HSA / FSA

For those enrolled in the HDHP medical plan:

Use a health savings account (HSA) to pay for eligible expenses.

HSAs and HDHP plans go hand in hand.  Stitch Fix will automatically enroll you in a health savings account with Health Equity if you select the HDHP medical plan and put money in the account for you to keep and spend on eligible medical expenses! An HSA makes it easy to pay for current medical, dental, and vision costs and save for future needs now or into retirement.

HSA

The benefits of an HSA

HSAs give you a triple tax advantage:

  1. Set aside tax-free* money.
  2. Pay for eligible expenses tax-free.*
  3. Unused funds roll over year-to-year, and any amount over $1,000 can be invested. All earnings are tax-free.* The funds in your HSA are yours to keep, even if you leave the company.

How it works:

In 2024, you can contribute up to:

  • Employee only: $3,400
  • Employee + dependents: $6,800

Stitch Fix will automatically contribute:

  • Employee only: $750
  • Employee + dependents: $1,500

Your max contributions for 2024:

  • Employee only: $4,150
  • Employee + dependents: $8,300

Age 55+ catch-up contribution:

  • Additional $1,000

It’s easy to spend your HSA funds!

HealthEquity will send you an HSA debit card to pay for eligible expenses.

Learn more at healthequity.com

HSA contributions

When you open an HSA, Stitch Fix will automatically contribute to your HSA. Company contributions are disbursed quarterly and are prorated based on your effective date.

Keep in mind, there are a few important rules you need to follow. If you use your HSA funds for expenses the IRS considers eligible, the money remains tax-free.* If you use funds for ineligible expenses, you will pay applicable taxes and an excise tax penalty (currently 20%).

The fine print

  • You must be enrolled in a qualified high deductible health plan (HDHP). • Funds in your HSA are available to spend after they have been deposited to your account through Payroll or Stitch Fix contributions.
  • You cannot be covered under another non-qualified health plan, including your spouse’s Healthcare Flexible Spending Account (FSA).
  • You cannot be enrolled in Medicare or TRICARE.
  • You cannot be claimed as a dependent on someone else’s tax return.
  • Refer to IRS Publication 969 for complete rules.

*State taxes may still apply in California and New Jersey. For detailed tax implications of an HSA, please contact your professional tax advisor.

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FSA

For those enrolled in the PPO, EPO, LocalPlus, or HMO medical plans:

Use Flexible Spending Accounts (FSAs). Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars to pay for eligible health and dependent care expenses.

There are three types of FSAs:

  1. Healthcare FSA (For those enrolled in the PPO, EPO, LocalPlus, or HMO plans)
  2. Dependent Care FSA (Available to anyone and their spouse if working full-time)
  3. Limited Purpose FSA (Only for those enrolled in the HDHP medical plan)

The fine print:

  • Healthcare and Limited Purpose FSA funds are available to spend the first day of the plan year or after new hire enrollment. Funds are repaid throughout the year through payroll deductions.
  • Dependent Care FSA funds are available to spend after they have been deposited to your account through Payroll contributions.
  • All expenses for the Healthcare and Dependent Care Flexible Spending Accounts must be incurred during January 1 through December 31, and you have 90 days after the plan year ends to submit claims.
  • At the end of the calendar year, participants can roll over up to $570 of unused FSA funds to the following year. Any remaining funds above this amount will be forfeited. Rollover is not available to participants in the Dependent Care FSA.
  • Once you enroll in the FSA, you can only change your contribution amount if you experience a qualifying life event.
  • You cannot transfer funds from one FSA to another.

How it works:

You estimate how much you’ll spend on eligible expenses in the coming year and elect to have that amount deducted from your pay on a pre-tax basis. Each year, you must elect the annual amount you want to contribute to each account.

In 2024, you can contribute up to:

  • Healthcare FSA: $3,200*
  • Dependent Care FSA: $5,000*
  • Limited Purpose FSA: $3,200*

Navia will send you an FSA debit card to pay for eligible expenses.

Manage your FSA at naviabenefits.com

*This guide was published prior to IRS announcement.
Check irs.gov for actual contribution rates.

Eligible expenses

Healthcare FSA

  • Healthcare expenses, such as deductibles, copays, and prescriptions
  • Eyeglasses or contact lenses • LASIK surgery
  • Orthodontia

Dependent Care FSA

  • Dependent care expenses for a child under 13
  • Private day care providers and nannies
  • Licensed care for disabled dependents
  • Care for an elderly parent who is dependent on you

Limited Purpose FSA

  • Eyeglasses or contact lenses
  • Dental or vision copays
  • Orthodontia

For a complete list of eligible expenses, visit irs.gov/publications and find Publication 969.

HSA / FSA
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    Resources
    OPEN ENROLLMENT FOR 2024 BENEFITS HAS ENDED.
    You have three ways to enroll:
    1. Call 888-246-6680 (Monday - Friday from 8 a.m. to 8 p.m. EST) during the open enrollment period. Benefits counselors are ready to assist you.
    2. Schedule an appointment below with a benefits counselor during the open enrollment period.
    3. Self-enroll by clicking here: https://stitchfix.onelogin.com/portal