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Tax-free savings accounts

Flexible Spending Account (FSA) & Health Savings Account (HSA)

Tax-free savings accounts allow you to set aside money on a pre-tax basis to pay for eligible expenses (health and/or dependent care, depending on account). The amount you choose to contribute comes out of your paycheck before taxes.

We offer three types of flexible spending accounts (FSA) and a health savings account (HSA). All accounts are administered by Optum Bank.

Manage your accounts at OptumBank.com

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Account details

Paired Plans: SEQA/EQA and PPO

Contribution limit: The IRS places limits on how much you can set aside each year. Contribute from $100 to $2,700 for 2020 

Use-it-or-lose itUnused funds do not rollover into the next calendar year 

How you contribute: Set an amount during enrollment and it is available to you at the start of the year. You’ll receive a fully loaded FSA debit card from Optum Bank and funds are deducted from your paycheck throughout the year. You cannot modify your amount after enrollment.  

How you use it: Use your account to pay for eligble expenses such as:

  • Medical, dental and vision expenses not paid for under the plan, including deductibles, copayments and coinsurance 
  • Prescription drugs 
  • Over-the-counter drugs prescribed by a physician 
  • Medical supplies like bandages and contact lens supplies 
  • Products like diabetic supplies, hearing aids, wheelchair servicesorthodontia and laser eye surgery

Paired Plan: HSA Plan

Contribution limit: The IRS places limits on how much you can set aside each year. Contribute from $100 to $2,700 for 2020

Use-it-or-lose itUnused funds do not roll over into the next calendar year 

How you contribute: Set an amount during enrollment and it is credited to you at the start of the year. You’ll receive a fully loaded FSA debit card from Optum Bank and funds are deducted from your paycheck throughout the year. You cannot modify your amount after enrollment.  

How you use it: How you can use your funds depends on whether you’ve met your deductible. 

Before meeting your medical plan deductible:  You can use your FSA for dental, vision and qualified expenses the medical plan doesn’t cover:  

  • Over-the-counter drugs prescribed by a physician 
  • Medical supplies like bandages and contact lens supplies 
  • Products like diabetic supplies, hearing aids and wheelchairs 
  • Services like orthodontia and laser eye surgery  

After meeting your medical plan deductible: You can use FSA funds for all eligible medical and prescription expenses, too. 

Paired Plans: Not tied to a medical plan

Open a dependent care FSA to use tax-free dollars to pay for dependent care expenses.  If you’re married, it frees your spouse to work, look for work or go to school full time. 

Contribution limit: Contribute from $100 to $5,000 for 2020 if you’re married or a single parent – or – contribute from $100 to $2,500 each if you’re married and filing separately  

Use-it-or-lose itUnused funds do not roll over into the next calendar year 

How you contribute: Choose an amount during enrollment and it will be credited to your account each pay period starting Jan. 1, 2020. Use funds as they are available to reimburse your expenses.

How you use it: File a claim form to be reimbursed for your expenses, or use your Optum Bank debit cardUse the account to pay for: 

  • Day care at home and licensed centers for children up to age 13 
  • Day care at home and licensed centers for dependents of any age who are mentally and/or physically disabled  

Paired Plan: HSA Plan

Contribution limit: The IRS places limits on how much you can set aside each year. Save up to $3,550 if you’re single and up to $7,100 if you have a family. Note: If you’re 55 or older, you can make an additional catch-up contribution of $1,000 each year. 

How you contribute: You can increase or decrease your contribution amount any time throughout the year. Choose an amount during enrollment and it will be credited to your account each pay period starting Jan. 1, 2020. Use funds as they are available. You can modify your amount at any time during by submitting a ticket with PeoplePlace.

How you use it: Use your HSA to pay for any eligible medical, dental and vision expenses or save it for the future 

How you invest it: Your HSA account is an interest-bearing account insured by the FDIC, paying a tiered variable rate. Direct how your HSA is invested when your balance is greater than $2,000. Visit optumbank.com for more details on your investment options. 

 

This site summarizes the programs and benefits available to employees and their eligible dependents. Official plan documents, policies and certificates of insurance that contain the details, conditions, maximum benefit levels and restrictions on benefits govern our benefits program and are available on this site. In case of a conflict between this site and the official documents, the official documents prevail. The information on this site isn't a guarantee of benefits. Baylor Scott & White reserves the right to modify or terminate its employee benefit plans and programs at any time for any reason.

Click here if you have feedback on the website or need to report an issue. All other questions and issues, please contact the corresponding resource on the Need Help page.

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