If you are enrolled in one of TheKey’s medical plans, you may be eligible to enroll in an HSA and/or an FSA. These
tax-advantaged accounts can be used to stretch your dollars further when paying for health care, dental, and vision expenses.
If you enroll in the HSA Plan, you are eligible to open a Health Savings Account. This account acts as a health care bank account—letting you set aside money that can grow from year to year—and can be used for medical, dental, and vision expenses. And, TheKey contributes funds to your account each year!
Note: When you enroll in an HSA-eligible medical plan, you must also complete registration for your HSA banking account. If you don’t register, you will not receive the company match—even if you are enrolled in the HSA plan.
Flexible Spending Accounts allow you to set aside pre-tax dollars to pay for eligible expenses each year; however, there is a limit to how much you can rollover into the next year.
The Health Care FSA allows you to contribute funds to be used for eligible health care expenses—medical, dental, and vision—that you and your dependents incur during the plan year. If you are enrolled in the HSA medical plan, you are not eligible for this account.
The Limited Purpose FSA works in combination with an HSA to help you save money to pay for eligible dental and vision expenses only—it cannot be used for medical expenses.
The Dependent Care FSA lets you set aside pre-tax dollars for eligible daycare expenses for eligible dependents up to age 12 and under, or other dependents who are unable to care for themselves.
The commuter benefit plan allows employees who commute to and from work to set aside pre-tax funds to pay for work-related transit and parking expenses. Eligible expenses for the commuter benefit include transit passes, fare cards, ticket books, and vanpool expenses.