HSA & FSA

Genesys offers several tax-advantaged accounts that can help you save money on eligible health care and dependent care expenses.

Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-free savings account available to eligible employees enrolled in one of the HDHP medical plans. HealthEquity administers the HSAs for Genesys.

Key Features of a Health Savings Account
Eligible Participants Employees enrolled in one of the HDHP Medical Plans, who are not enrolled in other non-HDHP coverage (including Medicare or Tricare), and whose expenses cannot be reimbursed under a spouse’s FSA

Genesys quarterly HSA contribution deposited on the first business day of each quarter

 Employee only: $750* ($187.50 quarterly)

Employee + Child(ren): $1,500* ($375 quarterly)

Employee + Spouse: $1,500* ($375 quarterly)

Family: $1,500* ($375 quarterly)

*One fourth of the annual Genesys contribution is deposited in your HSA account each calendar quarter, on or near the first business day of each quarter. Must be employed and enrolled in a High Deductible Health Plan by the 1st day of each calendar quarter (January 1, April 1, July 1 and October 1) in which the funding occurs in order to receive the employer contribution for that quarter.
2023 Contributions Maximum (per IRS limits)*

(This includes contributions made by Genesys plus Employee contributions)

 Employee only: $3,850

Employee + Dependent(s): $7,750

Age 55 and Older: Additional $1,000 “catch up” contribution allowed

Please remember to factor in contributions made by Genesys into annual limits
Interest Account earns interest tax-free
Investment Options Account balances over $1,000 can be invested in mutual funds provided by the bank
Eligible Expenses Qualified health care expenses (visit www.irs.gov for a complete list).
Withdrawals HSA funds withdrawn for non-eligible expenses are subject to ordinary income tax plus a 20% penalty. A list of qualified medical, dental and vision expenses can be found in IRS Publication 502

NOTE: At age 65, enrollees can withdraw funds for any reason without penalty, but may be subject to ordinary taxes on the withdrawal
Funding Availability Only funds contributed to date (your contributions and those from Genesys) are available for reimbursement
Portability Your account stays with you, regardless of coverage or employer
Unused Funds Rolls over every year; there’s no “use-it-or-lose-it” feature


*One fourth of the annual Genesys contribution is deposited in your HSA account each calendar quarter, on or near the first business day of each quarter. Must be employed and enrolled in a High Deductible Health Plan by the 1st day of each calendar quarter (January 1, April 1, July 1 and October 1) in which the funding occurs in order to receive the employer contribution for that quarter.

IMPORTANT INFORMATION ABOUT YOUR HSA

  • You are required to elect new HSA contribution amounts each year.
  • You are only able to use your HSA funds for eligible health care expenses (medical, dental and vision); otherwise, you may incur taxes and penalties.
  • Consider your health care expenses when electing how much to contribute to your HSA. Your HSA contributions are deducted from your paycheck.
  • You are able to increase or decrease your HSA paycheck deduction amount at any point during the year. This is accomplished by accessing the BenefitsNow website.
  • HSA funds can be used to pay for medical expenses of your spouse, tax dependents, and minor children regardless of tax dependent status. Any non-tax dependent, such as adult children covered by your medical plan, should open their own HSA.

More HSA Resources

back to top

Flexible Spending Accounts (FSAs)

The Genesys Flexible Spending Accounts (FSAs) are administered by HealthEquity. FSAs are a great way to save by paying certain eligible expenses on a pretax basis. You do not pay taxes on the money you put into these accounts. FSAs are use-it-or-lose-it! You should plan to spend any remaining funds in your FSAs before the end of the year.

Comparing Your Choices

The chart below offers a comparison of the three account types.

Health Care Flexible Spending Account (FSA) Limited Purpose Flexible Spending Account (FSA) Dependent Care Flexible Spending Account (FSA)
Eligibility

Eligible employees who are not enrolled in the HDHP

 HSA participants only All eligible Genesys Employees
Annual Contribution Limit You may contribute up to $3,050 pre-tax per calendar year. You may contribute up to $3,050 pre-tax per calendar year.

You may set aside up to $5,000 pre-tax to pay for eligible dependent care expenses ($2,500 if you are married filing taxes separately).
Eligible Expenses* Health care plan deductibles, copays, coinsurance, and prescriptions, including dental and vision hardware and expenses Dental and vision expenses only

Daycare for children age 12 and under, disabled children, and dependent adults
Availability of Funds The full annual amount you elect is available on your plan effective date The full annual amount you elect is available on your plan effective date

You can be reimbursed up to the amount available in your account
Payment or Reimbursement Options Debit card or reimbursement Debit card or reimbursement

Reimbursement
Rollover Options Yes, you may rollover up to $610 of unused funds when you re-enroll Yes, you may rollover up to $610 of unused funds when you re-enroll

Unused funds do not rollover
Deadline for Services Services must be incurred by 12/31/2023 Services must be incurred by 12/31/2023 Services must be incurred by 12/31/2023
Deadline for Submission for Reimbursement Reimbursement must be submitted by 3/31/2024 Reimbursement must be submitted by 3/31/2024 Reimbursement must be submitted by 3/31/2024

*Refer to IRS Publication 502 and 503 for a complete list of eligible expenses.

back to top

More FSA Resources

back to top