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 |
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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 | $3,300 | $5,000 ($2,500 each if married and filing taxes separately) | $3,300 | $4,300 (individual, employee plus employer contributions)
$8,550 (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) per year $1,500 (family) per year |
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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
8×8 contributes on a per pay period basis $28.85 for employee only coverage ($750 annually) or $57.69 for employee plus coverage ($1500 annually).
Additional Information
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.