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The Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are an affordable way to save money on health care. FSAs and HSAs operate differently. Here’s how.
DEPENDENT CARE FSA |
HEALTH CARE FSA |
LIMITED USE FSA |
HEALTH SAVINGS ACCOUNT |
|
---|---|---|---|---|
Who can participate: | If you anticipate eligible dependent day care expenses. | If you enroll in the PPO or HMO or do not elect any BMC medical plan | If you enroll in the BCBSTX HSA Plan | If you enroll in the BCBSTX HSA Plan |
What happens to unused contributions | Subject to the “use it or lose it” rule; you forfeit them at the end of the year | You can carry over up to $640 from one plan year to the next | You can carry over up to $640 from one plan year to the next | Any unused contributions remain in your account for future health care expenses |
Contribution type | Before-tax contributions | |||
How much can I contribute | Contribute from $240 to $5,000 per year | Contribute from $240 to $3,200 per year | Contribute from $240 to $3,200 per year | Single: $4,150 All other coverage levels: $8,300 If you are 55 or older, you can deposit up to an additional $1,000. |
What expenses are eligible | Any eligible dependent day care expenses – as qualified by the IRS and incurred during the year | A full range of qualified medical expenses – as qualified by the IRS and incurred during the calendar year | Dental and vision expenses only (until you meet your deductible) and a limited range of expenses after you meet your deductible) – as qualified by the IRS and incurred during the calendar year. | A full range of qualified medical expenses – as qualified by the IRS |
When can I change the contribution amount | The amount you contribute cannot change during the year unless you have a qualified status change (life event). | Change contribution amounts anytime | ||
When are expenses reimbursed | All eligible expenses are reimbursed when you file a claim. However, reimbursements can only be made as funds become available from payroll deductions. | All eligible expenses are reimbursed when you use your debit card or file a claim up to the full amount of your annual contribution, regardless of the actual amount of money that has been deposited into your account through payroll deductions. | All eligible expenses are reimbursed when you use your debit card or file a claim up to the full amount of your annual contribution, regardless of the actual amount of money that has been deposited into your account through payroll deductions. | All eligible expenses are reimbursed when you file a claim or use your debit card. However, reimbursements can only be made as funds become available from payroll deductions or company contributions are deposited. |