How long do I have to use my funds?How do I pay for my health expenses before taxes?Does Gold Cross contribute to these accounts?What is the maximum contribution for these accounts?
Plan Options: Health Savings Account (HSA) and Flexible Spending Account (FSA)
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 Lendio may be able to contribute to the account.
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Health Care Account Options
Health Savings Account (HSA)
Who is eligible for this account?
You must be enrolled in a High Deductible Health Plan in order to be considered eligible for this account.
Gold Cross offers the following High Deductible Health Plans:
SelectHealth Med HDHP
SelectHealth Care HDHP
Gold Cross offers the following High Deductible Health Plans:
SelectHealth Med HDHP
SelectHealth Care HDHP
What would I use this account for?
Eligible health care expenses, including dental, vision and prescription medication, now.
What is the maximum amount that Gold Cross and I combined can put into this account?
$3,600 Employee-only
$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?
Gold Cross will match $2 for every $1 that an employee contributes annually up to the following:
Employee-only Coverage
Family Coverage
Family Coverage
$1,000 / Year
$2,000 / Year
$2,000 / Year
How much can I contribute?
Employee-only Coverage
Family Coverage
Family Coverage
Up to $2,600 / Year
Up to $5,200 / Year
Up to $5,200 / 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.
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 (FSA)
Who is eligible for this account?
This account cannot be paired with a High Deductible Health Plan.
While you are not required to be enrolled in a medical plan in order to be eligible for this account, the account can only be paired with a Traditional PPO Plan, which is not offered by Gold Cross.
While you are not required to be enrolled in a medical plan in order to be eligible for this account, the account can only be paired with a Traditional PPO Plan, which is not offered by Gold Cross.
What would I use this account for?
Eligible health care expenses, including dental, vision, and prescription medication.
What is the maximum amount that Gold Cross and I combined can put in this account?
$2,750 is the IRS pretax contribution limit.
What does the company contribute?
Gold Cross does not contribute to this account.
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 submit reimbursement for any claims that occurred during 2021.
