Page 11 - Venafi - 2021 Benefit Guide - CA
P. 11

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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