.
  5. Don’t let it stop there, though. You can earn additional HSA contributions by participating in wellness activities and contribute your own pre-taxed funds through a payroll deduction.
  6. Fidelity offers investments. You can invest funds over $2,000 in a variety of mutual funds.
  7. Review your account often. Taking a few minutes every month to review your balance, look at your investments, and check-in with your savings goals will do more than you think in the long run.
  8. Monitor your annual contributions. The HSA is a self-managed account, and county personnel don’t monitor the amounts you’ve funded. You’re encouraged to take an active role in your contributions to make sure you contribute the appropriate amounts.

Fidelity HSA Login

Limited Purpose Flex Spending (LFSA) allows additional tax savings for those enrolled in the HSA. You can contribute up to $3,200 to this account.  The LFSA is restricted to dental and vision expenses. 

In many cases, ASI Flex will ask for documentation to substantiate a claim.  If you receive a request or notification that information is needed, please send appropriate documentation for the claim.  A claim form with an itemized receipt or an EOB from the provider which details the expense, and can be uploaded through your ASI Flex online account. 

The difference between a limited-purpose FSA and a FSA is what they cover. A LPFSA can typically only cover qualified vision and dental expenses. 

Limited Flexible Spending Account Annual contribution limit is $3,200 (Dental and vision only).

You can roll-over up to $610 annually. Funds over $610 will be forfeited on January 1, 2024.

Flex Spending Plans are regulated by the IRS, and you should keep your documentation for every expense. You are encouraged to set up an ASI Flex account about 10 days after you have made your enrollment elections. This is the easiest way to upload claims, monitor your account balances, and receive important notifications from ASI Flex.

You can also email ASI with any questions.

ASI Flex

A Dependent Care FSA (DCFSA) is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare.

Qualifying Mid-year enrollment or election increase of DCFSA:

  • Birth or adoption of child
  • Change in parent employment or work schedule that results in a daycare cost increase
  • Significant increase in cost of daycare
  • Change in daycare provider that results in a daycare cost increase
  • Marriage/divorce status or death of spouse that results in a daycare cost increase

Qualifying Mid-year cancelation or election decrease of DCFSA:

  • Child reaches age 13
  • Child starts school
  • Change in parent employment or work schedule that results in a cost decrease
  • Significant decrease in cost of daycare
  • Death of dependent
  • Change in daycare provider that results in a daycare cost decrease
  • Marriage/divorce status that results in a daycare cost decrease
  • Daycare closed

Annual Contribution Limit: $5,000

 

Automatic Claim Request Form

Direct Deposit Form

Flexible Spending Change Form

HSA Fidelity

(800) 544-3716

www.netbenefits.com

FSA ASI

(800) 659-3035

www.asiflex.com