Benefits News

Make the Most of Your HSA

From red-light skin therapy devices to travel-friendly breast pumps, there are health and wellness products for everyone in your family to benefit from when you enroll in a High-Deductible Health Plan (HDHP) with a Health Savings Account (HSA). These items and more are all waiting for you on the HSA store website—a one-stop shop for all eligible health and wellness products along with built-in IRS resources, such as an HSA Expense Dashboard and an HSA Tax Savings Calculator tool—all to help you keep track of your spending for free.

Below are a few of the HSA Store’s “surprisingly eligible” items available for purchase through an HSA:

• Mighty Patch Original Acne Treatment Patches – 72 ct.
• Owlet Dream Sock Baby Monitor – Blue
• Bug Bite Thing – Insect Bite + Sting Suction Tool
• Sharper Image Calming Heated Neck Wrap

Shop now and start making the most of your HSA! Remember: you must be enrolled in a High-Deductible Health Plan to be eligible for an HSA during open enrollment. Reach out to your Human Resources representative for more details on eligibility and requirements or visit our company page on Health Savings Accounts.

Health Care FSA vs. Dependent Care FSA

You may be wondering: “What’s the difference between a Health Savings Account and a Flexible Spending Account (FSA) and how can I make the most of this benefit?”

Let us break it down for you below!

• Health Care FSA: This account is used to cover eligible out-of-pocket health care purchases made by you, your spouse, or dependent(s).
• Dependent Care FSA: This account is used to help you pay for eligible childcare services on a pre-tax basis so that you and your spouse (if applicable) may work. This type of account can also assist in paying for the care of elderly parents or a disabled spouse/dependent.*

* Limitations and additional requirements may apply. Please contact your Human Resources representative for more information.

The biggest difference between an HSA and an FSA is how they can be spent – An HSA is owned by you. This means that if you change employers, this account will remain under your name to continue receiving reimbursement on eligible expenses. In addition, HSA dollars will rollover to the next year if funds are not fully utilized by December 31. An FSA is employer-owned, which means that funds in your FSA must be spent and do not roll over into the next year after December 31 each year.

The biggest similarity between an HSA and an FSA is how you enroll to receive the benefit – Both an HSA and an FSA require active enrollment during benefit enrollment season each year. This means, in order to continue receiving either of these benefits on January 1 of each year, you must re-enroll in your HSA or FSA.