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00:21
The speaker will provide information on the benefits available for enrollment in the upcoming plan year.
00:10
The HSA is a self-administered account that can be funded pre-tax through payroll deductions, with employer contributions also possible. Funds in the HSA are tax-free and can earn interest. There is no risk of funds expiring or being forfeited.
00:19
The HSA offers a triple tax advantage, with pre-tax contributions, tax-free withdrawals for eligible expenses, and tax-free interest earned. Eligible expenses follow IRS guidelines.
00:26
Employees can enroll in the FSA as long as their employer offers it, regardless of their health plan or insurance coverage.
00:24
The speaker reminds participants to mute themselves and mentions that they will address questions about the health equity change soon.
00:11
The speaker explains that the operations and functionality of the FSA accounts will remain the same, including funding and utilization.
00:12
The full election amount for the FSA is available on day one, but any unused funds over $640 at the end of the plan year will be forfeited.
00:10
The HSA can be used as a savings vehicle or utilized immediately, and a debit card is provided for convenient use. Investment options are available for balances over $1,000.
00:40
The dependent care FSA operates similarly to the medical FSA, but has different eligible expenses such as daycare and summer camp. Participants must estimate their expenses for the year and can submit claims with a provider's signature.
00:19
HSA calculators and learning materials are available to help educate individuals on health savings accounts.
00:46
The company was bought by Health Equity in November 2021, leading to some rebranding.
00:07
Starting January 1, 2025, the full branding of Health Equity will be in effect.
00:17
They will discuss the three different products available for 2025: health savings account (HSA), medical flexible spending account (FSA), and limited FSA for those without insurance through the college.
00:12
Individuals with a health savings account will receive a new debit card and login credentials for the Health Equity member portal.
00:28
Account balances will be transferred from the previous portal system to the Health Equity portal system on December 23, with a blackout period from December 23 to December 31.
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Gustavus - Health Equity Meeting -10.21.24
Lindsey JohnsonOct 21
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