How long do I have to use my funds?How do I pay for my health expenses before taxes?Does Venafi contribute to these accounts?What is the maximum contribution for these accounts?
Plan Options: Health Savings Account (HSA), Flexible Spending Account (FSA), and Limited Purpose Flexible Spending Account (LPFSA)
Health care accounts can be used to help offset your out-of-pocket health care expenses, including co-pays, prescriptions, glasses, and lab work. Depending on the type of health care account that is paired with your medical plan, you and Venafi may be able to contribute to the account.
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Health Care Account Options
Health Savings Account
Which plans is this account available for?
You must be enrolled in a High Deductible Health Plan in order to be considered eligible for this account. Venafi offers a High Deductible Health Plan (HDHP)
What would I use this account for?
To save for future health care expenses, but also to pay for eligible health care expenses, including dental, vision and prescription medication, now.
What is the maximum amount that Venafi and I combined can put into this account?
$3,600 Team Member-only coverage
$7,200 Family coverage
If you’ll be at least 55 years old in 2021, you can make an additional $1,000 catch-up contribution.
$7,200 Family coverage
If you’ll be at least 55 years old in 2021, you can make an additional $1,000 catch-up contribution.
What does the company contribute?
Team Member (TM) Only
TM + Spouse
TM + Child(ren)
TM + Family
TM + Spouse
TM + Child(ren)
TM + Family
$1,200 / Year
$2,500 / Year
$2,500 / Year
$3,200 / Year
$2,500 / Year
$2,500 / Year
$3,200 / Year
Are there investment options?
Yes, if you have more than $2,000 in your HSA, you can invest it, and any growth is generally tax free.
When are the funds available?
Your contribution amount is available as it comes out of your paycheck each pay period — so your entire contribution amount is not available at the beginning of the year or when coverage starts.
Venafi's contributions are available at the beginning of each quarter.
Venafi's contributions are available at the beginning of each quarter.
What happens if I don’t use the money during the year?
All unused funds will roll over to the next year.
You can take HSA funds with you when you leave the company or retire.
You can take HSA funds with you when you leave the company or retire.
Flexible Spending Account
Which plans is this account available for?
You are not required to be enrolled in a medical plan in order to be eligible for this account. This account can only be paired with a Traditional Copay Plan, which is offered by Venafi.
What would I use this account for?
Eligible health care expenses, including dental, vision, and prescription medication.
What is the maximum amount that Venafi and I combined can put into this account?
$2,750 is the IRS pretax contribution limit.
What does the company contribute?
Venafi does not contribute to this account.
Are there investment options?
No.
When are the funds available?
Your entire contribution amount is available at the beginning of the year.
What happens if I don’t use the money during the year?
You have until March 15, 2022 to incur eligible expenses. You have until March 31, 2022 to submit reimbursements for claims that occurred prior to March 15, 2022.
Any unused funds upon termination will be forfeited unless the employee enrolls in COBRA.
Any unused funds upon termination will be forfeited unless the employee enrolls in COBRA.
Limited Purpose Flexible Spending Account
Which plans is this account available for?
You must be enrolled in a High Deductible Health Plan in order to be considered eligible for this account.
Venafi offers a High Deductible Health Plan (HDHP)
Venafi offers a High Deductible Health Plan (HDHP)
What would I use this account for?
This health care account has to be paired with an HSA and you can only use it for eligible vision and dental expenses.
What is the maximum amount that Venafi and I combined can put into this account?
$2,750 is the IRS pretax contribution limit.
What does the company contribute?
Venafi does not contribute to this account.
Are there investment options?
No.
When are the funds available?
Your entire contribution amount is available at the beginning of the year.
What happens if I don’t use the money during the year?
You have until March 15, 2022 to incur eligible expenses. Per IRS regulations, you forfeit any money that remains in your account following March 31, 2022.
Any unused funds upon termination will be forfeited unless the employee enrolls in COBRA.
Any unused funds upon termination will be forfeited unless the employee enrolls in COBRA.
