Spending Accounts
H&P offers four types of spending accounts. Both the PPO Deductible health plan and the PPO Co-Pay health plans can be coupled with a health flexible spending account (FSA).
The High Deductible (HSA) health plan includes health savings account (HSA) and can be maximized even with a limited purpose flexible spending account (LPFSA).
Why Choose a Health Savings Account? (PDF) View All Medical Plans Spending Account Comparisons (PDF)Health Flexible Spending Accounts (FSA)
Pair a traditional health plan with a health FSA. This type of spending account covers general-purpose health expenses and can be used for qualified expenses such as prescription drugs, insurance copayments and deductibles, and medical devices.
Use It or Lose It
The most important step to have success with your FSA is planning ahead. Because the IRS has a “Use or Lose” rule in place for FSAs, funds not spent by the end of a plan year are at risk of being forfeited. Note: H&P’s plan allows a carryover to reduce this risk.
Health FSA Annual Maximum: $3,050
Health FSA Carryover Maximum: $610
Dependent Care Flexible Spending Accounts (FSA)
A dependent care FSA allows you to put aside a portion of your paycheck before taxes for eligible dependent care services, such as child (up to age 13) or adult daycare, before or after school programs, summer day camp, and more!
Examples of eligible expenses includes, but is not limited to:
- Childcare center, babysitter, nanny
- Summer day camp
- Before- or after-school care
- Disabled dependent and/or spouse care
- Elder care
Because the IRS has a “Use or Lose” rule in place for FSAs, funds not spent by the end of a plan year are at risk of being forfeited. Dependent care is not available to carry over.
Dependent Care FSA annual maximum (unless married filing separately): $5,000
Dependent Care FSA annual maximum (if married filing separately): $2,500
A limited purpose flexible spending account (LPFSA) covers qualifying dental, vision and preventive care expenses and can be paired with the high-deductible medical plan (HDHP) and a health savings account (HSA).
Limited Purpose FSA Annual Maximum: $2,850
Limited Purpose FSA Carryover Maximum: $570
A Health Savings Account (HSA) to allow users to contribute tax-free contributions into a savings account to be used for qualified health-related expenses. To help you cover the cost of your medical expenses, H&P will deposit a prorated annual contribution of $500 into your HSA. You must open your HSA to contribute into the plan. If you do not open your HSA, you will forfeit the employer contribution.
Unlike the FSAs, all HSA funds carry over from year to year, withdrawals for eligible expenses are tax-free, and once you reach age 65, withdrawals for ineligible expenses are still taxed, but are not subject to a 20 percent tax penalty (withdrawals for eligible expenses are still tax-free).
Spending Accounts - WEX Benefits Card
You will receive two debit cards the first time you enroll in a Wex reimbursement or spending account. Set up your account at www.wexinc.com to sign up for text alerts, adjust notification preferences and set up direct deposit.
Wex Mobile App
Download the mobile app to check your balance, scan items for eligibility and manage your expenses.
If you currently have an HSA with a previous employer or vendor, you can consolidate the funds under your new WEX HSA account. Use the Individual Health Savings Account (HSA) Transfer Request Form to transfer existing HSA funds to your HSA with WEX. Submit the completed form to your current HSA administrator. They will then initiate a direct transfer of your funds to your WEX HSA.