Health Care Account Options

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.

• 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.

Limited Purpose Flexible Spending Account (LPFSA)
A Limited Purpose Flexible Spending Account (LPFSA) allows you to make pre-tax deductions from your payroll and use those funds for eligible dental and vision expenses. The LPFSA plan administrator, PeakOne Administration, will help you manage your account and process claims.

The LPFSA is only available for individuals who are enrolled in a Health Savings Account (HSA). It lets you set aside pre-tax dollars to pay for qualifying out-of-pocket dental and vision expenses—such as exams, glasses, contact lenses, and dental treatments — for yourself or your dependents. You can contribute up to $3,400 per calendar year.