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Flexible Spending Accounts and Health Savings Accounts

Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) are used to set aside pre-tax income to spend on qualified healthcare-related expenses.

Flexible spending account (Healthcare)
man_fsa_170px.png The healthcare FSA covers eligible medical, dental, and vision costs that are not covered by health plans. Examples of remibursable expenses include deductibles, copays for office visits and prescriptions drugs, and coinsurance for you or your eligible dependents. Premiums are not eligible healthcare expenses. Please note that if you enroll in the port-sponsored Cigna High Deductible Health Plan (HDHP) and elect to have a Health Savings Account (HSA), you will be ineligible to enroll in a general purpose healthcare FSA. Instead, you may enroll in a limited purpose FSA.
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Flexible spending account (Dependent Care)
dependent_care_ev.jpg A dependent care FSA is separate from a healthcare FSA, and is available to all regular employees, including those with an HSA. Funds in a dependent care FSA may be used to pay for eligible 2017 child care expenses for dependent children under age 13, or adult care expenses for a person who qualifies as your dependent if he or she is physically or mentally incapable of self-care and such care is needed so that you are able to go to work. Read more →
Health Savings Account

HSAs are available only to those who enroll in the port-sponsored High Deductible Health Plan (HDHP). Like a Healthcare FSA, you can use an HSA to reimburse eligible out-of-pocket health care expenses that aren’t covered by your high-deductible health plan, like amounts you pay toward meeting the deductible, or other out-of-pocket costs. You also can use the HSA to pay for eligible health care expenses incurred by your spouse or other dependents you can claim on your tax return. Unlike an FSA, there is no limit to the amount of funds that can roll over from year to year, and you can enroll, stop, increase or decrease contributions on a monthly basis.
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