Flexible Spending & Health Savings Accounts
Flexible Spending Accounts
The program offers two Flexible Spending Accounts (FSAs):
- Health Care FSA allows you to set aside money on a pre-tax basis for medical, dental, vision, and prescription expenses that are not covered by your insurance.
- Dependent Day Care FSA allows you to set aside money on a pre-tax basis for dependent care expenses.
You decide how much to set aside, and that amount is deducted from each paycheck before your Federal, State, and FICA taxes are calculated so you save money on taxes.
Additional information regarding FSA plans can be found here: https://www.wisconsin.edu/ohrwd/benefits/fsa/
Health Savings Account (HSA)
A tax-free savings account used to pay for eligible medical expenses. Employee and employer may contribute to the HSA account and employees may change HSA contributions at any time. HSA contributions roll over every year and accumulate over time. In order to be eligible to participate in the HSA, the employee must be enrolled in a State Group Health High Deductible Health Plan (HDHP) and cannot be covered by a non-HDHP health plan.
Additional information regarding HSA can be found here: https://www.wisconsin.edu/ohrwd/benefits/med/sgh/hdhp/