Healthcare Flexible Spending Account
with Carry Over
A Healthcare Flexible Spending Account (FSA) is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan.
Why You Need It
- Save an average of 30% on eligible healthcare expenses
- Carry over up to $500 from one plan year to the next -there’s virtually no risk of losing your
hard-earned money
- Access the full amount of your account on day one of your plan year
How It Works
Simply decide how much to contribute, and funds are withdrawn from your paycheck for deposit into your account before taxes are deducted. Your total annual election amount is available on day one of your plan year.
This new Healthcare FSA lets you carry over up to $500 in account balances from one plan year to the next. With far less risk of “use it or lose it,” there’s no reason not to take advantage of the tax savings this year and every year.
How You Manage It
The convenient Healthcare Card associated with your account can be used to pay for hundreds of eligible healthcare products and services for you, your spouse, and your dependents.
Manage your account via a secure website on any computer or mobile device connected to the Internet or via the EZ Receipts® mobile app.
For 2020, you can contribute up to a maximum of $2,750to your Healthcare FSA. A different limit may apply to you, according to your employer’s plan.
How You Get It
Ready to save? Sign up for a Healthcare FSA during your Open Enrollment period. Contact the person or organization managing your benefits enrollment today!
Save Big with a Healthcare FSA
If you make $60,000 a year and make the maximum contribution to your Healthcare FSA, you could take home $825 more in one year. That’s real savings!
| Your Estimated Tax Savings | |||
|---|---|---|---|
| Without Healthcare FSA | With Healthcare FSA | ||
| Gross annual pay (estimate) | $60,000 | Gross annual pay (estimate) | $60,000 |
| Estimated tax rate (30%) | -$18,000 | Max. annual Healtcare FSA contribution | -2,750 |
| Net annual pay | =$42,000 | Adjusted gross pay | =$57,250 |
| Estimated annual healthcare expenses | -$2,750 | Estimated tax rate (30%) | -$17,175 |
| Final take-home pay | =$39,250 | Final take-home pay | =$40,075 |
|
Take home this much more with a Healthcare Account $825
|
All figures in this table are estimates and based on an annual salary of $60,000 and maximum contribution limits to the benefit account. Your salary, tax rate, healthcare expenses, and tax savings may be different.
Calculate your potential savings based on your annual pay, contributions, budget, and spending patterns with this FSA Calculator.