Tax-Advantaged Accounts

Plan Overview

You have options to set aside pre-tax money for health and dependent care costs, lowering your taxable income. Here is a comparison of the tax-advantaged accounts:

Features Health Care FSA Dependent Care FSA Limited Purpose FSA HSA
Used to pay for Eligible medical, dental and vision expenses Daycare for children under 13 or in-home care for adult dependents Expenses for Dental and Vision and medical once deductible is met Eligible medical, dental and vision expenses
At the end of the plan year Leftover funds beyond $640 are forfeited Leftover funds are forfeited Leftover funds beyond $640 are forfeited All funds roll over and are yours to keep regardless of employment status
Types of medical plans 8×8 PPO
Kaiser HMO
Kaiser DHMO
Waived Coverage		 N/A 8×8 PPO with HSA 8×8 PPO with HSA
Annual contribution maximum $3,200 $5,000 ($2,500 each if married and filing taxes separately) $3,200 $4,150 (individual, employee plus employer contributions)

$8,300 (family, employee plus employer contributions)

For 55 or older, you can make a catch-up contribution of up to $1,000
8×8 company contributions N/A $750 (individual)
$1,500 (family)
per year
Changes to elections Only at open enrollment or in the case of a qualifying life event At any time for any reason

Health Savings Account (HSA)

When you enroll in the 8×8 PPO with HSA, you can open a Health Savings Account (HSA). With an HSA your pre-tax dollars can pay for your eligible health care expenses or can be saved for future use.

8×8 HSA Contributions

In addition to your contributions, 8×8 will also contribute to your account each pay period. Over the year 8×8 will fund $750 (individual) or $1,500 (family) per year.

Additional Information

HSAs are triple tax advantaged – you don’t pay taxes on:

  • Your contributions
  • The interest earned over time
  • Funds you use towards eligible health care expenses now, or in the future

Contributing to an HSA also lowers your taxable income, and funds are yours to keep (even if you leave 8×8 or change your medical plan) because they roll over year after year. These features can be especially helpful as an additional way to save for retirement.

You are eligible to open and contribute to a Health Savings Account if:

  • You are enrolled in 8×8’s PPO HSA plan offering
  • You are NOT covered by another medical plan or your spouse’s Healthcare Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA)
  • You are not claimed as a dependent as someone else’s tax return
  • You are not enrolled in Medicare or Tricare
  • You have not received Veteran’s Administration benefits

You may use your HSA to pay for eligible medical, prescription drug, dental and vision expenses. To see a complete list of eligible expenses, click here for Publication 502 information.

IMPORTANT: You may only be reimbursed for expenses that have been incurred after your HSA has been opened.

You may contribute funds on a pre-tax basis in addition to the contribution received from 8×8 up to the annual IRS limits.

For 2024 the individual maximum is $4,150 and for family coverage it will be $8,300. Individuals over age 55 are able to contribute an additional $1,000 per year.

Contact HealthEquity

Group Number: 20541

Member Services
(866) 346-5800
healthequity.com

Remember

If you would like to participate in the HSA, you must make a new election each year. Current elections will NOT automatically roll over into the next plan year.

Resources

Flexible Spending Accounts (FSA)

There are three different types of Flexible Spending Accounts (FSAs): Health Care, Dependent Care and Limited Purpose. Before you enroll, make sure to estimate all your possible expenses for the year. You choose how much to put into each account up to the IRS limits and will lose any unused funds, up to the rollover limit, at the end of the year. Your pre-tax paycheck contributions are deducted equally throughout the year.

Eligibility

  • You may participate in the Health Care FSA even if you aren’t enrolled in one of our medical plans.
  • You cannot participate in the Health Care FSA if you enroll in the PPO with HSA.

Eligible Expenses

The Health Care FSA lets you use pre-tax dollars, up to the 2024 contribution limit of $3,200, to pay for eligible health care expenses such as:

  • Copays
  • Prescription drugs

To see a complete list of eligible expenses, click here for Publication 502 information.

Eligibility

You may participate in the Dependent Care FSA even if you aren’t enrolled in one of our medical plans.

Eligible Expenses

The Dependent Care FSA lets you use pre-tax dollars, up to the 2024 contribution limit of $5,000 if single/filing taxes jointly or $2,500 if married and filing separately, to pay for dependent care expenses, including:

  • Daycare for your children under age 13 (if both you and your spouse work or go to school)
  • In-home care for your adult dependents who are physically or mentally disabled

To see a complete list of eligible expenses, visit IRS.gov and view publication 503.

The Limited Purpose FSA is available to members enrolled in the PPO with HSA. Because PPO with HSA members have access to pre-tax savings through the HSA, this FSA can only be used for eligible dental and vision expenses, until you meet your health plan deductible. Once you do, you can also use Limited Purpose FSA funds for medical and pharmacy expenses incurred after the deductible.

In order for post-deductible medical and pharmacy expenses to be covered under this FSA, you will need to attest with HealthEquity that you have met your deductible under the PPO with HSA plan. Part of this attestation will also include providing them the date by which the deductible has been met to ensure accurate processing of reimbursement.

Contact HealthEquity

Member Services
(877) 924-3967
Available to assist you 24/7
healthequity.com/login

Remember

If you would like to participate in the FSA, you must make a new election each year. Current elections will NOT automatically roll over into the next plan year.

Resources