How long do I have to use my funds?How do I pay for my health expenses before taxes?Does Woodbury contribute to these accounts?What is the maximum contribution for these accounts?
Plan Options: Flexible Spending Account (FSA) and Health Savings Account (HSA)
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 paired with your medical plan, you and Woodbury Corporation may be able to contribute to the account.
Flexible Spending Account Administrator
National Benefit Services
1 (801) 532-4000 | nbsbenefits.com | Group ID: NBS275015
Health Savings Account Administrator
HealthEquity
1 (866) 346-5800 | healthequity.com | Employer ID: 14694
 |
Health Care Accounts |
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, NBS Benefits, 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 Woodbury Corporation 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, NBS Benefits, 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 Woodbury Corporation 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 an HSA-Qualified Plan.
This account can only be paired with a Traditional PPO Plan. Woodbury Corporation offers the following Traditional PPO Plans:
Select MED Plus
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. Woodbury Corporation offers the following Traditional PPO Plans:
Select MED Plus
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 Woodbury Corporation and I combined can put into this account?
$3,200 is the IRS pretax contribution limit.
What does the company contribute?
Woodbury Corporation 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. If you elect to have a debit card, there is an $18 debit card fee, that is taken from the participant’s account.
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 incur eligible services from the prior plan year. Requests for reimbursement must be submitted by March 31, 2025. Any funds left in the account are forfeited, per IRS regulations.
Once your employment ends, you won't be able to spend your FSA funds, but you do have 90 days to submit claims for FSA-eligible expenses that you incurred while employed and during the current plan year. If you have any funds left over after those 90 days that exceed the $640 rollover, you'll forfeit those funds.
Once your employment ends, you won't be able to spend your FSA funds, but you do have 90 days to submit claims for FSA-eligible expenses that you incurred while employed and during the current plan year. If you have any funds left over after those 90 days that exceed the $640 rollover, you'll forfeit those funds.
Health Reimbursement Account (HRA)
Health Reimbursement Accounts (HRAs) are employer-funded group health plans from which employees are reimbursed tax-free for qualified medical expenses up to a fixed dollar amount per year. Woodbury Corporation funds and owns the account. Health Reimbursement Accounts are sometimes called Health Reimbursement Arrangements.
Health Reimbursement Accounts (HRAs) are employer-funded group health plans from which employees are reimbursed tax-free for qualified medical expenses up to a fixed dollar amount per year. Woodbury Corporation funds and owns the account. Health Reimbursement Accounts are sometimes called Health Reimbursement Arrangements.
- You can receive up to the annual benefit amount each year. There is no rollover.
- Get reimbursed from the HRA as you turn in claims for health plan deductible expenses incurred during the plan year. You must submit all claims by March 31, 2025.
HEALTH REIMBURSEMENT ACCOUNT
Which plans is this account available for?
This account cannot be paired with an HSA-Qualified Plan.
This account can only be paired with a Traditional PPO Plan. Woodbury Corporation offers the following Traditional PPO Plans:
Select MED Plus
This account can only be paired with a Traditional PPO Plan. Woodbury Corporation offers the following Traditional PPO Plans:
Select MED Plus
Do I need to be enrolled in a medical plan?
Yes.
What would I use this account for?
Eligible health care expenses that go toward your annual health plan deductible.
What is the maximum amount that Woodbury Corporation and I combined can put in this account?
The IRS does not allow employee contributions to an HRA.
What does the company contribute?
Each covered person must meet the $500 deductible, up to a maximum of $1,000, before they can utilize the HRA benefit as follows:
Single: 80% of deductible expenses up to $1,200 per year
Two-Party: 80% of deductible expenses up to $2,400 per year
Family: 80% of deductible expenses up to $2,400 per year
Single: 80% of deductible expenses up to $1,200 per year
Two-Party: 80% of deductible expenses up to $2,400 per year
Family: 80% of deductible expenses up to $2,400 per year
Are there investment options?
No.
When are the funds available?
Get reimbursed from the HRA as you turn in claims for health plan deductible expenses incurred during the plan year. You must submit all claims by March 31, 2025.
What happens if I don’t use the money during the year?
You can receive up to the annual benefit amount each year. There is no rollover.
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.
- If you are receiving social security or Medicare, you are not eligible for an HSA.
HEALTH SAVINGS ACCOUNT
Which plans is this account available for?
You must be enrolled in an HSA-Qualified Plan in order to be considered eligible for this account.
Woodbury Corporation offers the following HSA-Qualified Health Plans:
Select MED Plus HSA-Qualified $1,600 / $3,200
Select MED Plus HSA-Qualified $2,000 / $4,000
Woodbury Corporation offers the following HSA-Qualified Health Plans:
Select MED Plus HSA-Qualified $1,600 / $3,200
Select MED Plus HSA-Qualified $2,000 / $4,000
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 Woodbury Corporation and I combined can put in this account?
$4,150 Employee-only coverage
$8,300 Family coverage
$8,300 Family coverage
What does the company contribute?
Employee puts in at least:
Single coverage: $5.00 per pay period
Two-Party coverage: $10.00 per pay period
Family coverage: $15.00 per pay period
Company puts in:
Single coverage: $9.65 per pay period
Two-Party coverage: $19.25 per pay period
Family coverage: $28.85 per pay period
Single coverage: $5.00 per pay period
Two-Party coverage: $10.00 per pay period
Family coverage: $15.00 per pay period
Company puts in:
Single coverage: $9.65 per pay period
Two-Party coverage: $19.25 per pay period
Family coverage: $28.85 per pay period
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 and any Woodbury Corporation contribution 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. There is a no fee debit card available for this account.
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.
 |
Learn About Health Care Accounts |
