HSA / FSA
Monte Nido & Affiliates offers two types of pre-tax accounts: a health savings account (HSA) and flexible spending accounts (FSAs).
When you put money into a pre-tax account, you can save up to 20%* on your care and increase your take home pay. This is because you don't pay tax on your contributions.
Enrolled in the Cigna HDHP OAP?
Health Savings Account
Consider funding an HSA.
- Monte Nido & Affiliates matching contribution
- Roll over all funds each year
- Invest funds for long-term savings
- Spend funds penalty-free after age 65
Enrolled in the Cigna EPO 500 or PPO 1500 OAP?
Health Care Flexible Spending Account
Consider funding a health care FSA. If you fund an HSA, you cannot fund a health care FSA.
- No Monte Nido & Affiliates contribution
- You may roll over up to $610 each year
Paying for child or elder care expenses?
Dependent Care Flexible Spending Account
You may fund a dependent care FSA.
- No Monte Nido & Affiliates contribution
- No roll over allowed
- Dependent care expenses only
HEALTH SAVINGS ACCOUNT
If you enroll in the Cigna HDHP OAP, you may be eligible to open and fund a health savings account (HSA) through WEX.
An HSA is a savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars.
MONTE NIDO & AFFILIATES CONTRIBUTION
If you enroll in the Cigna HDHP OAP, Monte Nido & Affiliates will match your per pay period HSA contributions up to the following amounts:
- Employee-only: $38.46 (up to $1,000/year)
- All other coverage levels: $57.69 (up to $1,500/year)
IRS HSA CONTRIBUTION MAXIMUMS
Contributions to an HSA (including the Monte Nido & Affiliates contribution) cannot exceed the IRS allowed annual 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 Cigna HDHP OAP.
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.
MAXIMIZE YOUR TAX SAVINGS WITH AN HSA
Spend.
Pay for eligible expenses such as deductibles, dental and vision exams, menstrual care products, and prescriptions.
Save.
Roll over funds every year to boost your long-term savings. Even if you switch health plans or jobs, the money is yours to keep.
Invest.
Invest and grow HSA funds tax free—including interest and investment earnings. After age 65, spend HSA dollars on any expense penalty free.
FLEXIBLE SPENDING ACCOUNTS
Monte Nido & Affiliates offers a variety of flexible spending account (FSA) options through WEX.
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 $2,850 (2022 plan year) and $3,050 (2023 plan year).
At the end of the plan year, you can roll over $570 (2022) or $610 (2023) from your health care FSA to use in future years.
Any amount in excess of $570 or $610 respectively will be forfeited.
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 plan 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 plan year.
Dependent care FSA funds are considered use-it-or-lose-it. This means any remaining balance in your FSA at the end of the plan year will be forfeited.
IMPORTANT NOTE: If you are enrolled in the health care or the dependent care FSAs, you will have 60 days from the end of the plan year, or your last active day of employment should you terminate to submit claims with a date of service on or before the end of the plan year or your last active day of employment. The debit card suspends upon termination so you will need to file manual claims by logging into your account. You can also complete the Claim Form and email along with substantiation to forms@discoverybenefits.com and the claim will be processed within three days.
You decide how much to contribute to your FSA on a plan year basis up to the maximum allowable amounts. This amount will be evenly divided by the number of pay periods and deducted on a pre-tax basis from your paycheck.
Use your FSA debit card to pay for eligible expenses at time of service or submit a claim for reimbursement at wexinc.com. Keep all receipts in case WEX requires you to verify the eligibility of a purchase.
HOW TO ENROLL
Self-enroll in your benefits through ADP.
Review the available plan options and log into www.workforcenow.adp.com.
To start the enrollment process, navigate to Myself > Benefits > Enrollments.
Add or edit your dependents and beneficiaries.
You will need a social security number and date of birth to add a dependent or beneficiary.
Elect or decline coverage.
Review your elections before you submit.
Once you have finalized your enrollment, print your confirmation statement or send it to yourself via email and keep for your records.