Enrolling in a tax-efficient Health Savings Account (HSA) and/or Flexible Spending Account (FSA) can save you money on your health care and dependent care expenses.
2024 accounts:
Calyx offers the following savings and spending accounts:
- Health Savings Account (HSA): Available only to employees who enroll in the $1,850 Deductible Plan or $3,200 Deductible Plan.
- Flexible Spending Accounts (FSAs)
- Health Care FSA: Available to employees who enroll in the $400 Deductible Plan or the $900 Deductible Plan.
- Combination FSA: Available to employees who enroll the $1,850 Deductible Plan or $3,200 Deductible Plan.
- Dependent Care FSA: Available to all employees, regardless of medical plan enrollment.
Key Features
- Tax-free money – Money goes in tax-free and comes out tax-free when it’s used for eligible expenses.
- Convenient payroll deductions – Contributing to your accounts is effortless.
- Helpful budgeting tool – Plan for upcoming expenses by setting aside money each paycheck.
Note: You must enroll if you want to contribute to these accounts in 2024, even if you currently participate.
With the $1,850 Deductible Plan and the $3,200 Deductible Plan, you’re eligible to open and contribute money to a Health Savings Account (HSA) through WEX. The HSA is a tax-free savings account that you own. You can use it to pay for eligible health expenses anytime, even in retirement. Learn more at Mercer Marketplace 365+.
HSA features
- Calyx Contributions. The company helps fund your HSA — that’s free money toward covering your health care expenses! In 2024, Calyx will contribute $500 to an HSA that you open if you enroll in employee-only medical coverage or $1,000 if you’re covering dependents.
- Save through automatic before-tax deductions. You can also contribute to your HSA through automatic, before-tax payroll deductions. You can adjust your contribution amount throughout the year to match your needs and budget. In 2024, the total contributions (from both you and Calyx) allowed by the IRS are:
- Up to $4,150 for employee-only coverage
- Up to $8,300 for family coverage
- If you’re age 55 or older, you may contribute an additional $1,000.
| See how much you can contribute to an HSA in 2024 | ||
|---|---|---|
| Employee only | Employee + dependents | |
| Contribution limit | $4,150 | $8,300 |
| Minus Calyx’s contribution | $500 | $1,000 |
| Your maximum contribution | $3,150 | $6,300 |
Never pay taxes with an HSA! Here’s how it works:
Put money in tax-free.
|
Pay for care tax-free.*
|
Earn interest tax-free.
| |
* Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified health-related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.
Who is eligible for an HSA?
In order to establish and contribute to an HSA, you:
- Must be enrolled in either the $1,850 Deductible Plan or the $3,200 Deductible Plan.
- Cannot simultaneously participate in the Health Care FSA (but participation in a Combination FSA is allowed).
- Cannot be enrolled in any other medical coverage, including a spouse’s plan or Medicare.
- Cannot be claimed as a dependent on someone else’s tax return.
- You should review IRS rules for making HSA contributions if you will turn age 65 during the year.
For more information, see IRS Publication 969.
Increase your tax savings with a Combination FSA
Use your HSA together with a Combination FSA for additional tax savings. The Combination FSA can be used to pay for dental and vision expenses tax-free. Then, once your out-of-pocket expenses have met the IRS-required medical deductible of $1,600/individual and $3,200/family, your Combination FSA starts acting like a regular Health Care FSA — you can use it for any eligible health care expense, including medical and prescription costs.
Are you currently contributing to a Health Care Flexible Spending Account?
If you participate in a Health Care Flexible Spending Account for 2024, and have a remaining balance as of December 31, 2022, you will not be eligible to contribute to nor receive company contributions to an HSA until April 1, 2024. This rule does not apply to the Combination FSA.
Using a tax-free FSA is a great way to save money on health care and/or dependent care expenses. The money you contribute to these accounts comes from your paycheck before it is taxed, and you withdraw it tax-free to pay for eligible expenses.
Before electing your contribution amount, remember to estimate your expenses carefully. You have until March 15th of the following year to use the prior year's contributions. You forfeit any remaining balance after March 15th.
Health Care FSA
Available to employees who enroll in the $400 Deductible Plan or the $900 Deductible Plan, or who waive Calyx medical coverage
- Contribute up to IRS limit ( $3,200 in 2024) through before-tax payroll deductions to help cover eligible medical, vision, and dental expenses.
- Choose your contribution amount during Open Enrollment. You can change your contribution amount during the year only if your personal situation changes.
- Your annual contribution will be divided into equal deductions from each paycheck. Your entire annual contribution amount is available to you from the beginning of the plan year.
- Spend your money by using your FSA debit card or log in to the WEX website to request reimbursement for payments you’ve made.
- You will have a grace period that extends into the following year, allowing you extra time to use up your FSA funds. Eligible expenses incurred through March 15, 2024, may be submitted by March 31, 2024. After that, any unused money will be forfeited.
Combination FSA
Available only to employees who enroll in the $1,850 Deductible Plan or the $3,200 Deductible Plan
- Designed to work together with your Health Savings Account (HSA) for additional tax-saving opportunities.
- Contribute up to IRS limit ( $3,200 in 2024) through before-tax payroll deductions. Note that only dental and vision expenses are allowed until you meet the IRS-required medical deductible of $1,600/individual and $3,200/family, then eligible medical and prescription drug expenses are allowed. For a list of eligible expenses, refer to IRS Publication 502.
- Choose your contribution amount during Open Enrollment. You can change your contribution amount during the year only if your personal situation changes.
- Your annual contribution will be divided into equal deductions from each paycheck. Your entire annual contribution amount is available to you from the beginning of the plan year.
- Spend your money by using your FSA debit card or log in to the WEX website to request reimbursement for payments you’ve made.
- You will have a grace period that extends into the following year, allowing you extra time to use up your FSA funds. Eligible expenses incurred through March 15, 2024, may be submitted by March 31, 2024. After that, any unused money will be forfeited.
Dependent Care FSA
Available to all employees
- Contribute up to $5,000 in 2022 through before-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders.
- Choose your contribution amount during Open Enrollment. You can change your contribution amount during the year only if your personal situation changes.
- Your annual contribution will be divided proportionately by pay period and deposited into your account throughout the year. Only money that has actually been deposited into your account is available for you to spend.
- Spend your money by using your FSA debit card or log in to the WEX website to request reimbursement for payments you’ve made.
- Unused money does not carry over at the end of each year — use it or lose it. Be sure to estimate your contribution carefully!
- IMPORTANT! You can’t use your Dependent Care FSA to pay dependent medical expenses.
| HSA | Combination FSA | Health Care FSA | Dependent Care FSA | |
|---|---|---|---|---|
| Available with | $1,850 Deductible Plan $3,200 Deductible Plan |
$400 Deductible Plan $900 Deductible Plan |
Available to all employees | |
| Receive company contribution | Yes | No | No | No |
| Change your contribution amount anytime | Yes | No | No | No |
| Access your entire annual contribution amount at the beginning of the plan year | No | Yes | Yes | No |
| Use the money for | All eligible health care expenses | Only dental and vision expenses until you meet the IRS-required deductible, then use for all eligible health care expenses | All eligible health care expenses |
Eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders
Cannot be used to pay for dependent medical expenses |
| “Use it or lose it” at year-end | No | Yes - You have until March 15th of the following year to use the prior year's contributions. You forfeit any remaining balance after March 15th. | Yes - You have until March 15th of the following year to use the prior year's contributions. You forfeit any remaining balance after March 15th. | Yes |
| Money is always yours to keep | Yes | No | No | No |