Open Enrollment is open now through June 14th!

Your 2024-2025 Benefits Guide

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I am approaching retirement. What do I need to know about having an HSA and enrolling in Medicare?

When you enroll in Medicare, you may continue to use your HSA balance for eligible health care expenses. However, once enrolled in Medicare (Parts A and/or B), you will no longer be eligible to contribute to your HSA and Smiths Group will not make contributions to your HSA either. For information regarding Medicare take at […]

May I use my Health Savings Account (HSA) or Healthcare Flexible Spending Account (FSA) to pay for my medical insurance?

The eligible expenses are the same for the Health Savings Account (HSA) and Flexible Savings Account (FSA). See IRS publication 502 for a complete list of eligible expenses.

Can I stop, start, or change my HSA contribution amount during the year? Does the FSA have the same rules?

For your HSA, you can generally stop, start or change your contributions at any time by calling the Smiths Group Benefits Center at 866-330-6555. For an FSA, you may only make changes during Open Enrollment or if you experience a life event during the year. Our Flexible Spending Administrator is Health Equity

Will I incur a penalty if I withdraw HSA funds for ineligible healthcare expenses?

If you are under age 65, and you are audited, you may incur a penalty in addition to income tax that is payable. If you are interested in what the IRS considers eligible healthcare expenses click the following link- IRS Publication 502

Is my full annual contribution to my Health Savings Account (HSA) available on the first day of the plan year (i.e., August 1) the same way it would be in the Health Care FSA?

No. You can use your HSA balance as funds are deposited, like a checking account. However, if you do not have enough funds to cover your health care expense, you may pay out of your pocket and reimburse yourself once your HSA funds have accumulated.

How do I know whether I should participate in a Dependent Care FSA or apply for a federal tax credit, or both?

You may want to compare your tax savings using the Dependent Care Flexible Spending Account versus the federal tax credit for child/dependent care expenses. Consult a tax advisor to see whether, given your tax situation, it is advisable to use the FSA, the federal tax credit, or a combination of the two.

What is an eligible expense for a Flexible Spending Account (FSA)?

Find out what is an eligible expense and what isn’t with a FSA here: www.irs.gov/publications/p502 (health care expenses) and www.irs.gov/publications/p503 (dependent care expenses).