How long do I have to use my funds?How do I pay for my health expenses before taxes?Does Snap Finance 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 copays, prescriptions, glasses, and lab work. Depending on the type of health care account that is paired with your medical plan, you and Snap Finance may be able to contribute to the account.
For the 2024 plan year, Snap Finance has moved these accounts from HealthEquity to WEX.
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Health Care Account Options |
Flexible Spending Account (FSA)
A Flexible Spending Account (FSA) allows you to make pre-tax deductions from payroll and then use those pre-tax funds to pay for eligible expenses. The FSA plan administrator, WEX, will help you manage your accounts and claims processing.
The FSA Plan allows you to set aside pre-tax dollars to pay for qualifying out of pocket Medical, Dental, Vision and Prescription Drug expenses. This includes deductibles, coinsurance payments and copays for yourself or for your dependents to a maximum of $3,200 per calendar year. Expenses for dependents that are not covered through the Snap Finance benefit plan may also qualify for reimbursement. Over the counter medications are no longer eligible unless you have a written prescription from your physician.
A Flexible Spending Account (FSA) allows you to make pre-tax deductions from payroll and then use those pre-tax funds to pay for eligible expenses. The FSA plan administrator, WEX, will help you manage your accounts and claims processing.
The FSA Plan allows you to set aside pre-tax dollars to pay for qualifying out of pocket Medical, Dental, Vision and Prescription Drug expenses. This includes deductibles, coinsurance payments and copays for yourself or for your dependents to a maximum of $3,200 per calendar year. Expenses for dependents that are not covered through the Snap Finance benefit plan may also qualify for reimbursement. Over the counter medications are no longer eligible unless you have a written prescription from your physician.
FLEXIBLE SPENDING ACCOUNT
Which plans is this account available for?
This account cannot be paired with a High Deductible Health Plan.
This account can only be paired with a Traditional PPO Plan. Snap Finance offers the following Traditional PPO Plans:
Regence BlueCross BlueShield $1,500 and $3,000 Traditional PPO Plans
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 PPO Plan. Snap Finance offers the following Traditional PPO Plans:
Regence BlueCross BlueShield $1,500 and $3,000 Traditional PPO Plans
You are not required to be enrolled in a medical plan in order to be eligible for this account.
What would I use this account for?
Eligible health care expenses, including medical, dental, vision, and prescription medication.
What is the maximum amount that Snap Finance and I combined can put into this account?
$3,200 is the IRS pretax contribution limit.
What does the company contribute?
Snap Finance 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.
Can I buy anything else with my FSA funds?
To find FSA eligible items, please check out:
The FSA Store - Save up to 40% by using your pre-tax FSA funds, and get Free Shipping on all orders over $50. Thousands of FSA-eligible products on sale now!
The Amazon FSA Store - Shop thousands of FSA-eligible items on Amazon before your Flexible Spending Account dollars expire. Choose from vision care to oral care & more
The FSA Store - Save up to 40% by using your pre-tax FSA funds, and get Free Shipping on all orders over $50. Thousands of FSA-eligible products on sale now!
The Amazon FSA Store - Shop thousands of FSA-eligible items on Amazon before your Flexible Spending Account dollars expire. Choose from vision care to oral care & more
What happens if I don’t use the money during the year?
You have until March 15, 2025 to submit eligible expenses for the 2024 plan year (Jan 1 - Dec 31).
You can roll-over up to $640 of unused money for use in the next plan year. Per IRS regulations, you forfeit any unused amounts over $640 in your account after March 31, 2025
Any unused funds upon termination will be forfeited unless the employee enrolls in COBRA.
You can roll-over up to $640 of unused money for use in the next plan year. Per IRS regulations, you forfeit any unused amounts over $640 in your account after March 31, 2025
Any unused funds upon termination will be forfeited unless the employee enrolls in COBRA.
Health Savings Account (HSA)
Health Savings Accounts (HSAs) combine a High Deductible Health Plan (HDHP) with a tax-exempt trust or custodial account to pay for qualified medical expenses. The HSA is an individual health account that is owned by the employee and may be used for the payment of medical expenses that are not covered by their HDHP, including expenses that go towards satisfying the deductible. Individuals or employers may contribute on a pre-tax or post-tax basis. Pre-tax funds used for eligible healthcare expenses are tax-free to the account holder.
An HSA is similar to an Individual Retirement Account (IRA) in that the participant owns it and directs the investments. Balances in the HSA continue to accumulate in the account. Funding options including pre-tax contributions via payroll deduction or post-tax contributions via check or electronic funds transfer.
Health Savings Accounts (HSAs) combine a High Deductible Health Plan (HDHP) with a tax-exempt trust or custodial account to pay for qualified medical expenses. The HSA is an individual health account that is owned by the employee and may be used for the payment of medical expenses that are not covered by their HDHP, including expenses that go towards satisfying the deductible. Individuals or employers may contribute on a pre-tax or post-tax basis. Pre-tax funds used for eligible healthcare expenses are tax-free to the account holder.
An HSA is similar to an Individual Retirement Account (IRA) in that the participant owns it and directs the investments. Balances in the HSA continue to accumulate in the account. Funding options including pre-tax contributions via payroll deduction or post-tax contributions via check or electronic funds transfer.
- Any money left at the end of the year remains in your account and rolls over to the following calendar year.
- For employees age 55 and older, an additional $1,000 “catch-up” contribution is allowed
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.
Snap Finance offers the following High Deductible Health Plans:
Regence — Base Option High Deductible Health Plan
Snap Finance offers the following High Deductible Health Plans:
Regence — Base Option High Deductible Health Plan
Do I need to be enrolled in a medical plan?
Yes.
What would I use this account for?
To save for future health care expenses, but also to pay for eligible health care expenses, including medical, dental, vision and prescription medications — now.
What is the maximum amount that Snap Finance and I combined can put into this account?
$4,150 Employee-only coverage
$8,300 Two-party or Family coverage
If you'll be at least 55 years old in 2024, you can make an additional $1,000 catch-up contribution.
$8,300 Two-party or Family coverage
If you'll be at least 55 years old in 2024, you can make an additional $1,000 catch-up contribution.
What does the company contribute?
Employee Only
Employee + Spouse/Domestic Partner
Employee + Child(ren)
Employee + Family
Employee + Spouse/Domestic Partner
Employee + Child(ren)
Employee + Family
$1,000 / Year
$1,500 / Year
$1,500 / Year
$2,000 / Year
$1,500 / Year
$1,500 / Year
$2,000 / Year
How much can I contribute?
Employee Only
Employee + Spouse/Domestic Partner
Employee + Child(ren)
Employee + Family
Employee + Spouse/Domestic Partner
Employee + Child(ren)
Employee + Family
Up to $3,150 / Year
Up to $6,800 / Year
Up to $6,800 / Year
Up to $6,300 / Year
Up to $6,800 / Year
Up to $6,800 / Year
Up to $6,300 / 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.
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.
