HSA / FSA
When you put money into a health savings account or flexible spending account, you can save about 20%* on your care. This is because you don’t pay taxes on your contributions.
Compare your options
*Percentage varies based on your tax bracket.
Health savings account
If you enroll in the Blue Cross Blue Shield Deductible First Plan with HSA, 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. Find a complete list of eligible HSA expenses at irs.gov/pub/irs-pdf/p502.pdf.
Neuco contribution
If you enroll in the Blue Cross Blue Shield Deductible First Plan with HSA, Neuco will help you save by contributing to your account.
- Employee-only: $900
- Family: $1,800
IRS HSA contribution maximums
Contributions to an HSA cannot exceed the IRS allowed annual maximums.
2022 IRS HSA contribution maximums:
- Individuals $3,650
- All other coverage levels $7,300
2023 IRS HSA contribution maximums:
- Individuals $3,850
- All other coverage levels: $7,750
If you are age 55+ by December 31, 2023, you may contribute an additional $1,000.
HSA eligibility
You are eligible to fund an HSA if:
- You are enrolled in the Blue Cross Blue Shield Deductible First Plan with HSA.
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.
Flexible spending accounts
Neuco offers two flexible spending account (FSA) options administered by Benefit Strategies.
Log into your account at benstrat.com to: view your account balance(s), calculate tax savings, view eligible expenses, download forms, view transaction history, and more.
Health care FSA (not allowed if you fund an HSA)
Pay for eligible out-of-pocket medical, dental, and vision expenses with pre-tax dollars. The health care FSA maximum contribution is $2,000 for the 2022-2023 calendar year.
Dependent care FSA
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 spouse, a 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 2022 calendar year if you are married and file a joint return or if you file a single or head of household return. If you are married and file separate returns, you can each elect $2,500 for the 2022 calendar year.
When you fund a dependent care FSA to the maximum amount ($5,000), you will save $1,000 per year.* This is because you don’t pay taxes on your FSA contributions.
*Percentage varies based on your tax bracket.
NEW HIRES: YOU HAVE TWO WAYS TO ENROLL DURING YOUR ELIGIBILITY PERIOD
- Schedule an appointment below with a benefits counselor during the enrollment period.
- Enroll for benefits on-line. As a new user, register at employeenavigator.com/benefits/account/register
Your Company Identifier is: NEUCO2022. Look for the Enroll Now! menu item.