Indeedians have access to two types of healthcare accounts: Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA). With the Low Deductible Option, you can set pre-tax deductions aside for medical equipment, co-pays, prescriptions and more with an FSA. This money is “use it or lose it,” so if you don’t spend it all, you forfeit any unused funds. You can also elect to make contributions to a Dependent Care FSA. This type of plan is separate from a Healthcare FSA and is specifically for use towards expenses like daycare, in home child care, summer camps, and after school programs. Dependent Care FSAs are also “use it or lose it.
The High Deductible Option gives you access to an HSA. Through an HSA, you can elect to set aside pre-tax contributions to help pay for medical equipment, prescriptions, doctor’s fees, hospital visits, and more. Any unused money in your HSA rolls over from year to year and is yours to keep – even if you leave the company. The money in your HSA can be used to pay for medical expenses associated with your medical plan, saved for later use, or invested (minimum balance must be maintained). Indeed will contribute to your HSA if you elect the High Deductible Option:
- $20.83 per paycheck for single employees
- $41.67 per paycheck for employees with dependents
The 2020 IRS limits for HSA contributions are $3,550 for single employees and $7,100 for employees with dependents. If you are 55 or older, you can make an additional $1,000 per year “catch-up” contribution. Please keep in mind that any Indeed employer contributions will offset your annual contribution limit. Have an existing HSA account? You can roll your existing HSA funds into your Indeed HSA account.