
You can save money on health care and dependent care expenses by paying for them with tax-free accounts. Using these accounts effectively will help you take full advantage of their money-saving potential.
Health Care FSA | Health Savings Account (annual) | Limited Purpose FSA | |
---|---|---|---|
Available with … | HMO (Also available if you waive medical coverage) | HDHP | HDHP |
Receive Getty contribution | No | $750 employee-only $1,500 employee + 1 or employee + family | No |
Access entire employee annual contribution amount as needed | Yes | No | Yes |
Access only funds that have been deposited — from the Getty and employee | No | Yes | No |
Use account money for... | All eligible health care expenses | All eligible health care expenses | Only dental and vision expenses |
“Use it or lose it” at year-end | Yes (Carry over up to $610) | No | Yes (Carry over up to $610) |
Money is always yours to keep | No | Yes | No |
Using an FSA is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money.
There are separate FSAs for health care and dependent care.
With FSA money, you use it or lose it. If you have a balance left in your FSA as year-end approaches, try to spend as much of it as you can on eligible expenses. Request reimbursement or manage your account on the PayFlex website.
Pairs with the UnitedHealthcare HMO Plans (Signature Value Advantage, Signature Value) only; also available if you waive the Getty medical coverage.
Pairs with the HDHP only.
Pairs with any or no medical plan.
Employees in the Aetna HDHP/PPO can receive the Getty contribution and contribute their own money to a Health Savings Account (HSA) through PayFlex. The HSA is a tax-free savings account that you can use to pay for eligible health expenses anytime, even in retirement.
You are not eligible for the HSA if you:
The total amount you and the Getty can contribute to your HSA this year is:
Add $1,000 to these limits if you’re age 55 or older.
Increase your tax savings with a Limited Purpose FSA. Use your HSA together with the Limited Purpose FSA for additional tax savings. Note that with the Limited Purpose FSA, only dental and vision expenses are allowed.