Health Saving Account (HSA)
A Health Savings Account (HSA) combines high deductible health insurance with a tax-favored savings account. Money in the savings account can help pay the deductible. And money left in the savings account earns interest and is yours to keep.
For 2023 you can contribute up to $3,850 if you enroll as a single in the medical plan ($4,150 in 2024), or up to $7,750 if you enroll as a family ($8,300 in 2024). Additionally, if you are age 55 or older, you are eligible to make a catch-up contribution of $1,000. These amounts include Living Branches' contribution.
You may elect to change your contribution in ADP Amount any time throughout the year!
If you enroll in the High Deductible Plan and contribute at least $15 per pay to your Health Savings Account, Living Branches will also give you $15 per pay. That’s $390 of FREE money!
Flexible Spending Account (FSA)
MEDICAL CARE FSA: This account can be used to pay for eligible medical expenses for yourself or any other person you claim as a dependent for your federal income tax purposes. Pre-tax deductions for the Medical Care FSA cannot exceed $3,050 for 2023 ($3,200 in 2024). Employees or qualified beneficiaries who were eligible for the health FSA are eligible to rollover dollars up to $610 in the new plan year ($640 in 2024).
DEPENDENT CARE FSA: This account can be used to pay for qualified dependent care services for eligible dependents, providing that care is needed to enable you and your spouse (if applicable) to work. Pre-tax deductions for the Dependent Care FSA cannot exceed $5,000 per plan year per household, or $2,500 if you are married and file separate tax returns.