Section of Management Services

Savings and Spending Accounts

The state offers eligible employees three reimbursement accounts that tin provide y'all with a revenue enhancement suspension on your predictable out-of-pocket costs. Use the chart below to see how the accounts work and bank check out the Often Asked Questions and/or see the Savings and Spending Accounts Guide at the bottom of the Resource folio; and then utilize the tax savings calculator to help you decide if the reimbursement accounts have value for you. If y'all have a loftier deductible HMO or PPO plan, read more below near opening a Health Savings Business relationship (HSA). Chard Snyder is the administrator for all savings and spending accounts.

Carryover

For the healthcare FSA and express purpose FSA, Dec 31 is the last solar day to incur claims for the electric current plan year, and you must submit all claims by April xv of the following programme year. If you take funds remaining at the end of the current plan yr, a maximum of $570 will carry over to the next plan year while whatever funds in excess of $570 will forfeit.

Stay in Touch on with Your Mobile App

Do these tasks from the palm of your manus: view your account balances and transaction details, file claims, adhere receipts through your phone, add together receipts to claims already submitted and receive the text alerts you choose by submitting your phone number.

Download Chard Snyder'due south costless mobile app at the App Store or Google Play. View these videos to learn more.

Savings and Spending Accounts Comparison Chart

PDF Version( Adobe PDF Document 76.43 KB )

Flexible Spending Accounts (FSA)

Health Savings Account  (HSA)

Wellness  Reimbursement Account (HRA) and Postal service-Deductible HRA

Healthcare FSA
Limited Purpose FSA
Dependent Care FSA

How information technology Works

You lot contribute pretax money into the business relationship through payroll deductions to pay for eligible medical, dental and vision expenses, prescriptions, over- the-counter medications and menstrual hygiene products.

  • Utilize the Benefit Card to pay for eligible services and items;
  • Pay your provider straight from your account online; or
  • Pay out of pocket for eligible medical expenses; and so submit claims to exist reimbursed.

Y'all contribute pretax money into the business relationship through payroll deductions to pay for eligible dental and vision expenses.

  • If yous are enrolled in a loftier deductible health programme (HDHP), y'all can choose a Limited Purpose FSA. You cannot choose a Healthcare FSA if you are enrolled in an HDHP and eligible for the HSA.
    • Use the Benefit Card to pay for eligible services and items;
  • Pay your provider directly from your account online; or
    • Pay out of pocket for certain eligible expenses; then submit claims to be reimbursed.

You contribute pretax money into the account through payroll deductions. You lot become reimbursed for eligible services (not healthcare related) to intendance for children 12 years and younger or a dependent age 13 and older who alive with y'all at least 8 hours a 24-hour interval and who need supervised care, such equally an elderly parent or spouse with a disability. Use funds to treat your natural, adopted and foster children 12 years and younger and for family members who cannot physically or mentally care for themselves while you are working or going to school.

  • Apply the Benefit Card to pay for eligible dependent intendance services;
  • Pay your provider directly from you business relationship online; or
  • Pay out of pocket for eligible dependent care expenses; so submit claims to be reimbursed.

The land contributes pretax coin to your personal bank account each month for you to pay for eligible wellness expenses and save for future costs. You may also eolith pretax money into the business relationship. Enroll in an HDHP online in People Commencement, which automatically opens your HSA RewardTM account.

  • The country contributes $41.66/ month for single coverage (upwardly to $500/yr) and $83.33/ month for family unit coverage (up to $i,000/twelvemonth).
  • Pay for eligible expenses from this savings account at time of service or buy;
  • Pay your provider direct from your business relationship online; or
  • Pay out of pocket for eligible expenses; then reimburse yourself from the business relationship.

Emplyees tin contribute to their HSA at age 65 as long as they are an eligible individual and have not enrolled in Medicare Parts A, B, or D. In addition, the employee is Medicare is required o obatin a letter from Medicare that shows they accept defferred enrollment and provide that alphabetic character to People First Service Eye. Once enrolled in Medicare, they can no longer go along making contributions to their HSA account.

Shared Savings Programme rewards are credited to your account equally they are earned. HRA money is used to pay for eligible medical, dental, vision, preventive and prescription drug expenses.

  • Use the Benefit Card to pay for eligible services and items;
  • Pay your provider directly from your account online; or
  • Pay out of pocket for eligible expenses; then submit claims to exist reimbursed.

The Post-Deductible HRA works the same way except funds are not available for apply until yous have met the federal wellness programme deductible. Single deductible is $i,400 and Family unit deductible is $2,800.

Who is Eligible
Agile employees, who are benefits eligible. Active employees, who are benefits eligible. Active employees, who are benefits eligible. Active employees, who are enrolled in a HDHP. All State Group Insurance health plan enrollees are eligible. If you lot enroll in an HDHP, you are only eligible for the Post-Deductible HRA. Your HRA becomes active once your first reward has been credited to the business relationship.

Shared Savings Programme Rewards

Yep. Earn up to $500 in Shared Savings rewards.

Shared Savings Program rewards are credited to your account on January 1st of the following program year (the programme year later on the reward is earned).

Yes. Earn upward to $500 in Shared Savings rewards.

Shared Savings Program rewards are credited to your account on January 1st of the following plan year (the programme yr after the advantage is earned).

No. Shared Savings Program awards are but credited to ane of the health spending or savings plans.

Yes. Earn up to the annual contribution limit in Shared Savings rewards.

Shared Savings Programme rewards are credited to your account every bit they are earned.

Yes. There is no limit in the corporeality of Shared Savings rewards earned.

Shared Savings Programme rewards are credited to your account as they are earned.

Employee Contribution Limit

Yes.

$60 minimum/year.

$two,850 maximum/yr

Yes.

$threescore minimum/yr.

$two,850 maximum/twelvemonth.

Yes.

$60 minimum/year.

$5,000 maximum/yr/ household.

Yes.  No minimum contribution.

$iii,650/year for unmarried coverage

$7,300/year for family coverage (Limits include the land's contribution.)

Employees ages 55+ may make catch-up contributions of an boosted $1,000/year.

Employer funded, through rewards earned by utilizing the Shared Savings Program.

When is Money Available
The full corporeality of your annual election is available January ane (for open enrollment) or on your enrollment date (for new hires or if you have an appropriate Qualifying Status Alter (QSC) effect). Shared Savings Program rewards are non available until January 1st of the year later on the reward is earned and credited to the account. The total amount of your annual election is available January 1 (for open enrollment) or on your enrollment date (for new hires or if you take an advisable QSC outcome). Shared Savings Program rewards are non bachelor until January 1st of the year later the reward is earned and credited to the account. Coin is credited to your account after each payroll deduction. Yous can utilize only the balance in your account at the fourth dimension of payment for dependent intendance services. As the state deposits amounts into your Chard Snyder HSA AdvantageTM personal savings account

HRA funds volition be available within 5 business days of the advantage notification to Chard Snyder.

If you choose a Post-Deductible HRA, funds are available  for use after you lot have met the deductible. Unmarried deductible is $1,400 and Family deductible is $2,800.

Payment Carte
Yes. The Chard Snyder Benefit Card. Yes. The Chard Snyder Benefit Card. Yep. The Chard Snyder Benefit Bill of fare. Yes. The Chard Snyder Benefit Bill of fare. Yeah. The Chard Snyder Do good Bill of fare.

Borderline to Use Funds
Yes. Incur eligible expenses by December 31 and submit claims to Chard Snyder by April xv of the next plan year. If any funds are remaining, up to $570 volition exist carried frontward into the following plan year. Amounts over $570 volition be forfeited. Yes. Incur eligible expenses past December 31 and submit claims to Chard Snyder by April 15 of the next plan twelvemonth. If any funds are remaining, up to $570 will be carried forward into the post-obit program year. Amounts over $570 will exist forfeited. Yes. Grace period to incur eligible expenses ends March xv of the next plan year. All claims must be submitted to Chard Snyder past Apr 15 of  the adjacent plan twelvemonth. Any amount remaining will exist forfeited. No. HSA works only like your savings account. Remainder rolls over from twelvemonth to year; take the coin with y'all if y'all get out land employment. Yes. Incur eligible expenses past December 31 and submit claims to Chard Snyder by Apr fifteen of the adjacent plan year. Rest rolls frontward to next plan yr, as long equally enrolled in a State Group Insurance health plan.

Wellness Plan
No requirement to be in a State Group Insurance health program. High Deductible PPO or Loftier Deductible HMO. No requirement to exist in a Country Group Insurance health programme. High Deductible PPO or High Deductible HMO. Any State Group Insurance health plan.

Enroll in Another Savings or Spending Account
Yes. Dependent Care FSA and/ or HRA. Yep. HSA, Dependent Care FSA, and/or Post-Deductible HRA. Yep. Healthcare and Limited Purpose FSA, HSA, HRA or Post-Deductible HRA. Aye. Limited Purpose FSA, Dependent Care FSA, and/or Mail-Deductible HRA. Yep. Healthcare FSA, Limited Purpose FSA, and/or Depended Care FSA. If enrolled in an HDHP, yous must choose the Post-Deductible HRA.

How FSAs work

  1. You ready bated pre tax dollars from your paycheck.
  2. You submit eligible expenses for reimbursement throughout the yr.
  3. You are reimbursed from your FSA for the eligible expenses you submit.

If you pay federal income taxation and Social Security tax, this creates about a 20% savings on most of the health or dependent care services y'all purchase. The savings could exist more - depending on your income revenue enhancement charge per unit. And yet, even when you pay no income taxes, the Social Security tax savings is near 7.5% - or $seven.l for each $100 you spend. How much can I save using an FSA?

Estimate Your Expenses

Before enrolling:

  • Estimate expenses for the plan twelvemonth – the tax savings estimator can assistance you practise that.
  • Read about some of import considerations before making your FSA choices.

Claiming Your Reimbursement Business relationship Benefits

Yous claim reimbursement account benefits past submitting a claim form( Adobe PDF Document 757.91 KB ) and advisable supporting documentation to Chard Snyder by Apr 15.

Eligible Expenses:

For a full list of eligible items, check https://www.irs.gov/pub/irs-pdf/p502.pdf( Adobe PDF Document ).

Oft Asked Questions (FAQ)
Still accept questions? Bank check out the Frequently Asked Questions for each programme type to find out more.

Flexible Spending Accounts (FSA) - FAQ( Adobe PDF Document 179.67 KB ) including:

  • Healthcare FSA
  • Limited Purpose FSA
  • Dependent Care FSA

Health Savings Account (HSA) - FAQ( Adobe PDF Document 160.91 KB )

Health Reimbursement Account (HRA) and Mail-Deductible HRA - FAQ( Adobe PDF Document 160.47 KB )