HSA, HRA, FSAs

Life is filled with unexpected expenses. Martin’s Point has partnered with WEX to offer you a variety of reimbursement and savings account options that let you set aside pre-tax dollars to make medical and dependent care expenses more affordable.

If you enroll in the Aetna HDHP, you will be provided a Health Savings Account (HSA) to help cover out-of-pocket medical, dental, and vision costs. You can make contributions to this account on a pre-tax basis and can change those amounts at any time (up to the annual IRS limit). Martin’s Point makes a biweekly contribution to your HSA based on your coverage level. Your HSA balance rolls over year to year.

If you enroll in the Aetna POS plan, you will be provided a Health Reimbursement Account (HRA) to assist with paying out-of-pocket medical costs. An HRA is an employer-funded account that helps employees pay for qualified medical expenses not covered by their health plan. Martin’s Point contributes on January 1st each year based on your coverage level. Your HRA balance rolls over year to year up your deductible amount.

You can also receive additional tax savings on health care and dependent care expenses with Flexible Spending Accounts (FSAs). Use the pre-tax money you contribute into your FSA to pay for out-of-pocket medical, prescription, dental, vision, or dependent care expenses. Any unused funds at the end of the plan year are not able to be rolled over and are “use-it-or-lose-it” so consider your annual election carefully based on your anticipated expenses.

Remember, you must actively enroll in the FSAs each year, within 30 days of your date of hire, or a Qualifying Life Event.

	Traditional Health FSA	Limited Purpose Health FSA	Dependent Care FSA
Type of Expenses Covered	Can be used to pay for eligible out-of-pocket expenses related to medical, dental, and vision care (not covered by another plan).	Can only be used to pay for out-of-pocket expenses related to dental and vision care (not covered by another plan).	Can be used for eligible child, elder, and dependent care expenses.
Medical Plan Pairing	PPO & POS*	HDHP	Any*
HSA Compatible?	No	Yes	Yes
Balance At End of Year	Unused funds cannot be rolled over at end of plan year – “use-it-or-lose-it”
When To Enroll and/or Make Changes	You must enroll/re-enroll during the annual Open Enrollment period. FSA contribution amounts cannot be changed during the plan year unless you experience a Qualifying Life Event.

*You can still enroll in these FSAs if you don’t have MPHC’s medical insurance coverage.

What Can You Buy With Your HSA and FSA Dollars?

You can use your funds to pay for a wide variety of commonly purchased qualifying over-the-counter medication and health care products and services for you, your spouse, and your dependents.

Always save your receipts and other supporting documentation related to your expenses and claims. The IRS may request itemized receipts to verify the eligibility of your expenses.

How Much Can You Contribute?

We understand the amount of money you contribute each year depends on many factors. The more information you have about your annual eligible health care and dependent care expenses, the easier it will be to plan your HSA and FSA contributions.

MAXIMUM HSA & FSA CONTRIBUTION AMOUNTS
	2024
Health Savings Account (HSA)	Individual: $4,150 Family: $8,300 Age 55+ Catch-up: $1,000
Traditional Health FSA	$3,200
Limited Purpose Health FSA	$3,200
Dependent Care FSA	$5,000 (if you are married and file an individual return, the maximum is $2,500 per year per spouse)

Check irs.gov for more information.