Tax Advantage Accounts
Account Highlights
Tax Advantage Account |
Features |
Health Savings Account (HSA)
View Details |
Medical Coverage: Consumer Choice PPO
- Contribute through payroll deduction in addition to your employer’s premium rebate contribution. You may also make personal, after-tax contributions and file for an income tax deduction for 2010
- Maximum 2010 contribution is $3,050 for individual and $6,150 for family (this includes premium rebates from your employer); Catch-up HSA contribution for age 55 and older is $1,000
- Use pre-tax contributions now and/or save and invest for future health care expenses. You will earn interest on your cash account and once you have $1,000 or more in your account, you can invest in mutual funds
- Your HSA is portable and belongs to you
- There is no “use it or lose it” rule
- You can also enroll in a Dependent Care FSA or Limited Purpose FSA
- For a comprehensive list of eligible expenses visit
www.IRS.gov (Publication 502)
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Limited Purpose
Flexible Spending
Account (FSA)
View Details |
Medical Coverage: Consumer Choice PPO
- Provides pre-tax savings limited to dental and vision expenses such as orthodontia, deductibles, coinsurance, eye examinations, prescription glasses and more
- Visit www.IRS.gov to review eligible dental and vision expenses
- $2,500 plan year maximum
- “Use it or lose it” rule applies
- Pre-tax payroll deductions are automatic
- You can also enroll in a Dependent Care FSA
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Health Care
Flexible Spending
Account (FSA)
View Details |
Medical Coverage: Premium PPO,
Standard PPO,
Other Coverage
(i.e., HMO coverage or coverage through a spouse.)
- For a comprehensive list of eligible expenses visit www.IRS.gov (Publication 502)
- $5,000 plan year maximum
- “Use it or Lose it” rule applies
- Pre-tax payroll deductions are automatic
- Not available to HSA participants
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Dependent Care
Flexible Spending
Account (FSA)
View Details |
- For a comprehensive list of eligible expenses visit www.IRS.gov (Publication 502)
- $5,000 plan year maximum
- “Use it or Lose it” rule applies
- Pre-tax payroll deductions are automatic
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