Health Savings Account
If you enroll in the Isola medical plan, you may be eligible to open and fund a health savings account (HSA) through HealthEquity.
An HSA is a savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars.
ISOLA CONTRIBUTION
If you enroll in the Isola medical plan, Isola will help you save by contributing to your account.
- Employee-only:$600
- All other coverage levels: $850
If you take BlueCross BlueShield's RealAge test between January 1, 2024 and March 1, 2024, you will receive an additional contribution to your HSA:
- Employee-only:$150
- All other coverage levels: $300
Note: You will only receive the Isola contribution if you contribute at least $520 per year.
2024 IRS HSA Contribution Maximums
Contributions to an HSA (including the Isola contribution) cannot exceed the IRS allowed annual maximums.
- Individuals:$4,150
- All other coverage levels: $8,300
If you are age 55+ by December 31, 2024, you may contribute an additional $1,000.
HSA ELIGIBILITY
You are eligible to fund an HSA if:
- You are enrolled in the BluePreferred Saver 3000 plan.
You are NOT eligible to fund an HSA if:
- You are covered by a non-HSA eligible medical plan, health care FSA, or health reimbursement arrangement.
- You are eligible to be claimed as a dependent on someone else’s tax return.
- You are enrolled in Medicare, TRICARE, or TRICARE for Life.
Refer to IRS Publication 969 for additional eligibility details. If you are over age 65, please contact Human Resources.
Dependent Care Flexible Spending Account
Isola offers a dependent care flexible spending account (FSA) administered by HealthEquity.
The dependent care FSA allows you to pay for eligible dependent day care expenses with pre-tax dollars. Eligible dependents are children under 13 years of age, or a spouse, child over 13, or elderly parent residing in your home who is physically or mentally unable to care for him or herself.
You may contribute up to $5,000 to the dependent care FSA for the 2024 calendar year if you are married and file a joint return or head of household return. If you are married and file separate returns or are filing as single, you can elect $2,500 for the 2024 calendar year.
HOW DOES AN FSA WORK?
You decide how much to contribute to each FSA on a plan year basis up to the maximum allowable amounts. Your annual election will be divided by the number of pay periods and deducted evenly on a pre-tax basis from each paycheck throughout the year. You can only reimburse yourself from your account as your funds become available.
When you have dependent care expenses to be reimbursed, you submit a claim form and a bill or itemized receipt from the provider to HealthEquity. Keep all receipts in case HealthEquity requires you to verify the eligibility of a purchase.
Log into your account at healthequity.com to: view your account balance, calculate tax savings, view eligible expenses, download forms, view transaction history, and more.
THINGS TO CONSIDER BEFORE FUNDING AN FSA
- Dependent care FSA dollars are use it or lose it (no roll over allowed). However, you have an additional two and a half months to incur and be reimbursed for expenses after the end of the plan year.
- You cannot take income tax deductions for expenses you pay with your FSA.
- You cannot stop or change your FSA contribution during the plan year unless you experience a qualifying life event.
Eligible Expenses
Dependent care FSA-eligible expenses include:
- Licensed nursery schools
- Qualified child care centers
- Adult daycare facilities
- After school programs
- Summer camps for dependent children under age 13
- Preschool tuition
For a complete list of qualified dependent care expenses see IRS Publication 503.