Tax-advantaged accounts overview

Discover the tax-advantaged accounts that can help you save money and pay for qualified health expenses with pre-tax money

Health Savings

Account (HSA)

  • Employee-owned savings account

  • Pairs with the Aetna Managed Choice PPO + HSA Plan

  • Use funds to pay for qualified health expenses not covered by your plan

  • Funds roll over, year to year even if you change coverage, retire, etc.

  • Gain triple tax advantages

Health Flexible

Spending Account

  • Employer-owned spending account

  • Use funds to pay for qualified health expenses that are not covered by your health plan incurred by both you and your dependents (like copays, prescription drug costs, etc.) 

  • Use it or lose it

  • Two types:  General Purpose Health FSA and Limited Purpose Health FSA

Dependent Care Flexible

Spending Account

  • Employer-owned spending account

  • Use funds to pay for qualified child and elder care expenses (for health expenses by eligible dependents, contribute to a Health Care FSA)

  • Use it or lose it

Commuter Benefits

These accounts are easy to use. Once you are enrolled and make contributions to your accounts, you will receive a debit card that is linked to the account funds.  Simply use the card to pay for qualified health expenses. All accounts are administered by Wex (previously Discovery Benefits).

 

Health Savings Account (HSA)

Health Savings Account (HSA) is an employee-owned savings account that can be used to pay for qualified medical, dental or vision expenses not covered by the health plans. 

 

HSA must be paired with a high-deductible health plan (Enjoy’s Aetna Managed Choice PPO + HSA Plan qualifies for this purpose - see Medical Plans for details). 

 

HSA is easy to use – it works like a debit card that is linked to the funds in your account.

Enjoy contributes $50/month to employee’s HSA account. HSA funds roll over each year, allowing you to build a savings account for health care expenses or for retirement:

  • Once your HSA balance reaches $1,000, you may invest these funds and let them grow tax-free

  • After age 65, you can spend HSA money on unqualified expenses without paying a tax penalty, but you are subject to applicable income taxes

Why HSA?

Triple Tax Benefit

  • Contributions to an HSA (from both you and Enjoy) are tax-free*
     

  • Interest and investment earnings on the account are tax-free*
     

  • Funds withdrawn from the account for qualified expenses are tax-free*

* HSA funds are not taxed at a federal income tax level when used appropriately for qualified expenses. Most states recognize HSA funds as tax-free with few exceptions. Consult a tax advisor for more information.

Plan contributions

  Contribution by Tier

Employee Only

Employee + Spouse

Employee + Child(ren)

Employee + Family

From Enjoy

$600

$600

$600

$600

From Employee

Up to $3,050
Up to $6,700
Up to $6,700
UP to $6,700

2022 IRS Limit*

$3,650
$7,300
$7,300
$7,300

* Individuals age 55 or older are able to make a catch-up contribution of $1,000 over the 2022 IRS limit. In addition, individuals enrolled in Medicare are not eligible to contribute to HSA.

 

Health Flexible Spending Accounts (Health FSA)

Healthcare Flexible Spending Account (Health FSA) is an employer-owned, tax-advantaged account that allows you to set aside a portion of your income on a pre-tax basis to pay for qualified health expenses.


You must use your elected Health FSA dollars during the year, or you will lose them.


Enjoy provides a 2.5 month grace period after the plan year ends to spend down your health FSA funds incurred by the last date of the plan year. This means that any unspent balance is forfeited if expenses are not incurred by March 15 and submitted by March 31 of the following year
 

If you wish to make pre-tax contributions to an FSA account, you must pro-actively enroll in the plan each year; your election from the prior year does not automatically rollover

Why Health FSA?

  • Contributions to an FSA are tax-free

  • All of your funds are available on the first day of the plan year

There are two types of Health FSA:

Purposes

HSA Restriction

 Maximum Election

General Purpose Health FSA

To pay for qualified medical, dental, vision expenses

You are not allowed to be enrolled in HSA and General Purpose Health FSA in the same year

$2,750 in 2021

(2022 limit is not yet released by the IRS)

Limited Purpose Health FSA

To pay for qualified dental and vision expenses

 

You are allowed to enrolled in HSA and Limited Purpose Health FSA in the same year

$2,750 in 2021

(2022 limit is not yet released by the IRS)

 

Dependent Care Health Flexible Spending Accounts

Dependent Care Flexible Spending Account (Dependent Care FSA) is an employer-owned, tax-advantaged account that allows you to set aside a portion of your income on a pre-tax basis to pay for qualified dependent care expenses, such as preschool, summer day camp, before / after school programs, and child or adult daycare.
 

You must use your elected Dependent Care FSA dollars during the year, or you will lose them.
 

Enjoy provides a 2.5 month grace period after the plan year ends to spend down your health FSA funds incurred by the last date of the plan year. This means that any unspent balance is forfeited if expenses are not incurred by March 15 and submitted by March 31 of the following year
 

If you wish to make pre-tax contributions to an FSA account, you must pro-actively enroll in the plan each year; your election from the prior year does not automatically rollover

Why Dependent Care Health FSA?

  • Contributions to an FSA are tax-free

Plan highlights

Purposes

Maximum Election*

Dependent Care Flexible Spending Account

To pay for qualified child and elder care expenses 

 

$2,500 if you file taxes as married and filing separately (2022 limit) 

 

$5,000 if you file as married and filing on a joint tax return (2022 limit)

* Please note that, if you make more than $120,000/year, you may be subject to a lower annual limit on the Dependent Care FSA election according to IRS rules.  

Ready to make your elections?