Your 2021 Benefits Resource

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)

An HSA is a tax-free savings account available to eligible employees enrolled in one of the HDHP medical plans. HealthEquity (formerly WageWorks) administers the Health Savings Accounts (HSA) 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

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

Employee only: $750* ($187.50 quarterly)

Employee + Child(ren): $1,500* ($187.50 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.

2021 Contributions Maximum (per IRS limits)*

(This includes contributions made by Genesys plus Employee contributions)

Employee only: $3,600

Employee + Dependent(s): $7,200

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Withdrawals HSA funds withdrawn for non-eligible expenses are subject to ordinary income tax plus a 20% penalty.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.

Flexible Spending Accounts (FSAs)

The Genesys Flexible Spending Accounts (FSAs) are administered by HealthEquity (formerly WageWorks). 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 Flexible Spending Accounts 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

Kaiser and PPO Medical Plan Participants, and employees without Genesys medical coverage

 

Due to IRS regulations, the Health Care FSA is not available to employees contributing to a Health Savings Account (HSA).

For HDHP Medical Plan Participants For All Genesys Employees
Eligible Expenses

Out-of-pocket medical, prescription drug, dental, and vision care expenses for yourself and your eligible family members— even if you do not cover your family members under a Genesys medical plan.

Dental and Vision care expenses only.

Child and elder care expenses that is required to allow you and your spouse to be gainfully employed.

Use it or Lose it You will be able to rollover $550 into the next year. You will be able to rollover $550 into the next year. Dollars in this account should be exhausted by 12/31/2021. There will be no roll over into 2022.
Claims You will receive a debit card from Health Equity for these services.
Election Required You may contribute up to $2,750 pre-tax per calendar year. You may contribute up to $2,750 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).

Important Features

Due to IRS regulations the Health Care FSA is not available to employees contributing to a Health Savings Account (HSA).

 

If you’re currently enrolled in a Health Care FSA plan and enroll in an HDHP medical plan, your funds will automatically convert into a Limited Purpose. You will be able to roll over $550 into the next year.

A LPFSA is a great choice for employees who will have high dental or visions expenses, as it enables you to leave your HSA contributions untouched.

The child or elder care provider must declare the income on his/her tax return for dependent care services provided. Nursing home care and residential summer camps are excluded.

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