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Health Savings Account (HSA)
HEALTH SAVINGS ACCOUNT (HSA)
What is it?
A Health Savings Account (HSA) is a pre-tax, personal savings account that helps you pay for qualified expenses that are not covered by your medical, dental or vision plans. HSAs have no annual rollover cap and stay with you if you leave DPS. To learn about eligible expenses, visit learn.healthequity.com/qme. To be eligible to enroll in an HSA, you must also enroll in a Consumer-Driven Health Plan (CDHP) through DPS.
It pays to enroll in an HSA! DPS contributes $27.92 per paycheck ($670 annually) to your account. You can also complete the Well Aware form (learn more on page 49) and earn an additional $200 annually. You have the option to make additional contributions. DPS contributions and your contributions make up the total
What does DPS contribute?
maximum allowed by the IRS. Don’t leave money on the table —
if you enroll in a CDHP, enroll in an HSA too!
Questions?
Visit healthequity.com/learn/hsa or call 866-346-5800.
FLEXIBLE SPENDING ACCOUNT (FSA)
What is it?
A Flexible Spending Account (FSA) is a pre-tax benefit account used to pay for eligible medical, dental and care expenses that aren’t covered by your insurance plan. You will lose any unused balance over $570 at the end of the plan year. In most cases, if you leave DPS, you will lose your FSA unused balance. If you cancel your FSA due to a qualifying life event, you also will lose your FSA unused balance. You will have 90 days from the date of termination or qualifying life event date to complete your claims. DPS offers three FSA options through HealthEquity.
What FSA options does DPS offer? Health Care FSA (not allowed if you are enrolled in an HSA)
A Health Care FSA can be used to set aside money from your paycheck, before income taxes are withheld, to pay for eligible out of-pocket expenses, such as deductibles, copays and other health-related expenses that are not paid by medical, dental or vision plans. You are able to access your full annual election amount starting on the first day of your plan year.
Limited Purpose Flexible Spending Account (allowed only if you are also enrolled in an HSA)
A Limited Purpose Flexible Spending Account can only be used to reimburse dental and vision expenses. Funding a Limited Purpose Flexible Spending Account may be a good idea if you anticipate significant out-of-pocket dental and vision expenses in the coming year. You are able to access your full annual election amount starting on the first day of your plan year.
Dependent Care Flexible Spending Accounts (allowed if you are enrolled in or not enrolled in an HSA)
A Dependent Care FSA can be used to pay for eligible health care and dependant care expenses (such as child care) with pre-tax dollars. You are able to access your funds as they are deposited into your account each pay period.
Eligibility: You must have either a dependent child under the age of 13 who lives with you for more than half the year, or a qualified dependent, claimed on your taxes, who is physically or mentally incapable of self care and lives with you for more than half the year.
Questions?
Visit healthequity.com/learn/flexible-spending-account or call 866-346-5800.
You are Eligible if: HSA
You are enrolled in a DPS CDHP plan and do NOT have “other health coverage,” such as a non-CDHP plan, Medicare, Medicaid, TRICARE, a Health Care FSA or a spouse’s Health Care FSA. (Limited Purpose Flexible Spending Accounts and Dependent Care FSAs are okay). You are not enrolled in an HSA. You are enrolled in an HSA.
You pay for eligible dependent care services, such as preschool, summer day camp, before- or after school programs, and child or adult daycare.
An employee with a qualified individual as defined as dependant child under the age of 13 who lives with you for more than half the year or a spouse or tax depdents who is physcially or mentally incapable of self-care and lives with you for more than half the year.
Health Care FSA Limited Purpose Flexible Spending Account Dependent Care FSA
Maximum Contribution per Year
IRS 2022 calendar year maximums:
$3,650 single $7,300 family Age 55+ additional $1,000 $2,850 (whether single or family) per plan year July 1, 2022June 30, 2023. $2,850 (whether single or family) per plan year July 1, 2022June 30, 2023. $5,000 for married filing jointly/ head of household. If you and your spouse are both eligible to contribute to a Dependent Care FSA through your respective employers, you and your spouse may not each claim $5,000.
Covered Expenses
Availability of Funds
Debit Card Provided
How Often Can I Make Changes to My Election Amount?
Claim Filing Deadline
Forfeiture of Funds
What if I Change Jobs?
Eligible medical, dental and vision expenses. Eligible medical, dental and vision expenses.
Eligible dental and vision expenses only. Not eligible for use on medical/prescription expenses. A wide variety of child and adult care services determined by the IRS.
The amount actually deposited in the account is available.
Annual amount available once enrolled.
Annual amount available once enrolled.
The amount actually deposited in the account is available.
Yes Yes Yes No
May change at any time throughout the year.
At open enrollment, or if you have a qualifying life event.
At open enrollment, or if you have a qualifying life event. At open enrollment, or if you have a qualifying life event.
No deadline for filing for reimbursement.
Claims incurred by June 30, 2023, must be filed by September 30, 2023. Claims incurred by June 30, 2023, must be filed by September 30, 2023. Claims incurred by June 30, 2023, must be filed by September 30, 2023.
No forfeiture — unused funds carry over from year to year. The money is yours. If expenses are incurred by June 30, 2023, but not claimed by September 30, 2023, funds will be lost. The plan permits up to $570 carryover for unused amounts. If expenses are incurred by June 30, 2023, but not claimed by September 30, 2023, funds will be lost. The plan permits up to $570 carryover for unused amounts. If expenses are incurred by June 30, 2023 but not claimed by September 30, 2023, funds will be lost. No carry-over of funds is permitted.
You own the account, so the account goes with you.
Can only submit claims through termination date. Otherwise, additional funds are lost. You have up to 90 days from termination date to submit claims.
Can only submit claims through termination date. Otherwise, additional funds are lost. You have up to 90 days from termination date to submit claims.
Can only submit claims through termination date. Otherwise, additional funds are lost. You have up to 90 days from termination date to submit claims.
