What is HSA?
HSA Optimization
HEALTH SAVINGS ACCOUNT (HSA)
Are You Eligible?
The HSA is not for everyone. You’re eligible only if you are:
- Enrolled in the HSA Choice Plus Plan.
- Not enrolled in other non-HDHP medical coverage, including Medicare, Medicaid, Tricare, or a spouse’s or parent’s plan.
- Not a tax dependent.
- Not enrolled in a healthcare FlexibleSpending Account (FSA), unless it’s a “limited purpose” FSA for dental andvision expenses.
Reasons to Love your HSA:
- St. Louis County Contributions. St. Louis County contributes $500 for individuals or $1,000 for families to your HSA.
- Tax-free. No federal tax on contributions, or state tax in most states. Withdrawals are also tax-free as long as they’re for eligiblehealthcare expenses.
- No “use it or lose it.” Your balance rolls over from year to year. Youown the account and can continue to use it even if you changemedical plans or leave the company.
- You can use your HSA now or later. Use it for current healthcare expenses or save it for future use.
- Boosts retirement savings. After you retire, you can use your HSA forhealthcare expenses tax-free, or for regular living expenses, taxablebut without penalties.
- High Savings Limits. For 2024 you can set aside a maximum of $4,300 as an individual, or $8,300 if your family is enrolled in the HSA Choice Plan. If you are 55 or over you can contribute an extra $1,000 for the year.
If in the future you elect a non-HSA eligible plan, you still keep any money you set aside in your HSA to use for eligible expenses.
FLEXIBLE SPENDING ACCOUNT (FSA)
Are You Eligible?
You are eligible for the Healthcare FSA so long as you are not enrolled in an HSA.
Important Note!
FSA elections do not roll-over from year to year. If you want the FSA, you must enroll in it every year and specify your election amount.
How the MetLife FSA works:
- You estimate what you and your family’s out-of-pocket costs will be for the coming year. Think about expenses such as office visits, surgery, dental and vision expenses, prescriptions, and even drugstore items.
- You can contribute up to $3,200, the annual limit set by the IRS. Contributions are deducted from your pay pre-tax,meaning no federal or state tax on that amount.
- During the year, you can use your FSA debit card to pay forservices and products.
Coverage Period: October 1, 2024-September 30, 2025
Grace Period: Incur claims until December 15, 2025
Claims Submission Deadline: December 31, 2025
Estimate Carefully
If you don’t spend all the money in your account, you forfeit the leftover balance at the end of the year. If you terminate with the County, you will have a period of 60 days to use your funds for claims incurred prior to your last day worked.
What is an FSA?
FSA Optimization
