Medical benefits for you and your dependents under the 90/70 Plan. You must be enrolled in the 80/50 High Deductible Health Plan in order to participate in the HSA. The maximum annual deferrals are set up annually by the IRS. Earnings on HSA account balances are generally not taxed while held in the HSA, which means that these accounts can grow on a tax-free basis. HSA account balances are non-forfeitable and carry forward from year to year for future medical expenses. HSA contributions can be made by you, and Young Life also contributes into this account on your behalf an amount equal to one half of the in-network deductible. Health Savings Account (HSA): This is an individual account that allows eligible individuals to save money to pay for certain medical expenses on a tax-free basis. Please consult your tax preparer to determine which would be best for you. If you participate in this program, you are not able to take the dependent care deduction for these expenses when you file your taxes. The annual maximum that may be set aside is $5,000. This provides coverage for daycare expenses incurred in order for you or your spouse to work and applies to dependent children and disabled spouses. You must be enrolled in the 80/50 High Deductible Health Plan to be eligible for this benefit.ĭependent Care Assistance Program: You may also set aside pre-taxed dollars to pay for eligible dependent care expenses. The annual maximum you may set aside is determined annually based on IRS regulations. Pre-taxed dollars are deducted from your paycheck each month to be used to reimburse yourself for eligible dental and vision expenses not covered by your dental and vision plans. Limited Healthcare Flexible Spending: You can also save money by enrolling in Young Life's Limited Flexible Spending Account for healthcare. Pre-taxed dollars are deducted from your paycheck each month to be used to reimburse yourself for medical, dental, vision, RX and eligible over-the-counter expenses not covered by your health plan such as deductibles and co-pays.
Healthcare Flexible Spending: You can save money by enrolling in Young Life's Flexible Spending Account for healthcare. Optional Tax-Deferred Savings/Retirement Plan
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