Page 11 - Venafi - 2021 Benefit Guide - CA

health care account options

Health care accounts can be used to help offset your out-of-pocket health

care expenses, including co-pays, prescriptions, glasses, and lab work.

Flexible Spending Account Health Savings Account (HSA) Limited Purpose Flexible Dependent Care Flexible
(FSA) Spending Account (LPFSA) Spending Account
You are not required to be enrolled You must be enrolled in a High Deductible You must be enrolled in a High
in a medical plan in Health Plan Deductible Health Plan
Which plans is order to be eligible for this account. in order to be considered eligible for this in order to be considered eligible for You do not need to be enrolled in a
this account available for? This account can only be paired account. this account. medical plan in order to be eligible
for this account.
with a Traditional Copay Plan, Venafi offers a High Deductible Health Plan Venafi offers a High Deductible
which is offered by Venafi. (HDHP) Health Plan (HDHP)
Eligible dependent care expenses,
To save for future health care expenses, but This health care account has to be
Eligible health care expenses, including adult day care centers,
What would I use this including dental, vision and also to pay for eligible health care expenses, paired with an HSA, and you can babysitters or nannies, summer
account for? including dental, vision and prescription only use it for eligible vision and
prescription medication. day camp, before & after school
medication, now. dental expenses.
programs, and child day care.
$3,600 Team member-only coverage $5,000 If you are single
What is the
maximum amount that Venafi $2,750 is the IRS pretax contribution $7,200 Family coverage $2,750 is the IRS pretax $5,000 If you are married
& filing jointly
and I combined can put in this limit If you’ll be at least 55 years old in 2021, you contribution limit
account? can make an additional $1,000 catch-up $2,500 If you are married
contribution. & filing separate tax returns
Annually
Team Member (TM) Only $1,200
What does the Venafi does not contribute to this Venafi does not contribute to this Venafi does not contribute to this
company contribute? account. TM + Spouse/Domestic Partner $2,500 account. account.
TM + Child(ren) $2,500
TM + Family $3,200
Yes, if you have more than $2,000 in your
Are there investment options? No HSA, you can invest it, and any growth is No No
generally tax free.
Your contribution amount is available as it
comes out of your paycheck each pay period
Your entire contribution amount — so your entire contribution amount is Your entire contribution amount Your contribution amount is
When are the funds available? is available at the beginning of the not available at the beginning of the year or is available at the beginning of the available as it comes out of your
year. when coverage starts. year. paycheck each pay period.
Venafi's contributions are available at the
beginning of each quarter.
You have until March 15, 2022 to You have until March 15, 2022 to
incur eligible expenses. You have incur eligible expenses. You have
until March 31, 2022 to submit All unused funds will roll over to the next until March 31, 2022 to submit You have until March 31, 2022 to
What happens if reimbursements for claims that year. reimbursements for claims that submit reimbursements for claims
I don’t use the money during the occurred prior to March 15, 2022. occurred prior to March 15, 2022. that occurred in 2021.
year? You can take HSA funds with you when you Any unused funds upon termination
Any unused funds upon termination leave the company or retire. Any unused funds upon termination will be forfeited.
will be forfeited unless the team will be forfeited unless the team
members enrolls in COBRA. members enrolls in COBRA.
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