What is the difference between an FSA and HSA? What are the different types of FSA? Can I enroll in more than one?
A Health Savings Account (HSA) is a personal savings account to help pay for qualified expenses not covered by medical, dental or vision insurance plans with pre-tax dollars. All benefits-eligible employees who are enrolled in a Consumer-Driven Health Plan (CDHP) are qualified to enroll in an HSA. Each year, the money in your HSA rolls over. There is no “use it or lose it provision.” In fact, even if you leave DPS, your HSA and the money in it is yours to keep.
A 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. All benefits-eligible employees are qualified to enroll in an FSA. You will lose any unused balance, over $500, at the end of the plan year. In most cases, if you leave DPS you will lose your FSA unused balance. DPS offers three FSA options.
- Dependent Care FSA: Through a Dependent Care FSA, an employee can pay for eligible elder car and dependent care expenses (such as child care) with pre-tax dollars. You are able to access your funds as they are deposited into your account each pay period. This type of FSA is allowed regardless of whether you are enrolled in an HSA.
- Limited Use FSA: A Limited Use FSA is allowed only if you are also enrolled in an HSA and can only be used to reimburse eligible dental and vision expenses. Funding a Limited Use FSA may be a good idea if you anticipate significant out-of-pocket dental and vision expenses in the coming year. You are able to access your full annual election amount starting on the first day of your plan year. To enroll, email Employee_Benefits@dpsk12.org.
- Healthcare FSA: The Healthcare FSA allows you to set aside money from your paycheck, before income taxes are withheld, to pay for eligible out-of-pocket expenses, such as deductibles, copays and other health-related expenses, that are not paid by medical, dental or vision plans. You are able to access your full annual election amount starting on the first day of your plan year. This type of FSA is not allowed if you are enrolled in an HSA.
What DPS medical plans are HSAs compatible with?
- UHC: UHC Choice Plus CDHP 3500 Plan; Colorado Doctors CDHP 3500 Plan
- Kaiser: CDHP 3500 Plan In Network Only; CDHP 3000 Plan In Network Only; CDHP 1400 Plan In Network Only
- MotivHealth: CDHP 3000 plan
How much does DPS contribute to my Health Savings Account (HSA)?
DPS contributes $27.92 per paycheck to your Health Savings Account (HSA). You can earn an additional $200 contribution to your Health Savings Account (HSA) through the Well Aware Program.
How do I use the funds in my HSA or FSA?
Before you do anything, you have to register your Health Savings Account (HSA) at www.wageworks.com or by calling 877-924-3967.
After you register, you can use your Health Savings Account (HSA) card (which you will receive from Health Equity - WageWorks in the mail) just like a debit card! If you’d rather not use your card or don’t have it with you when you need to make a purchase on an eligible expense, you can use WageWorks’ (Health Equity) Pay Me Back option. Visit Health Equity (Wageworks) to learn how.
When will I receive my HSA card?
Most people will receive their Health Savings Account (HSA) cards within 3-4 weeks after their effective enrollment date. If you haven’t received your card, please reach out to Health Equity (WageWorks) directly by calling 877-924-3967.
What can I spend my HSA on?
Please visit Health Equity (WageWorks) to learn more about allowable expenses and any other account specific information you may need.
Can I enroll in a HSA and a FSA?
You are allowed to enroll in a Health Savings Account (HSA) Compatible Flexible Spending Account (FSA) if you already have an existing Health Savings Account (HSA). This special Flexible Spending Account (FSA) can only be used for dependent care expenses, and other restricted dental and vision expenses. You must enroll during your new hire or annual open enrollment periods. To enroll outside of new hire or open enrollment, you must have a Qualifying Life Event.